Associated Banc (NYSE:ASB) Downgraded to “Hold” Rating by Zacks Research

Associated Banc (NYSE:ASB) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

ASB has been the topic of several other research reports. Royal Bank Of Canada raised their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Friday, January 23rd. Wall Street Zen cut shares of Associated Banc from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Weiss Ratings upgraded shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, February 17th. Keefe, Bruyette & Woods increased their target price 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. Finally, Stephens raised shares of Associated Banc from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $30.00 to $29.00 in a report on Friday, March 27th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Associated Banc has a consensus rating of “Moderate Buy” and an average target price of $29.60.

Associated Banc Stock Performance

Associated Banc stock opened at $26.39 on Monday. The firm’s fifty day moving average price is $26.56 and its 200-day moving average price is $26.14. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $4.36 billion, a P/E ratio of 9.53, a price-to-earnings-growth ratio of 1.21 and a beta of 0.77. Associated Banc has a fifty-two week low of $18.32 and a fifty-two week high of $29.51.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 earnings per share 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 net margin of 19.31% and a return on equity of 10.25%. During the same quarter last year, the company posted $0.72 EPS. On average, equities research analysts expect that Associated Banc will post 2.43 earnings per share for the current fiscal year.

Associated Banc announced that its Board of Directors has initiated a share repurchase program on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 2.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Associated Banc news, Director Eileen A. Kamerick sold 6,600 shares of the firm’s stock in a transaction 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 sale, the director owned 49,264 shares of the company’s stock, valued at $1,380,377.28. This trade represents a 11.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Patrick Edward Ahern sold 14,731 shares of the firm’s 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 completion of the sale, the executive vice president directly 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 valued at $677,789 in the last quarter. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

Large investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in Associated Banc by 46.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after acquiring an additional 408 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Associated Banc in the 4th quarter worth about $33,000. EverSource Wealth Advisors LLC lifted its position in shares of Associated Banc by 345.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock worth $33,000 after purchasing an additional 1,047 shares during the period. Quent Capital LLC purchased a new stake in shares of Associated Banc in the 3rd quarter worth about $34,000. Finally, First Horizon Corp purchased a new stake in shares of Associated Banc in the 3rd quarter worth about $39,000. Institutional investors own 82.98% of the company’s stock.

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.