Associated Banc (NYSE:ASB) Downgraded to “Hold” Rating by Wall Street Zen

Associated Banc (NYSE:ASB) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other research analysts also recently commented on the company. Weiss Ratings upgraded Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, February 17th. Truist Financial cut their target price on Associated Banc from $30.00 to $27.00 and set a “hold” rating on the stock in a research note on Monday, March 23rd. Royal Bank Of Canada boosted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a report on Friday, January 23rd. Stephens initiated coverage on shares of Associated Banc in a research report on Friday. They set an “overweight” rating and a $29.00 price target for the company. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Associated Banc has a consensus rating of “Moderate Buy” and an average target price of $29.20.

Associated Banc Stock Performance

Shares of NYSE ASB opened at $24.86 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.81. The firm’s 50-day moving average price is $26.68 and its two-hundred day moving average price is $26.15. Associated Banc has a 52-week low of $18.32 and a 52-week high of $29.51. The stock has a market capitalization of $4.11 billion, a P/E ratio of 8.97, a P/E/G ratio of 1.18 and a beta of 0.80.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, beating the consensus estimate of $0.69 by $0.11. The company had revenue of $393.52 million during the quarter, compared to analyst estimates of $382.06 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.During the same period in the prior year, the company earned $0.72 earnings per share. As a group, sell-side analysts forecast that Associated Banc will post 2.43 earnings per share for the current year.

Associated Banc announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 2.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Patrick Edward Ahern sold 14,731 shares of Associated Banc stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total transaction 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. The trade was a 27.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eileen A. Kamerick sold 6,600 shares of the company’s stock in a transaction dated 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 directly owned 49,264 shares of the company’s stock, valued at $1,380,377.28. The trade was a 11.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 23,656 shares of company stock worth $677,789. 0.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On Associated Banc

Several large investors have recently bought and sold shares of ASB. Smartleaf Asset Management LLC boosted its holdings in Associated Banc by 46.8% during the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after buying an additional 408 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Associated Banc in the fourth quarter valued at $33,000. EverSource Wealth Advisors LLC increased its holdings in shares of Associated Banc by 345.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after buying an additional 1,047 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Associated Banc during the 3rd quarter valued at $34,000. Finally, First Horizon Corp acquired a new stake in shares of Associated Banc during the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 82.98% of the company’s stock.

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.