Associated Banc (NYSE:ASB) Reaches New 52-Week High – What’s Next?

Associated Banc-Corp (NYSE:ASB) shares hit a new 52-week high on Wednesday . The company traded as high as $31.36 and last traded at $31.0850, with a volume of 1401574 shares changing hands. The stock had previously closed at $30.77.

Analysts Set New Price Targets

Several research analysts have weighed in on ASB shares. Keefe, Bruyette & Woods upped their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the company a “market perform” rating in a research note on Friday, April 24th. Piper Sandler lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Barclays upgraded shares of Associated Banc from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $30.00 to $33.00 in a report on Tuesday, April 7th. Robert W. Baird upped their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Finally, Wall Street Zen lowered Associated Banc from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.70.

Associated Banc Trading Up 1.2%

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.84. The company has a 50-day moving average price of $28.46 and a 200-day moving average price of $27.28. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 10.81, a P/E/G ratio of 1.79 and a beta of 0.77.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The company had revenue of $387.21 million during the quarter, compared to analysts’ expectations of $384.20 million. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.During the same period in the prior year, the business earned $0.59 earnings per share. Research analysts predict that Associated Banc-Corp will post 2.92 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. Associated Banc’s payout ratio is presently 33.33%.

Insider Buying and Selling

In other Associated Banc news, EVP Dennis Deloye sold 14,299 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $28.26, for a total transaction of $404,089.74. Following the completion of the transaction, the executive vice president directly owned 21,385 shares in the company, valued at $604,340.10. This represents a 40.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John A. Utz sold 5,000 shares of Associated Banc stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $28.82, for a total transaction of $144,100.00. Following the transaction, the executive vice president directly owned 118,156 shares of the company’s stock, valued at $3,405,255.92. This represents a 4.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 28,299 shares of company stock valued at $801,760. 0.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Associated Banc

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP boosted its holdings in Associated Banc by 127.6% in the first quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank’s stock valued at $154,416,000 after acquiring an additional 3,347,699 shares during the last quarter. Norges Bank acquired a new stake in Associated Banc during the 4th quarter worth $54,660,000. Goldman Sachs Group Inc. grew its holdings in Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after acquiring an additional 1,598,951 shares during the period. Balyasny Asset Management L.P. raised its position in shares of Associated Banc by 4,883.7% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank’s stock valued at $35,625,000 after acquiring an additional 1,357,862 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in shares of Associated Banc in the 4th quarter valued at $27,819,000. Institutional investors and hedge funds own 82.98% of the company’s stock.

Associated Banc Company Profile

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.