Associated Banc (NYSE:ASB) Hits New 52-Week High – Time to Buy?
by Tristan Rich · The Markets DailyAssociated Banc-Corp (NYSE:ASB – Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $30.12 and last traded at $30.1670, with a volume of 123188 shares traded. The stock had previously closed at $29.88.
Analysts Set New Price Targets
Several brokerages have commented on ASB. Stephens upgraded shares of Associated Banc from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $30.00 to $29.00 in a report on Friday, March 27th. Truist Financial increased their price objective on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods raised their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Raymond James Financial reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Associated Banc in a research report on Monday, April 27th. Finally, Wells Fargo & Company lifted their price target on Associated Banc from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.30.
View Our Latest Research Report on Associated Banc
Associated Banc Stock Up 1.1%
The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. The firm’s 50 day simple moving average is $28.14 and its 200-day simple moving average is $27.12. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 10.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77.
Associated Banc (NYSE:ASB – Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 million. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. During the same period in the prior year, the business posted $0.59 EPS. Equities analysts expect that Associated Banc-Corp will post 2.92 earnings per share for the current fiscal year.
Associated Banc Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.96 annualized dividend and a yield of 3.2%. Associated Banc’s dividend payout ratio is 33.33%.
Insider Buying and Selling
In other Associated Banc news, EVP John A. Utz sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total value of $144,100.00. Following the completion of the transaction, the executive vice president directly owned 118,156 shares in the company, valued at $3,405,255.92. This trade represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Matthew R. Braeger sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total value of $140,850.00. Following the transaction, the executive vice president directly owned 11,777 shares in the company, valued at $331,758.09. This trade represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,299 shares of company stock valued at $801,760 in the last ninety days. 0.71% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the company. IAG Wealth Partners LLC lifted its stake in Associated Banc by 4,250.0% in the 1st quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank’s stock valued at $31,000 after purchasing an additional 1,190 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Associated Banc during the fourth quarter worth approximately $33,000. EverSource Wealth Advisors LLC increased its position in Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock worth $33,000 after buying an additional 1,047 shares during the last quarter. CIBC Private Wealth Group LLC bought a new stake in Associated Banc in the third quarter valued at approximately $51,000. Finally, Hoese & Co LLP bought a new stake in Associated Banc in the fourth quarter valued at approximately $52,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.
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.