Associated Banc (NYSE:ASB) Cut to Hold at Zacks Research

Zacks Research lowered shares of Associated Banc (NYSE:ASB) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other research firms have also recently commented on ASB. Wells Fargo & Company boosted their target price on Associated Banc from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. Barclays upgraded Associated Banc from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $30.00 to $33.00 in a research note on Tuesday. Royal Bank Of Canada boosted their target price on Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a research note on Friday, January 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings upgraded shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, February 17th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

Associated Banc Price Performance

Shares of NYSE ASB opened at $27.22 on Monday. The firm has a market cap of $4.50 billion, a PE ratio of 9.82, a PEG ratio of 1.21 and a beta of 0.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. Associated Banc has a 1-year low of $18.32 and a 1-year high of $29.51. The company has a fifty day moving average price of $26.57 and a 200 day moving average price of $26.15.

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

Associated Banc declared that its board has approved a share buyback program on Tuesday, January 27th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Associated Banc Dividend Announcement

The firm also recently disclosed 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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, March 2nd. Associated Banc’s dividend payout ratio is currently 34.66%.

Insider Transactions at Associated Banc

In other news, EVP Patrick Edward Ahern sold 14,731 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total transaction of $427,640.93. Following the completion of the transaction, the executive vice president directly owned 39,401 shares in the company, valued at $1,143,811.03. This represents a 27.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Williams sold 2,325 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was 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 of the company’s stock, valued at approximately $1,990,399.95. This represents a 3.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,656 shares of company stock worth $677,789 in the last three months. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC raised its holdings in shares of Associated Banc by 190.1% in the 4th quarter. Hsbc Holdings PLC now owns 37,576 shares of the bank’s stock valued at $968,000 after purchasing an additional 24,622 shares during the period. Rockefeller Capital Management L.P. raised its holdings in shares of Associated Banc by 20,284.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 104,572 shares of the bank’s stock valued at $2,694,000 after purchasing an additional 104,059 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in shares of Associated Banc by 18,083.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,637 shares of the bank’s stock valued at $145,000 after purchasing an additional 5,606 shares during the period. Mercer Global Advisors Inc. ADV raised its holdings 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 valued at $399,000 after purchasing an additional 3,560 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Associated Banc in the 4th quarter valued at about $1,717,000. 82.98% of the stock is owned by institutional investors.

Associated Banc Company Profile

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.