Associated Banc (NYSE:ASB) Sets New 52-Week High - Still a Buy?

Key Points

• Associated Banc shares reached a new 52-week high of $32.01, while analysts’ consensus rating remains “Moderate Buy” with an average price target of $31.60.
• The bank exceeded quarterly expectations, reporting $0.73 EPS versus the $0.72 estimate and revenue of $454.54 million versus the $438.01 million consensus.
• Associated Banc declared a quarterly dividend of $0.24 per share, equivalent to a 3.0% annualized yield; meanwhile, insiders sold 41,962 shares worth approximately $1.23 million over the past 90 days.

Associated Banc-Corp (NYSE:ASB - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $32.01 and last traded at $31.9020, with a volume of 85404 shares. The stock had previously closed at $31.88.

Analysts Set New Price Targets

ASB has been the subject of several analyst reports. Keefe, Bruyette & Woods upped their target price on Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Barclays boosted their price target 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. Wall Street Zen lowered shares of Associated Banc from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Piper Sandler raised their target price on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Associated Banc in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $31.60.

Associated Banc Stock Down 0.0%

The business has a 50 day moving average of $30.26 and a 200 day moving average of $28.22. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $6.02 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 1.07 and a beta of 0.77.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, topping 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 $454.54 million for the quarter, compared to the consensus estimate of $438.01 million. During the same quarter in the previous year, the company earned $0.65 earnings per share. On average, equities analysts anticipate that Associated Banc-Corp will post 2.91 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 paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 1st. Associated Banc's dividend payout ratio is currently 33.57%.

Insider Buying and Selling at Associated Banc

In other news, EVP Matthew R. Braeger sold 5,000 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total value of $140,850.00. Following the completion of the sale, the executive vice president directly owned 11,777 shares in the company, valued at approximately $331,758.09. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nicole M. Kitowski sold 7,663 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.91, for a total transaction of $236,863.33. Following the completion of the transaction, the executive vice president directly owned 45,327 shares of the company's stock, valued at approximately $1,401,057.57. This represents a 14.46% 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 41,962 shares of company stock worth $1,233,303 over the last ninety days. Company insiders own 0.71% of the company's stock.

Institutional Trading of Associated Banc

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASB. BlackRock Inc. acquired a new position in shares of Associated Banc in the 2nd quarter valued at $715,927,000. Vanguard Group Inc. raised its holdings in Associated Banc by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 18,538,157 shares of the bank's stock worth $477,543,000 after buying an additional 545,185 shares during the period. Dimensional Fund Advisors LP raised its holdings in Associated Banc by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,811,228 shares of the bank's stock worth $253,709,000 after buying an additional 170,080 shares during the period. State Street Corp lifted its stake in Associated Banc by 1.7% in the fourth quarter. State Street Corp now owns 8,711,346 shares of the bank's stock valued at $224,404,000 after buying an additional 147,372 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Associated Banc by 127.6% in the first quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank's stock valued at $154,416,000 after buying an additional 3,347,699 shares in the last quarter. 82.98% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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