Associated Banc-Corp (NYSE:ASB – Free Report) – Research analysts at Zacks Research lowered their FY2023 EPS estimates for shares of Associated Banc in a report released on Tuesday, September 12th. Zacks Research analyst N. Kataruka now expects that the bank will post earnings per share of $2.17 for the year, down from their prior forecast of $2.19. The consensus estimate for Associated Banc’s current full-year earnings is $2.22 per share. Zacks Research also issued estimates for Associated Banc’s Q4 2023 earnings at $0.45 EPS, Q3 2024 earnings at $0.53 EPS, Q4 2024 earnings at $0.52 EPS and FY2024 earnings at $2.05 EPS.
Several other equities analysts also recently commented on ASB. StockNews.com began coverage on shares of Associated Banc in a research report on Thursday, August 17th. They set a “sell” rating on the stock. Robert W. Baird upgraded shares of Associated Banc from a “neutral” rating to an “outperform” rating and upped their target price for the company from $19.00 to $24.00 in a research report on Tuesday, September 5th. Raymond James increased their price target on Associated Banc from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Monday, July 24th. Stephens lifted their price target on shares of Associated Banc from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 21st. Finally, Piper Sandler lifted their target price on shares of Associated Banc from $17.50 to $18.50 in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $21.94.
Associated Banc Stock Up 1.9 %
ASB stock opened at $17.67 on Thursday. The firm has a 50 day simple moving average of $17.74 and a 200 day simple moving average of $17.55. The firm has a market cap of $2.67 billion, a PE ratio of 6.96, a P/E/G ratio of 0.95 and a beta of 1.03. Associated Banc has a 12 month low of $14.47 and a 12 month high of $25.50. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.92 and a quick ratio of 0.92.
Associated Banc (NYSE:ASB – Get Free Report) last announced its earnings results on Thursday, July 20th. The bank reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.03). Associated Banc had a net margin of 20.93% and a return on equity of 10.25%. The business had revenue of $328.25 million during the quarter, compared to analyst estimates of $332.65 million.
Associated Banc Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 4.75%. The ex-dividend date is Thursday, August 31st. Associated Banc’s dividend payout ratio (DPR) is presently 33.07%.
Insiders Place Their Bets
In other news, EVP Randall J. Erickson sold 26,335 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $19.00, for a total value of $500,365.00. Following the sale, the executive vice president now directly owns 138,055 shares in the company, valued at approximately $2,623,045. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.49% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the company. First Command Bank acquired a new position in shares of Associated Banc during the second quarter worth $28,000. Ameritas Advisory Services LLC purchased a new position in Associated Banc in the first quarter worth approximately $32,000. Fifth Third Bancorp grew its position in Associated Banc by 370.7% in the 1st quarter. Fifth Third Bancorp now owns 1,845 shares of the bank’s stock valued at $33,000 after acquiring an additional 1,453 shares in the last quarter. CI Investments Inc. purchased a new stake in shares of Associated Banc during the fourth quarter worth approximately $35,000. Finally, Quarry LP grew its stake in shares of Associated Banc by 319.6% during the first quarter. Quarry LP now owns 2,140 shares of the bank’s stock worth $38,000 after purchasing an additional 1,630 shares in the last quarter. Institutional investors own 80.52% of the company’s stock.
About Associated Banc
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services.
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