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

Key Points

• Associated Banc shares hit a new 52-week high, trading as high as $31.52 and ending about 2.7% higher on the day. The move came with the stock outperforming its 50-day and 200-day moving averages.
• Wall Street sentiment is mixed but generally constructive: analysts have a consensus rating of Moderate Buy with an average price target of $31.00. Recent updates included a few downgrades, but some firms also raised price targets or upgraded the stock.
• The bank posted solid fundamentals, including Q1 EPS of $0.70 versus estimates of $0.69 and revenue above expectations. It also pays a quarterly dividend of $0.24, implying a 3.0% annual yield.

Shares of Associated Banc-Corp (NYSE:ASB - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $31.52 and last traded at $31.5320, with a volume of 262791 shares traded. The stock had previously closed at $30.93.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Wall Street Zen cut Associated Banc from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Zacks Research lowered shares of Associated Banc from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Robert W. Baird increased their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Stephens raised shares of Associated Banc from an "equal weight" rating to an "overweight" rating and reduced their price objective for the stock from $30.00 to $29.00 in a report on Friday, March 27th. Finally, Piper Sandler upped their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Associated Banc presently has an average rating of "Moderate Buy" and a consensus price target of $31.00.

Associated Banc Stock Up 2.7%

The business's 50 day moving average price is $29.02 and its 200-day moving average price is $27.58. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $5.99 billion, a P/E ratio of 11.04, a PEG ratio of 1.13 and a beta of 0.76.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The business had revenue of $387.21 million for the quarter, compared to analyst estimates of $384.20 million. During the same period in the prior year, the company earned $0.59 EPS. On average, analysts anticipate that Associated Banc-Corp will post 2.91 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.24 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Associated Banc's dividend payout ratio (DPR) is 33.33%.

Insider Activity at Associated Banc

In other Associated Banc news, Director John B. Williams sold 4,000 shares of the firm's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total value of $112,720.00. Following the completion of the sale, the director owned 67,420 shares in the company, valued at approximately $1,899,895.60. This trade represents a 5.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John A. Utz sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total transaction of $144,100.00. Following the transaction, the executive vice president owned 118,156 shares in the company, valued at $3,405,255.92. The trade was a 4.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 28,299 shares of company stock worth $801,760 in the last quarter. Insiders own 0.71% of the company's stock.

Hedge Funds Weigh In On Associated Banc

Hedge funds have recently added to or reduced their stakes in the company. IAG Wealth Partners LLC lifted its position in Associated Banc by 4,250.0% during the 1st quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank's stock valued at $31,000 after purchasing an additional 1,190 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Associated Banc during the 4th quarter worth approximately $33,000. EverSource Wealth Advisors LLC raised its stake in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock worth $33,000 after buying an additional 1,047 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in Associated Banc in the third quarter valued at approximately $51,000. Finally, Hoese & Co LLP bought a new position in Associated Banc in the fourth quarter valued at approximately $52,000. Institutional investors own 82.98% of the company's stock.

About Associated Banc

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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