Associated Banc-Corp (NYSE:ASB) Stock Has Consensus Target Price of $31.90 According to Brokerages

Key Points

• Analyst sentiment is moderately positive: Twelve firms rate Associated Banc-Corp “Moderate Buy,” split evenly between buy and hold ratings, with a consensus 12-month price target of $31.90 versus the reported $29.03 share price.
• Quarterly results exceeded expectations: The bank reported earnings of $0.73 per share, topping estimates by $0.01, while revenue reached $454.54 million compared with the $438.01 million consensus estimate.
• Institutional ownership remains high, but insiders sold shares: Institutional investors own 82.98% of the stock, while company insiders sold 78,833 shares worth approximately $2.5 million during the quarter. Associated Banc also maintains a $0.24 quarterly dividend, representing a 3.3% annualized yield.

Shares of Associated Banc-Corp (NYSE:ASB - Get Free Report) have been given a consensus rating of "Moderate Buy" by the twelve research firms that are presently covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $31.90.

Several research firms have commented on ASB. Weiss Ratings restated a "buy (b)" rating on shares of Associated Banc in a report on Monday, September 21st. Truist Financial increased their price objective on shares of Associated Banc from $32.00 to $33.00 and gave the stock a "hold" rating in a report on Tuesday, August 4th. Wells Fargo & Company decreased their target price on shares of Associated Banc from $36.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday. Piper Sandler restated a "neutral" rating and issued a $34.00 target price on shares of Associated Banc in a report on Wednesday, August 26th. Finally, Raymond James Financial upped their price target on shares of Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st.

Insider Buying and Selling at Associated Banc

In related news, EVP Gregory Warsek sold 16,300 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $32.01, for a total value of $521,763.00. Following the transaction, the executive vice president directly owned 13,809 shares of the company's stock, valued at approximately $442,026.09. This trade represents a 54.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Randall Erickson sold 43,561 shares of Associated Banc stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the completion of the transaction, the executive vice president owned 56,091 shares in the company, valued at $1,797,155.64. The trade was a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 78,833 shares of company stock worth $2,502,103. 0.71% of the stock is currently owned by company insiders.

Institutional Trading of Associated Banc

A number of institutional investors have recently modified their holdings of ASB. Sei Investments Co. lifted its position in Associated Banc by 134.1% during the first quarter. Sei Investments Co. now owns 433,405 shares of the bank's stock valued at $11,208,000 after buying an additional 248,265 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Associated Banc by 14.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 400,453 shares of the bank's stock worth $12,322,000 after acquiring an additional 51,068 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Associated Banc in the 2nd quarter valued at $2,892,000. BlackRock Inc. purchased a new position in shares of Associated Banc in the 2nd quarter valued at $715,927,000. Finally, Wedge Capital Management L L P NC acquired a new position in shares of Associated Banc during the 2nd quarter valued at $2,048,000. Hedge funds and other institutional investors own 82.98% of the company's stock.

Associated Banc Trading Up 1.1%

Shares of Associated Banc stock opened at $29.03 on Friday. Associated Banc has a fifty-two week low of $23.86 and a fifty-two week high of $32.46. The firm has a market cap of $5.48 billion, a PE ratio of 10.15, a P/E/G ratio of 0.96 and a beta of 0.80. The business's fifty day moving average is $30.52 and its two-hundred day moving average is $29.04. 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 (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. The business had revenue of $454.54 million during the quarter, compared to the consensus estimate of $438.01 million. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.During the same quarter in the previous year, the business earned $0.65 earnings per share. Analysts anticipate that Associated Banc will post 2.95 earnings per share for the current year.

Associated Banc Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.96 annualized dividend and a dividend yield of 3.3%. Associated Banc's payout ratio is currently 33.57%.

Associated Banc Company Profile

Associated Banc-Corp NYSE: ASB is a bank holding company headquartered in Green Bay, Wisconsin. Its principal subsidiary, Associated Bank, provides banking and financial services to consumers, businesses, institutions and municipalities.

The company offers deposit accounts, residential and commercial real estate lending, business loans, consumer financing, cash-management and treasury services, credit cards, wealth management, investment services and insurance products. Associated also provides specialized financial services for commercial and corporate clients, including relationship banking and capital-market support.

Associated Bank serves customers through branches, offices and digital banking channels across Wisconsin and portions of Illinois and Minnesota.

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