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

Wall Street Zen downgraded shares of Associated Banc (NYSE:ASB) from a buy rating to a hold rating in a report published on Saturday.

Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods boosted their target price on Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, January 23rd. Piper Sandler raised their target price on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Weiss Ratings upgraded Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, February 17th. UBS Group reissued a “buy” rating and set a $28.00 price objective on shares of Associated Banc in a research report on Tuesday, December 2nd. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.30.

Associated Banc Stock Performance

Associated Banc stock opened at $24.98 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. Associated Banc has a fifty-two week low of $18.32 and a fifty-two week high of $29.51. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 1.16 and a beta of 0.80. The stock’s 50 day simple moving average is $26.64 and its two-hundred day simple moving average is $26.14.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $382.06 million. During the same period in the prior year, the firm earned $0.72 earnings per share. As a group, analysts expect that Associated Banc will post 2.43 earnings per share for the current fiscal year.

Associated Banc announced that its board has initiated a stock repurchase plan on Tuesday, January 27th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 2.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Monday, March 2nd. Associated Banc’s dividend payout ratio (DPR) is 34.66%.

Insiders Place Their Bets

In other Associated Banc news, EVP Patrick Edward Ahern sold 14,731 shares of Associated Banc stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total value of $427,640.93. Following the sale, the executive vice president owned 39,401 shares of the company’s stock, valued at $1,143,811.03. The trade was a 27.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Eileen A. Kamerick sold 6,600 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $28.02, for a total value of $184,932.00. Following the transaction, the director owned 49,264 shares of the company’s stock, valued at $1,380,377.28. This represents a 11.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 currently owned by corporate insiders.

Institutional Trading of Associated Banc

Several hedge funds have recently made changes to their positions in ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Associated Banc by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank’s stock worth $2,198,000 after acquiring an additional 5,531 shares in the last quarter. Millennium Management LLC raised its position in Associated Banc by 90.4% during the first quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock valued at $6,486,000 after purchasing an additional 136,648 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after purchasing an additional 1,598,951 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Associated Banc by 13.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank’s stock valued at $11,184,000 after purchasing an additional 60,758 shares during the last quarter. Finally, Sivia Capital Partners LLC purchased a new position in shares of Associated Banc in the 2nd quarter worth approximately $328,000. 82.98% of the stock is currently owned by hedge funds and other 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.