Associated Banc (NYSE:ASB) Sets New 1-Year High – Here’s Why

Associated Banc-Corp (NYSE:ASB)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $31.85 and last traded at $31.7850, with a volume of 425321 shares traded. The stock had previously closed at $31.40.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Robert W. Baird raised their target price on Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Keefe, Bruyette & Woods increased their price objective on Associated Banc from $30.00 to $31.00 and gave the company a “market perform” rating in a report on Friday, April 24th. Raymond James Financial raised their price objective on Associated Banc from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Associated Banc in a research report on Wednesday, June 24th. Finally, Barclays upped their target price on Associated Banc from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Associated Banc currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.10.

Associated Banc Stock Performance

The firm has a 50 day moving average of $29.96 and a two-hundred day moving average of $28.09. The stock has a market cap of $5.93 billion, a P/E ratio of 10.99, a P/E/G ratio of 1.08 and a beta of 0.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The company had revenue of $454.54 million for the quarter, compared to the consensus estimate of $438.01 million. During the same period in the previous year, the business posted $0.65 EPS. On average, research analysts predict that Associated Banc-Corp will post 2.91 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 1st. Associated Banc’s dividend payout ratio (DPR) is currently 33.57%.

Insider Activity at Associated Banc

In other news, EVP Nicole M. Kitowski sold 7,663 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.91, for a total transaction of $236,863.33. Following the completion of the transaction, the executive vice president owned 45,327 shares of the company’s stock, valued at approximately $1,401,057.57. This represents a 14.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John A. Utz sold 5,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $28.82, for a total transaction of $144,100.00. Following the completion of the sale, the executive vice president owned 118,156 shares of the company’s stock, valued at approximately $3,405,255.92. The trade was a 4.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 41,962 shares of company stock worth $1,233,303. Insiders own 0.71% of the company’s stock.

Institutional Trading of Associated Banc

A number of hedge funds have recently modified their holdings of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Associated Banc by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank’s stock valued at $2,198,000 after purchasing an additional 5,531 shares during the period. Millennium Management LLC lifted its position in Associated Banc by 90.4% in the first quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock worth $6,486,000 after purchasing an additional 136,648 shares during the period. Goldman Sachs Group Inc. boosted its stake in Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after buying an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Associated Banc by 13.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank’s stock worth $11,184,000 after buying an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC acquired a new stake in shares of Associated Banc during the 2nd quarter valued at about $328,000. Institutional investors 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.