Associated Banc-Corp (NYSE:ASB) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Associated Banc-Corp (NYSE:ASB) have earned a consensus recommendation of “Hold” from the nine brokerages that are currently covering the firm, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $27.78.

A number of research firms have weighed in on ASB. Piper Sandler upped their price target on shares of Associated Banc from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, July 25th. Wells Fargo & Company upped their target price on shares of Associated Banc from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Raymond James Financial reiterated an “outperform” rating and issued a $27.00 price target on shares of Associated Banc in a research note on Monday, April 28th. Truist Financial boosted their price objective on Associated Banc from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 28th. Finally, Royal Bank Of Canada increased their target price on Associated Banc from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Friday, July 25th.

Insiders Place Their Bets

In other news, CEO Andrew J. Harmening acquired 12,910 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were acquired at an average cost of $23.25 per share, with a total value of $300,157.50. Following the acquisition, the chief executive officer directly owned 319,269 shares of the company’s stock, valued at approximately $7,423,004.25. The trade was a 4.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Associated Banc

A number of hedge funds have recently bought and sold shares of the business. Quarry LP grew its stake in shares of Associated Banc by 154.3% in the 4th quarter. Quarry LP now owns 1,073 shares of the bank’s stock worth $26,000 after buying an additional 651 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of Associated Banc in the 2nd quarter valued at about $34,000. Covestor Ltd grew its position in Associated Banc by 221.0% in the fourth quarter. Covestor Ltd now owns 1,499 shares of the bank’s stock worth $36,000 after acquiring an additional 1,032 shares in the last quarter. Versant Capital Management Inc increased its stake in Associated Banc by 385.5% during the first quarter. Versant Capital Management Inc now owns 1,612 shares of the bank’s stock worth $36,000 after acquiring an additional 1,280 shares during the last quarter. Finally, Richardson Capital Management LLC purchased a new stake in Associated Banc during the second quarter valued at approximately $49,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Associated Banc Stock Performance

NYSE:ASB opened at $24.06 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a 50-day simple moving average of $24.41 and a two-hundred day simple moving average of $23.51. The firm has a market capitalization of $3.99 billion, a PE ratio of 31.25, a P/E/G ratio of 0.93 and a beta of 0.84. Associated Banc has a 52-week low of $18.32 and a 52-week high of $28.18.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.03. The firm had revenue of $366.98 million for the quarter, compared to analysts’ expectations of $362.78 million. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%. During the same period in the previous year, the firm earned $0.52 EPS. Analysts forecast that Associated Banc will post 2.43 EPS for the current year.

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.92 dividend on an annualized basis and a yield of 3.8%. Associated Banc’s dividend payout ratio is presently 119.48%.

Associated Banc Company Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.