Associated Banc (NYSE:ASB) Price Target Raised to $27.00 at Royal Bank of Canada

Associated Banc (NYSE:ASB) had its price target increased by Royal Bank of Canada from $26.00 to $27.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a sector perform rating on the bank’s stock.

A number of other analysts have also recently commented on the stock. Robert W. Baird cut their price target on shares of Associated Banc from $28.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday. StockNews.com raised Associated Banc from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Piper Sandler boosted their price target on Associated Banc from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Wells Fargo & Company increased their price target on Associated Banc from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, Stephens reiterated an “equal weight” rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Friday. Ten research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $26.67.

Associated Banc Price Performance

Associated Banc stock opened at $25.09 on Friday. The stock’s 50 day moving average is $25.22 and its 200 day moving average is $23.44. Associated Banc has a one year low of $19.40 and a one year high of $28.18. The firm has a market cap of $3.79 billion, a P/E ratio of 20.90, a P/E/G ratio of 2.07 and a beta of 0.94. 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 (NYSE:ASB) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts expect that Associated Banc will post 2.15 EPS for the current year.

Associated Banc Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a $0.23 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.92 annualized dividend and a yield of 3.67%. This is an increase from Associated Banc’s previous quarterly dividend of $0.22. Associated Banc’s dividend payout ratio (DPR) is presently 76.67%.

Insiders Place Their Bets

In other Associated Banc news, EVP John A. Utz sold 19,044 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $24.19, for a total transaction of $460,674.36. Following the transaction, the executive vice president now directly owns 100,204 shares in the company, valued at approximately $2,423,934.76. This trade represents a 15.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David L. Stein sold 29,536 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $27.43, for a total transaction of $810,172.48. Following the completion of the sale, the executive vice president now owns 81,021 shares of the company’s stock, valued at approximately $2,222,406.03. The trade was a 26.72 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.45% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Millennium Management LLC grew its position in Associated Banc by 291.3% in the 2nd quarter. Millennium Management LLC now owns 1,563,274 shares of the bank’s stock worth $33,063,000 after purchasing an additional 1,163,807 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings 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. Verition Fund Management LLC increased its position in shares of Associated Banc by 11.2% during the third quarter. Verition Fund Management LLC now owns 3,036,239 shares of the bank’s stock valued at $65,401,000 after acquiring an additional 305,133 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Associated Banc during the third quarter valued at approximately $6,082,000. Finally, State Street Corp lifted its holdings in Associated Banc by 3.3% during the third quarter. State Street Corp now owns 8,230,340 shares of the bank’s stock worth $177,282,000 after acquiring an additional 261,877 shares during the period. 82.98% of the stock is owned by institutional investors.

Associated Banc Company Profile

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.