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

Associated Banc (NYSE:ASB) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

A number of other equities research analysts have also recently commented on ASB. Raymond James Financial reissued an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Associated Banc in a research note on Monday, October 27th. UBS Group reaffirmed a “buy” rating and issued a $28.00 price target on shares of Associated Banc in a report on Tuesday, December 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Associated Banc in a research note on Monday, December 29th. Royal Bank Of Canada lifted their price objective on Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Friday, January 23rd. Finally, Keefe, Bruyette & Woods increased their target price on Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, January 23rd. Three analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.20.

Associated Banc Stock Performance

NYSE ASB opened at $27.26 on Friday. The business has a 50 day moving average price of $26.45 and a 200 day moving average price of $25.84. The company has a market capitalization of $4.52 billion, a P/E ratio of 9.84, a PEG ratio of 1.26 and a beta of 0.79. Associated Banc has a 1-year low of $18.32 and a 1-year high of $28.02. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, January 22nd. The bank reported $0.80 EPS 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 company had revenue of $393.52 million for the quarter, compared to the consensus estimate of $382.06 million. During the same period in the previous year, the business earned $0.72 earnings per share. Sell-side analysts expect that Associated Banc will post 2.43 EPS for the current fiscal year.

Associated Banc announced that its board has initiated a stock repurchase program on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 2.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Associated Banc news, EVP John A. Utz sold 2,135 shares of Associated Banc stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the completion of the sale, the executive vice president owned 109,842 shares in the company, valued at $2,900,927.22. The trade was a 1.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Patrick Edward Ahern sold 30,489 shares of the company’s 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 transaction, the executive vice president directly owned 24,055 shares of the company’s stock, valued at approximately $618,213.50. This represents a 55.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 35,951 shares of company stock valued at $925,756. Company insiders own 1.45% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. raised its stake in Associated Banc by 2,033.9% during the second quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank’s stock worth $29,000 after purchasing an additional 1,139 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Associated Banc by 46.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after buying an additional 408 shares during the last quarter. Quent Capital LLC purchased a new position in shares of Associated Banc in the 3rd quarter worth $34,000. EverSource Wealth Advisors LLC boosted its holdings in Associated Banc by 345.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after acquiring an additional 1,047 shares during the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in Associated Banc during the second quarter valued at about $34,000. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

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.