Associated Banc (NYSE:ASB) Hits New 1-Year High - Time to Buy?

Key Points

• Associated Banc shares hit a new 52-week high of $29.54, with the stock last trading around $29.58 after recent momentum in the market.
• Wall Street sentiment is mixed but constructive: analysts currently rate the stock a Moderate Buy with an average price target of $30.30, while several firms recently raised their targets to around $30-$31.
• The bank beat quarterly expectations, posting $0.70 EPS versus the $0.69 estimate, and it also announced a $0.24 quarterly dividend to be paid June 15, implying a 3.3% annual yield.

Shares of Associated Banc-Corp (NYSE:ASB - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $29.54 and last traded at $29.5750, with a volume of 394746 shares changing hands. The stock had previously closed at $28.96.

Wall Street Analysts Forecast Growth

ASB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Truist Financial boosted their price target on shares of Associated Banc from $27.00 to $30.00 and gave the company a "hold" rating in a research report on Monday, April 27th. Robert W. Baird boosted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Piper Sandler boosted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Finally, Zacks Research lowered shares of Associated Banc from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Associated Banc has a consensus rating of "Moderate Buy" and an average price target of $30.30.

Associated Banc Price Performance

The business's 50-day moving average price is $27.71 and its 200 day moving average price is $26.93. The stock has a market capitalization of $5.54 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 1.65 and a beta of 0.77. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90.

Associated Banc (NYSE:ASB - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. The company had revenue of $387.21 million during the quarter, compared to analyst estimates of $384.20 million. During the same period in the previous year, the business earned $0.59 earnings per share. Research analysts forecast that Associated Banc-Corp will post 2.92 earnings per share for the current year.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.24 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.96 annualized dividend and a yield of 3.3%. Associated Banc's payout ratio is 33.33%.

Insider Activity at Associated Banc

In other Associated Banc news, EVP Dennis Deloye sold 14,299 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total value of $404,089.74. Following the completion of the sale, the executive vice president directly owned 21,385 shares of the company's stock, valued at $604,340.10. The trade was a 40.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John B. Williams sold 4,000 shares of the business's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $28.18, for a total transaction of $112,720.00. Following the completion of the sale, the director directly owned 67,420 shares of the company's stock, valued at $1,899,895.60. This represents a 5.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,299 shares of company stock valued at $801,760 over the last ninety days. 0.71% of the stock is currently owned by insiders.

Institutional Trading of Associated Banc

Several hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its stake in Associated Banc by 0.3% in the second quarter. California State Teachers Retirement System now owns 154,933 shares of the bank's stock worth $3,779,000 after purchasing an additional 394 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in Associated Banc by 46.8% in the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank's stock worth $33,000 after purchasing an additional 408 shares during the last quarter. US Bancorp DE lifted its stake in Associated Banc by 0.5% in the third quarter. US Bancorp DE now owns 80,677 shares of the bank's stock worth $2,074,000 after purchasing an additional 415 shares during the last quarter. LPL Financial LLC lifted its stake in Associated Banc by 2.3% in the fourth quarter. LPL Financial LLC now owns 19,079 shares of the bank's stock worth $491,000 after purchasing an additional 426 shares during the last quarter. Finally, Tidal Investments LLC lifted its stake in Associated Banc by 2.0% in the second quarter. Tidal Investments LLC now owns 27,354 shares of the bank's stock worth $667,000 after purchasing an additional 549 shares during the last quarter. 82.98% of the stock is owned by institutional investors.

Associated Banc Company Profile

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.

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