Associated Banc (NYSE:ASB) Sets New 12-Month High – Here’s What Happened

Associated Banc-Corp (NYSE:ASB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $26.31 and last traded at $26.26, with a volume of 207039 shares traded. The stock had previously closed at $23.99.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ASB. Piper Sandler upped their price objective on shares of Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Royal Bank of Canada increased their price objective on Associated Banc from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Robert W. Baird lowered their target price on Associated Banc from $27.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. Barclays raised their price target on Associated Banc from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Finally, Stephens reissued an “equal weight” rating and issued a $24.00 price objective on shares of Associated Banc in a research note on Tuesday, July 30th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.89.

Associated Banc Trading Up 16.0 %

The business has a 50-day moving average price of $22.04 and a two-hundred day moving average price of $21.64. The company has a market cap of $4.21 billion, a P/E ratio of 22.49, a P/E/G ratio of 1.82 and a beta of 0.91. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.65.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.06. Associated Banc had a return on equity of 8.18% and a net margin of 8.15%. The business had revenue of $607.54 million for the quarter, compared to analyst estimates of $336.52 million. During the same period last year, the company earned $0.53 EPS. On average, analysts predict that Associated Banc-Corp will post 2.08 EPS for the current year.

Associated Banc Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.23 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.92 dividend on an annualized basis and a yield of 3.30%. This is an increase from Associated Banc’s previous quarterly dividend of $0.22. Associated Banc’s dividend payout ratio (DPR) is 76.67%.

Insider Activity at Associated Banc

In related news, EVP John A. Utz sold 19,044 shares of Associated Banc stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $24.19, for a total transaction of $460,674.36. Following the completion of the sale, the executive vice president now owns 100,204 shares of the company’s stock, valued at approximately $2,423,934.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Associated Banc news, EVP John A. Utz sold 19,044 shares of Associated Banc stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $24.19, for a total value of $460,674.36. Following the completion of the transaction, the executive vice president now directly owns 100,204 shares of the company’s stock, valued at $2,423,934.76. The trade was a 0.00 % 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 John A. Utz sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $22.78, for a total value of $45,560.00. Following the completion of the transaction, the executive vice president now owns 99,637 shares in the company, valued at $2,269,730.86. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,105 shares of company stock valued at $671,324. 1.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Associated Banc

Hedge funds and other institutional investors have recently modified their holdings of the business. Bessemer Group Inc. grew its position in Associated Banc by 285.2% during the 1st quarter. Bessemer Group Inc. now owns 1,225 shares of the bank’s stock worth $26,000 after acquiring an additional 907 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Associated Banc during the second quarter worth about $38,000. Farther Finance Advisors LLC increased its stake in shares of Associated Banc by 82.1% in the third quarter. Farther Finance Advisors LLC now owns 3,190 shares of the bank’s stock valued at $69,000 after buying an additional 1,438 shares during the period. Meeder Asset Management Inc. bought a new position in Associated Banc in the 1st quarter valued at approximately $74,000. Finally, Neo Ivy Capital Management acquired a new stake in Associated Banc during the 2nd quarter worth approximately $93,000. Institutional investors own 82.98% of the company’s stock.

Associated Banc Company Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.