Associated Banc (NYSE:ASB) Shares Gap Up After Analyst Upgrade

Posted by on Jul 22nd, 2023

Shares of Associated Banc-Corp (NYSE:ASB – Get Free Report) gapped up before the market opened on Friday after Stephens raised their price target on the stock from $19.00 to $21.00. The stock had previously closed at $18.41, but opened at $18.92. Stephens currently has an equal weight rating on the stock. Associated Banc shares last traded at $18.28, with a volume of 166,934 shares.

Several other analysts have also recently commented on ASB. Royal Bank of Canada restated a “sector perform” rating and set a $21.00 target price on shares of Associated Banc in a report on Friday, April 21st. Keefe, Bruyette & Woods decreased their target price on Associated Banc from $26.00 to $21.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. StockNews.com started coverage on Associated Banc in a report on Thursday, May 18th. They set a “sell” rating on the stock. Piper Sandler increased their target price on Associated Banc from $17.50 to $18.50 in a report on Friday. Finally, Wells Fargo & Company decreased their target price on Associated Banc from $28.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, April 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Associated Banc currently has an average rating of “Hold” and a consensus price target of $21.56.

Insider Activity at Associated Banc

In other news, Director R Jay Gerken purchased 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were acquired at an average price of $16.07 per share, for a total transaction of $48,210.00. Following the completion of the acquisition, the director now directly owns 42,036 shares in the company, valued at $675,518.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director R Jay Gerken bought 3,000 shares of Associated Banc stock in a transaction on Tuesday, May 2nd. The shares were purchased at an average price of $16.07 per share, for a total transaction of $48,210.00. Following the completion of the acquisition, the director now owns 42,036 shares in the company, valued at $675,518.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Haddad bought 5,750 shares of Associated Banc stock in a transaction on Wednesday, April 26th. The shares were bought at an average price of $17.35 per share, for a total transaction of $99,762.50. Following the acquisition, the director now owns 5,750 shares of the company’s stock, valued at approximately $99,762.50. The disclosure for this purchase can be found here. 1.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On Associated Banc

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASB. First Command Bank acquired a new stake in shares of Associated Banc during the second quarter worth about $28,000. Ameritas Advisory Services LLC acquired a new stake in shares of Associated Banc during the first quarter worth about $32,000. Fifth Third Bancorp raised its position in shares of Associated Banc by 370.7% during the first quarter. Fifth Third Bancorp now owns 1,845 shares of the bank’s stock worth $33,000 after purchasing an additional 1,453 shares during the period. CI Investments Inc. acquired a new stake in shares of Associated Banc during the fourth quarter worth about $35,000. Finally, Allworth Financial LP raised its position in shares of Associated Banc by 26,450.0% during the fourth quarter. Allworth Financial LP now owns 1,593 shares of the bank’s stock worth $37,000 after purchasing an additional 1,587 shares during the period. Institutional investors own 81.58% of the company’s stock.

Associated Banc Stock Performance

The company has a market cap of $2.77 billion, a price-to-earnings ratio of 7.22, a price-to-earnings-growth ratio of 0.92 and a beta of 1.00. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a 50-day moving average price of $16.43 and a 200 day moving average price of $19.00.

Associated Banc (NYSE:ASB – Get Free Report) last announced its earnings results on Thursday, April 20th. The bank reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.03. Associated Banc had a return on equity of 10.35% and a net margin of 23.87%. The business had revenue of $504.89 million for the quarter, compared to analyst estimates of $349.71 million. During the same quarter last year, the firm earned $0.47 EPS. As a group, analysts anticipate that Associated Banc-Corp will post 2.33 EPS for the current fiscal year.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend was Wednesday, May 31st. Associated Banc’s dividend payout ratio is presently 33.07%.

Associated Banc Company Profile

(Get Free Report)

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services.

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