Associated Banc (NYSE:ASB) to Repurchase $100.00 million in Outstanding Stock

Associated Banc (NYSE:ASB) declared that its board has initiated a share repurchase program on Tuesday, January 27th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Associated Banc Stock Up 0.2%

Associated Banc stock opened at $26.80 on Thursday. The business has a fifty day moving average price of $26.36 and a 200-day moving average price of $25.82. Associated Banc has a 1-year low of $18.32 and a 1-year high of $28.02. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 1.23 and a beta of 0.79. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90.

Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.11. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.The company had revenue of $393.52 million during the quarter, compared to analysts’ expectations of $382.06 million. During the same period last year, the business posted $0.72 earnings per share. Equities research analysts forecast that Associated Banc will post 2.43 EPS for the current fiscal year.

Associated Banc Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, March 2nd. Associated Banc’s payout ratio is currently 34.66%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ASB shares. Truist Financial increased their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Monday. Piper Sandler increased their price objective on shares of Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Royal Bank Of Canada boosted their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. Raymond James Financial reaffirmed an “outperform” rating and set a $30.00 target price (up previously from $29.00) on shares of Associated Banc in a research report on Monday, October 27th. Finally, Wall Street Zen raised Associated Banc from a “hold” rating to a “buy” rating in a research report on Saturday, January 24th. Three equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $29.20.

Insider Buying and Selling

In other news, EVP Patrick Edward Ahern sold 30,489 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $25.70, for a total transaction of $783,567.30. Following the sale, the executive vice president directly owned 24,055 shares of the company’s stock, valued at $618,213.50. The trade was a 55.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John A. Utz sold 2,135 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the completion of the transaction, the executive vice president owned 109,842 shares of the company’s stock, valued at $2,900,927.22. This trade represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 35,951 shares of company stock worth $925,756 in the last 90 days. 1.10% of the stock is currently owned by company insiders.

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.