Zacks Research Raises Earnings Estimates for Associated Banc

Associated Banc-Corp (NYSE:ASB) – Equities researchers at Zacks Research increased their FY2024 earnings per share (EPS) estimates for shares of Associated Banc in a note issued to investors on Thursday, January 23rd. Zacks Research analyst R. Department now anticipates that the bank will earn $2.13 per share for the year, up from their previous estimate of $2.12. The consensus estimate for Associated Banc’s current full-year earnings is $2.15 per share. Zacks Research also issued estimates for Associated Banc’s Q4 2024 earnings at $0.53 EPS.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%.

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $28.00 target price on shares of Associated Banc in a research note on Thursday, December 5th. Keefe, Bruyette & Woods lifted their price target on Associated Banc from $25.00 to $28.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company upped their price objective on shares of Associated Banc from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Barclays increased their price target on Associated Banc from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Finally, Piper Sandler boosted their price target on shares of Associated Banc from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Associated Banc currently has a consensus rating of “Hold” and an average target price of $26.00.

Associated Banc Stock Performance

Shares of Associated Banc stock opened at $25.31 on Friday. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 21.09, a price-to-earnings-growth ratio of 2.08 and a beta of 0.94. The stock’s 50-day moving average is $25.25 and its 200-day moving average is $23.37. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.88 and a quick ratio of 0.88. Associated Banc has a one year low of $19.40 and a one year high of $28.18.

Associated Banc Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Monday, December 2nd. This is a positive change from Associated Banc’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 3.64%. Associated Banc’s payout ratio is presently 76.67%.

Insider Buying and Selling

In other Associated Banc news, EVP John A. Utz sold 19,044 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 100,204 shares in the company, valued at approximately $2,423,934.76. The trade was a 15.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David L. Stein sold 29,536 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total transaction of $810,172.48. Following the completion of the transaction, the executive vice president now owns 81,021 shares in the company, valued at $2,222,406.03. The trade was a 26.72 % decrease in their position. The disclosure for this sale can be found here. 1.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Thrivent Financial for Lutherans boosted its position in shares of Associated Banc by 221.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 163,003 shares of the bank’s stock worth $3,511,000 after purchasing an additional 112,323 shares in the last quarter. State Street Corp grew its position in shares of Associated Banc by 3.3% during the 3rd quarter. State Street Corp now owns 8,230,340 shares of the bank’s stock valued at $177,282,000 after acquiring an additional 261,877 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in Associated Banc by 11,595.3% during the fourth quarter. Harbor Capital Advisors Inc. now owns 76,370 shares of the bank’s stock valued at $1,825,000 after purchasing an additional 75,717 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Associated Banc by 315.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 540,057 shares of the bank’s stock valued at $12,907,000 after acquiring an additional 410,118 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Associated Banc by 114.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 96,752 shares of the bank’s stock valued at $2,084,000 after purchasing an additional 51,672 shares during the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.

About Associated Banc

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.