Wall Street Zen Downgrades Associated Banc (NYSE:ASB) to Hold

Key Points

• Wall Street Zen downgraded Associated Banc (NYSE:ASB) from a "buy" to a "hold" in a research note issued Saturday.
• Analysts are split (six Buy, six Hold) with a consensus rating of "Moderate Buy" and a consensus price target of $30.30.
• Associated Banc beat Q1 estimates (EPS $0.70 vs. $0.69; revenue $387.2M vs. $384.2M) and its board authorized a $100 million stock repurchase plan—about 2.2% of shares outstanding.

Associated Banc (NYSE:ASB - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday.

Several other analysts have also commented on ASB. Piper Sandler increased 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. 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 research report on Friday, April 24th. Raymond James Financial reiterated an "outperform" rating and issued a $31.00 price target on shares of Associated Banc in a research note on Monday. Stephens raised Associated Banc from an "equal weight" rating to an "overweight" rating and lowered their price target for the stock from $30.00 to $29.00 in a report on Friday, March 27th. Finally, Zacks Research lowered Associated Banc from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Associated Banc has a consensus rating of "Moderate Buy" and a consensus price target of $30.30.

Associated Banc Trading Up 0.0%

NYSE ASB opened at $28.17 on Friday. Associated Banc has a 52 week low of $22.40 and a 52 week high of $29.51. The company has a 50 day moving average price of $26.43 and a 200 day moving average price of $26.36. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.84. The firm has a market cap of $4.67 billion, a PE ratio of 9.78, a price-to-earnings-growth ratio of 1.44 and a beta of 0.79.

Associated Banc (NYSE:ASB - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. The company had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 million. During the same period last year, the firm earned $0.59 earnings per share. As a group, sell-side analysts forecast that Associated Banc will post 2.89 EPS for the current fiscal year.

Associated Banc declared that its board has initiated a stock repurchase plan on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Eileen A. Kamerick sold 6,600 shares of the firm's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $28.02, for a total value of $184,932.00. Following the completion of the transaction, the director owned 49,264 shares in the company, valued at $1,380,377.28. This trade represents a 11.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John B. Williams sold 4,000 shares of the business's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total value of $112,720.00. Following the sale, the director owned 67,420 shares in the company, valued at approximately $1,899,895.60. The trade was a 5.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 27,656 shares of company stock worth $790,509 in the last 90 days. Insiders own 0.71% of the company's stock.

Hedge Funds Weigh In On Associated Banc

Hedge funds and other institutional investors have recently bought and sold shares of the business. IAG Wealth Partners LLC raised its position in Associated Banc by 4,250.0% during the 1st quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank's stock worth $31,000 after buying an additional 1,190 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Associated Banc in the fourth quarter worth $33,000. Smartleaf Asset Management LLC increased its stake in shares of Associated Banc by 46.8% in the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank's stock worth $33,000 after acquiring an additional 408 shares during the period. Quent Capital LLC purchased a new position in shares of Associated Banc during the third quarter worth $34,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock worth $33,000 after purchasing an additional 1,047 shares during the last quarter. 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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