Associated Banc-Corp (NYSE:ASB) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus is “Moderate Buy”: Six of 12 analysts rate Associated Banc a hold, five recommend buying, and one gives a strong-buy rating. The average 12-month price target is $32.00, with several firms recently raising their targets to as high as $36.00.
• Quarterly results exceeded expectations: Associated Banc reported earnings of $0.73 per share versus the $0.72 consensus estimate, while revenue reached $454.54 million compared with expectations of $438.01 million.
• Shareholders will receive a quarterly dividend of $0.24: The payment represents an annualized dividend of $0.96 and a 3.1% yield. Meanwhile, insiders have sold 83,833 shares worth approximately $2.65 million over the past 90 days.

Associated Banc-Corp (NYSE:ASB - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twelve analysts that are presently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $32.00.

A number of research analysts have weighed in on the stock. Raymond James Financial raised their target price on shares of Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Truist Financial upped their price target on Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research report on Tuesday, August 4th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Associated Banc in a report on Wednesday, June 24th. Wells Fargo & Company lifted their price objective on Associated Banc from $32.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Finally, Barclays boosted their price objective on Associated Banc from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th.

Associated Banc Price Performance

Associated Banc stock opened at $31.08 on Tuesday. The company has a fifty day simple moving average of $31.00 and a 200-day simple moving average of $28.65. The firm has a market capitalization of $5.87 billion, a price-to-earnings ratio of 10.87, a PEG ratio of 1.05 and a beta of 0.76. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. Associated Banc has a 52-week low of $23.86 and a 52-week high of $32.46.

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 the consensus estimate 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 period last year, the firm posted $0.65 earnings per share. On average, equities analysts anticipate that Associated Banc will post 2.94 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 1st. Associated Banc's payout ratio is currently 33.57%.

Insider Activity

In other Associated Banc news, EVP Gregory Warsek sold 16,300 shares of Associated Banc stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total transaction of $521,763.00. Following the transaction, the executive vice president directly owned 13,809 shares of the company's stock, valued at $442,026.09. The trade was a 54.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Derek S. Meyer sold 10,000 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $30.74, for a total transaction of $307,400.00. Following the completion of the transaction, the executive vice president owned 61,662 shares in the company, valued at $1,895,489.88. The trade was a 13.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 83,833 shares of company stock worth $2,646,203. Insiders own 0.71% of the company's stock.

Institutional Trading of Associated Banc

A number of hedge funds and other institutional investors have recently made changes to their positions in ASB. Sei Investments Co. raised its position in Associated Banc by 134.1% in the first quarter. Sei Investments Co. now owns 433,405 shares of the bank's stock valued at $11,208,000 after purchasing an additional 248,265 shares during the period. BlackRock Inc. purchased a new position in shares of Associated Banc during the 2nd quarter worth $715,927,000. Y Intercept Hong Kong Ltd grew its holdings in shares of Associated Banc by 159.3% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 245,801 shares of the bank's stock worth $6,356,000 after purchasing an additional 150,998 shares during the period. Wedge Capital Management L L P NC acquired a new stake in shares of Associated Banc during the 2nd quarter worth about $2,048,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Associated Banc during the 2nd quarter worth about $2,892,000. Institutional investors and hedge funds 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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