Associated Banc (NYSE:ASB) Reaches New 52-Week High - Should You Buy?

Key Points

• Associated Banc shares reached a new 52-week high of $31.85, but the analyst consensus is only “Moderate Buy,” with an average price target of $31.10—below the stock’s recent trading level.
• The bank beat quarterly expectations, reporting $0.73 in EPS versus the $0.72 consensus and revenue of $450.44 million versus $438.01 million expected.
• Associated Banc declared a quarterly dividend of $0.24, equivalent to a 3.0% annualized yield; however, insiders have sold 41,962 shares over the past three months.

Associated Banc-Corp (NYSE:ASB - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $31.85 and last traded at $31.7850, with a volume of 425321 shares changing hands. The stock had previously closed at $31.40.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a research report on Wednesday, June 24th. Barclays raised their target price on shares of Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Raymond James Financial raised their price target on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Finally, Robert W. Baird increased their price target on Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $31.10.

Associated Banc Stock Up 1.5%

The stock has a fifty day moving average price of $29.82 and a 200-day moving average price of $28.01. The firm has a market cap of $6.01 billion, a PE ratio of 11.15, a PEG ratio of 1.05 and a beta of 0.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. The firm had revenue of $450.44 million for the quarter, compared to analysts' expectations of $438.01 million. During the same period in the previous year, the company posted $0.65 earnings per share. Research analysts expect that Associated Banc-Corp will post 2.9 EPS for the current year.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.96 annualized dividend and a yield of 3.0%. Associated Banc's dividend payout ratio (DPR) is 33.57%.

Insider Buying and Selling

In related news, EVP Derek S. Meyer sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total transaction of $307,400.00. Following the transaction, the executive vice president directly owned 61,662 shares of the company's stock, valued at approximately $1,895,489.88. The trade was a 13.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Matthew R. Braeger sold 5,000 shares of Associated Banc stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total transaction of $140,850.00. Following the sale, the executive vice president owned 11,777 shares in the company, valued at $331,758.09. This represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 41,962 shares of company stock valued at $1,233,303. 0.71% of the stock is owned by insiders.

Hedge Funds Weigh In On Associated Banc

A number of institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Associated Banc by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock valued at $2,198,000 after acquiring an additional 5,531 shares in the last quarter. Millennium Management LLC raised its stake in shares of Associated Banc by 90.4% in the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock valued at $6,486,000 after purchasing an additional 136,648 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after purchasing an additional 1,598,951 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Associated Banc by 13.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock worth $11,184,000 after purchasing an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC bought a new position in Associated Banc during the 2nd quarter worth approximately $328,000. 82.98% of the stock is owned by institutional investors and hedge funds.

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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