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

Shares of Associated Banc-Corp (NYSE:ASB) have been given a consensus recommendation of “Hold” by the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $29.20.

Several research firms recently commented on ASB. Barclays dropped their price target on shares of Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 11th. Truist Financial raised their target price on Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, January 26th. Royal Bank Of Canada increased their price target on Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a report on Friday, January 23rd. UBS Group reiterated a “buy” rating and set a $28.00 price target on shares of Associated Banc in a report on Tuesday, December 2nd. Finally, Raymond James Financial reissued an “outperform” rating and set a $30.00 target price (up previously from $29.00) on shares of Associated Banc in a research note on Monday, October 27th.

Associated Banc Stock Performance

Shares of ASB stock opened at $28.33 on Friday. The business has a fifty day moving average of $27.06 and a 200 day moving average of $26.14. Associated Banc has a 1 year low of $18.32 and a 1 year high of $29.51. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 1.30 and a beta of 0.81.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, beating 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 prior year, the company earned $0.72 earnings per share. As a group, research analysts expect that Associated Banc will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, March 2nd. Associated Banc’s dividend payout ratio (DPR) is 34.66%.

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

Insiders Place Their Bets

In other news, Director John B. Williams sold 2,325 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total value of $65,216.25. Following the completion of the transaction, the director owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. This trade represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the sale, the executive vice president directly owned 109,842 shares in the company, valued at $2,900,927.22. This represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 53,007 shares of company stock worth $1,418,613 over the last three months. Company insiders own 1.45% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV lifted its stake in shares of Associated Banc by 29.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 15,501 shares of the bank’s stock worth $399,000 after acquiring an additional 3,560 shares during the period. XTX Topco Ltd purchased a new position in shares of Associated Banc during the 4th quarter worth approximately $1,717,000. Voloridge Investment Management LLC lifted its position in shares of Associated Banc by 327.4% in the fourth quarter. Voloridge Investment Management LLC now owns 807,808 shares of the bank’s stock valued at $20,809,000 after acquiring an additional 618,789 shares in the last quarter. SummitTX Capital L.P. purchased a new stake in shares of Associated Banc during the fourth quarter worth about $387,000. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Associated Banc during the fourth quarter worth $2,705,000. 82.98% of the stock is 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.