Associated Banc (NYSE:ASB) Downgraded by StockNews.com

StockNews.com lowered shares of Associated Banc (NYSE:ASB) from a hold rating to a sell rating in a research note published on Wednesday morning.

ASB has been the subject of a number of other research reports. Jefferies Financial Group decreased their price target on shares of Associated Banc from $24.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Piper Sandler lifted their price target on Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Baird R W lowered Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods lifted their target price on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada upped their target price on Associated Banc from $23.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $23.89.

Associated Banc Trading Up 1.0 %

Shares of NYSE:ASB opened at $22.91 on Wednesday. The business’s 50-day moving average is $21.79 and its 200 day moving average is $21.46. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.89 and a quick ratio of 0.89. Associated Banc has a 1 year low of $15.59 and a 1 year high of $24.21. The firm has a market capitalization of $3.45 billion, a P/E ratio of 23.14, a P/E/G ratio of 1.66 and a beta of 0.93.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.06. The firm had revenue of $607.54 million for the quarter, compared to the consensus estimate of $336.52 million. Associated Banc had a net margin of 7.93% and a return on equity of 8.14%. During the same quarter in the prior year, the company posted $0.53 earnings per share. On average, research analysts predict that Associated Banc will post 2.06 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.88 annualized dividend and a yield of 3.84%. Associated Banc’s dividend payout ratio is presently 88.89%.

Insider Transactions at Associated Banc

In related news, EVP John A. Utz sold 2,000 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the sale, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at approximately $2,269,730.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Associated Banc news, EVP John A. Utz sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $22.78, for a total transaction of $45,560.00. Following the transaction, the executive vice president now owns 99,637 shares in the company, valued at approximately $2,269,730.86. This represents a 0.00 % 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, Director Lith Karen Van sold 8,061 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $20.48, for a total value of $165,089.28. Following the completion of the sale, the director now owns 54,114 shares of the company’s stock, valued at $1,108,254.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,835 shares of company stock valued at $757,214 in the last 90 days. 1.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Associated Banc

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. raised its position in shares of Associated Banc by 285.2% during the 1st quarter. Bessemer Group Inc. now owns 1,225 shares of the bank’s stock worth $26,000 after purchasing an additional 907 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Associated Banc during the second quarter valued at approximately $38,000. Meeder Asset Management Inc. purchased a new position in shares of Associated Banc in the first quarter valued at approximately $74,000. Neo Ivy Capital Management acquired a new stake in shares of Associated Banc in the second quarter worth approximately $93,000. Finally, nVerses Capital LLC purchased a new stake in shares of Associated Banc during the second quarter worth approximately $140,000. 82.98% of the stock is owned by hedge funds and other institutional investors.

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.