Associated Banc (NYSE:ASB) Upgraded by Barclays to “Overweight” Rating

Barclays upgraded shares of Associated Banc (NYSE:ASB) from an equal weight rating to an overweight rating in a report published on Tuesday, MarketBeat.com reports. They currently have $33.00 price objective on the bank’s stock, up from their previous price objective of $30.00.

Several other research analysts have also weighed in on ASB. Piper Sandler upped their price objective on shares of Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Zacks Research upgraded shares of Associated Banc from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 25th. Keefe, Bruyette & Woods boosted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, January 23rd. Wells Fargo & Company boosted their price target on shares of Associated Banc from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, March 30th. Finally, Truist Financial lowered their price target on shares of Associated Banc from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

Associated Banc Stock Up 0.3%

ASB stock opened at $26.39 on Tuesday. Associated Banc has a 52-week low of $18.32 and a 52-week high of $29.51. The company’s 50 day simple moving average is $26.56 and its 200-day simple moving average is $26.14. 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 $4.36 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.21 and a beta of 0.77.

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

Associated Banc declared that its Board of Directors has approved a stock buyback program on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows 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 leadership believes its stock is undervalued.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a dividend of $0.24 per share. The ex-dividend date was Monday, March 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.6%. Associated Banc’s dividend payout ratio is 34.66%.

Insider Transactions at Associated Banc

In other news, Director John B. Williams sold 2,325 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total transaction of $65,216.25. Following the transaction, the director owned 70,959 shares in the company, valued at $1,990,399.95. This represents a 3.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Patrick Edward Ahern sold 14,731 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total transaction of $427,640.93. Following the transaction, the executive vice president owned 39,401 shares in the company, valued at approximately $1,143,811.03. This trade represents a 27.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,656 shares of company stock worth $677,789 in the last 90 days. 0.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC increased its stake in shares of Associated Banc by 190.1% during the 4th quarter. Hsbc Holdings PLC now owns 37,576 shares of the bank’s stock worth $968,000 after purchasing an additional 24,622 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Associated Banc by 20,284.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 104,572 shares of the bank’s stock worth $2,694,000 after purchasing an additional 104,059 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Associated Banc by 18,083.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,637 shares of the bank’s stock worth $145,000 after purchasing an additional 5,606 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of Associated Banc by 29.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 15,501 shares of the bank’s stock worth $399,000 after purchasing an additional 3,560 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Associated Banc during the 4th quarter worth $1,717,000. Institutional investors and hedge funds own 82.98% of the company’s stock.

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.