Associated Banc (NYSE:ASB) Sets New 12-Month High – Here’s What Happened
by Renee Jackson · The Cerbat GemAssociated Banc-Corp (NYSE:ASB – Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.83 and last traded at $27.8540, with a volume of 339446 shares changing hands. The stock had previously closed at $27.30.
Analyst Ratings Changes
Several research firms have recently commented on ASB. Barclays cut their price target on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 11th. Royal Bank Of Canada reissued a “sector perform” rating and set a $29.00 price target on shares of Associated Banc in a report on Monday, January 12th. UBS Group restated a “buy” rating and issued a $28.00 price objective on shares of Associated Banc in a research report on Tuesday, December 2nd. Raymond James Financial reiterated an “outperform” rating and set a $30.00 target price (up previously from $29.00) on shares of Associated Banc in a research report on Monday, October 27th. Finally, Truist Financial raised their price target on Associated Banc from $27.00 to $29.00 and gave the company a “hold” rating in a report on Monday, December 22nd. Three investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Associated Banc currently has an average rating of “Hold” and a consensus price target of $28.50.
Read Our Latest Stock Report on Associated Banc
Associated Banc Stock Performance
The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $4.62 billion, a PE ratio of 29.61, a P/E/G ratio of 0.72 and a beta of 0.79. The stock has a 50-day simple moving average of $26.15 and a 200 day simple moving average of $25.77.
Associated Banc (NYSE:ASB – Get Free Report) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.07. Associated Banc had a return on equity of 9.45% and a net margin of 7.23%.The business had revenue of $390.71 million during the quarter, compared to analysts’ expectations of $377.94 million. During the same quarter last year, the business posted $0.56 earnings per share. Equities analysts anticipate that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.
Associated Banc Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a dividend of $0.24 per share. This is an increase from Associated Banc’s previous quarterly dividend of $0.23. The ex-dividend date was Monday, December 1st. This represents a $0.96 annualized dividend and a yield of 3.4%. Associated Banc’s payout ratio is 102.13%.
Insider Transactions at Associated Banc
In related news, EVP Patrick Edward Ahern sold 30,489 shares of Associated Banc stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $25.70, for a total transaction of $783,567.30. Following the completion of the transaction, the executive vice president directly owned 24,055 shares in the company, valued at $618,213.50. The trade was a 55.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total value of $56,385.35. Following the completion of the sale, the executive vice president directly owned 109,842 shares in the company, valued at approximately $2,900,927.22. The trade was a 1.91% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 35,951 shares of company stock valued at $925,756. 1.45% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Associated Banc
Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in shares of Associated Banc by 1.6% in the second quarter. Geode Capital Management LLC now owns 4,151,111 shares of the bank’s stock worth $101,256,000 after acquiring an additional 67,219 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. American Century Companies Inc. increased its position in Associated Banc by 32.5% during the 3rd quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank’s stock worth $67,606,000 after purchasing an additional 645,676 shares in the last quarter. First Trust Advisors LP raised its stake in Associated Banc by 679.4% in the 3rd quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank’s stock valued at $57,171,000 after purchasing an additional 1,938,393 shares during the last quarter. Finally, Norges Bank acquired a new position in Associated Banc in the 2nd quarter valued at about $48,373,000. Hedge funds and other 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.