Associated Banc (NYSE:ASB) to Buyback $100.00 million in Outstanding Stock

Associated Banc (NYSE:ASB) declared that its board has initiated a share buyback program on Tuesday, January 27th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization permits the bank to reacquire up to 2.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Associated Banc Price Performance

NYSE:ASB opened at $26.74 on Wednesday. Associated Banc has a 12-month low of $18.32 and a 12-month high of $28.02. The firm has a market capitalization of $4.44 billion, a price-to-earnings ratio of 9.65, a P/E/G ratio of 0.73 and a beta of 0.79. The stock’s 50 day moving average price is $26.32 and its two-hundred day moving average price is $25.81. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.81.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.The business had revenue of $393.52 million for the quarter, compared to analyst estimates of $382.06 million. During the same period in the previous year, the firm earned $0.72 EPS. On average, analysts anticipate that Associated Banc will post 2.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Piper Sandler boosted their price target on Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Truist Financial boosted their target price on Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a research note on Monday. Raymond James Financial reiterated an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Royal Bank Of Canada increased their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. Finally, UBS Group reiterated a “buy” rating and issued a $28.00 price target on shares of Associated Banc in a research note on Tuesday, December 2nd. Three equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $29.20.

Insider Transactions at Associated Banc

In related news, EVP Patrick Edward Ahern sold 30,489 shares of Associated Banc stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $25.70, for a total transaction of $783,567.30. Following the completion of the sale, the executive vice president owned 24,055 shares of the company’s stock, valued at approximately $618,213.50. The trade was a 55.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John A. Utz sold 2,135 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total transaction of $56,385.35. Following the completion of the transaction, the executive vice president directly owned 109,842 shares in the company, valued at approximately $2,900,927.22. This represents a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 35,951 shares of company stock valued at $925,756. 1.10% of the stock is currently owned by corporate insiders.

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.