Associated Banc (NYSE:ASB) Stock Passes Above 50 Day Moving Average - Here's Why

Key Points

• Associated Banc shares moved above their 50-day moving average, trading as high as $27.90 and last changing hands at $27.43, which may signal improving short-term momentum.
• Analyst sentiment is mixed but slightly positive: several firms recently raised price targets, and the stock now carries an average Moderate Buy rating with a target price of about $30.30.
• The bank posted solid quarterly results and continues shareholder returns, beating EPS and revenue estimates, while also paying a $0.24 quarterly dividend and maintaining a $100 million share buyback program.

Associated Banc-Corp (NYSE:ASB - Get Free Report) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $26.55 and traded as high as $27.90. Associated Banc shares last traded at $27.4250, with a volume of 1,494,718 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on ASB. Robert W. Baird raised their price objective on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Barclays upgraded Associated Banc from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $30.00 to $33.00 in a report on Tuesday, April 7th. Wells Fargo & Company lifted their price target on Associated Banc from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Monday, March 30th. Weiss Ratings upgraded Associated Banc from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday, February 17th. Finally, Zacks Research cut Associated Banc from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $30.30.

Associated Banc Price Performance

The company's 50-day simple moving average is $26.55 and its 200-day simple moving average is $26.52. 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 stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of 9.52, a P/E/G ratio of 1.61 and a beta of 0.79.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 million. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. During the same period last year, the business posted $0.59 earnings per share. Research analysts forecast that Associated Banc-Corp will post 2.92 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.24 per share. The ex-dividend date is Monday, June 1st. This represents a $0.96 annualized dividend and a yield of 3.5%. Associated Banc's dividend payout ratio (DPR) is 33.33%.

Associated Banc announced that its Board of Directors has initiated a stock buyback program on Tuesday, January 27th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Eileen A. Kamerick sold 6,600 shares of Associated Banc stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $28.02, for a total value of $184,932.00. Following the completion of the sale, the director directly owned 49,264 shares in the company, valued at approximately $1,380,377.28. The trade was a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Williams sold 4,000 shares of Associated Banc stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total transaction of $112,720.00. Following the completion of the sale, the director owned 67,420 shares of the company's stock, valued at approximately $1,899,895.60. The trade was a 5.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.71% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Associated Banc

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

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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