Zacks Research Downgrades Associated Banc (NYSE:ASB) to Hold

Associated Banc (NYSE:ASB) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

A number of other research analysts also recently weighed in on the stock. Stephens raised shares of Associated Banc from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $30.00 to $29.00 in a research report on Friday, March 27th. Truist Financial reduced their target price on shares of Associated Banc from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Monday, March 23rd. Keefe, Bruyette & Woods increased their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, January 23rd. Piper Sandler increased their target price on shares of Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings raised shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, February 17th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.60.

Associated Banc Trading Up 0.3%

Shares of ASB stock opened at $26.39 on Monday. Associated Banc has a 52-week low of $18.32 and a 52-week high of $29.51. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The company has a 50-day simple moving average of $26.56 and a two-hundred day simple moving average of $26.14. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 1.21 and a beta of 0.77.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. The business had revenue of $393.52 million during the quarter, compared to the consensus estimate of $382.06 million. During the same period in the prior year, the firm posted $0.72 EPS. Research analysts anticipate that Associated Banc will post 2.43 EPS for the current fiscal year.

Associated Banc announced that its board has initiated a stock buyback program on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Associated Banc news, EVP Patrick Edward Ahern sold 14,731 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total value of $427,640.93. Following the sale, the executive vice president directly owned 39,401 shares in the company, valued at $1,143,811.03. This represents a 27.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eileen A. Kamerick sold 6,600 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $28.02, for a total transaction of $184,932.00. Following the completion of the sale, the director owned 49,264 shares in the company, valued at $1,380,377.28. This represents a 11.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 23,656 shares of company stock worth $677,789 in the last three months. 0.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Associated Banc

Several institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System lifted its stake in Associated Banc by 0.3% in the 2nd quarter. California State Teachers Retirement System now owns 154,933 shares of the bank’s stock worth $3,779,000 after purchasing an additional 394 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Associated Banc by 46.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after purchasing an additional 408 shares in the last quarter. US Bancorp DE raised its position in shares of Associated Banc by 0.5% during the 3rd quarter. US Bancorp DE now owns 80,677 shares of the bank’s stock valued at $2,074,000 after buying an additional 415 shares in the last quarter. LPL Financial LLC raised its position in shares of Associated Banc by 2.3% during the 4th quarter. LPL Financial LLC now owns 19,079 shares of the bank’s stock valued at $491,000 after buying an additional 426 shares in the last quarter. Finally, Tidal Investments LLC raised its position in shares of Associated Banc by 2.0% during the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank’s stock valued at $667,000 after buying an additional 549 shares in the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

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.