Associated Banc (NYSE:ASB) Hits New 52-Week High – Still a Buy?

Associated Banc-Corp (NYSE:ASB) reached a new 52-week high on Wednesday . The company traded as high as $26.31 and last traded at $26.26, with a volume of 207039 shares changing hands. The stock had previously closed at $23.99.

Analysts Set New Price Targets

Several research analysts have commented on ASB shares. StockNews.com raised Associated Banc from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Keefe, Bruyette & Woods lifted their price objective on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Barclays upped their target price on Associated Banc from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Baird R W downgraded Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Robert W. Baird dropped their target price on shares of Associated Banc from $27.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, July 26th. Ten investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $23.89.

Associated Banc Stock Performance

The company has a market capitalization of $4.21 billion, a P/E ratio of 22.49, a P/E/G ratio of 1.82 and a beta of 0.91. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.65. The company’s fifty day moving average is $22.04 and its 200 day moving average is $21.64.

Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.06. The company had revenue of $607.54 million during the quarter, compared to analyst estimates of $336.52 million. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%. During the same period last year, the business earned $0.53 earnings per share. As a group, equities analysts anticipate that Associated Banc-Corp will post 2.08 earnings per share for the current year.

Associated Banc Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.23 dividend. This is a boost from Associated Banc’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Monday, December 2nd. Associated Banc’s dividend payout ratio is presently 76.67%.

Insider Activity at Associated Banc

In related news, Director Lith Karen Van sold 8,061 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $20.48, for a total transaction of $165,089.28. Following the completion of the sale, the director now directly owns 54,114 shares in the company, valued at $1,108,254.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP John A. Utz sold 19,044 shares of Associated Banc stock in a transaction that occurred 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 sale, the executive vice president now directly owns 100,204 shares in the company, valued at $2,423,934.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lith Karen Van sold 8,061 shares of the firm’s stock in a transaction 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 transaction, the director now owns 54,114 shares of the company’s stock, valued at $1,108,254.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,105 shares of company stock valued at $671,324. Corporate insiders own 1.45% of the company’s stock.

Institutional Trading of Associated Banc

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its position in shares of Associated Banc by 72.2% during the first quarter. BNP Paribas Financial Markets now owns 82,919 shares of the bank’s stock valued at $1,784,000 after buying an additional 34,773 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Associated Banc by 1.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 130,175 shares of the bank’s stock worth $2,800,000 after purchasing an additional 2,071 shares in the last quarter. Duality Advisers LP bought a new position in Associated Banc in the 1st quarter worth $641,000. LSV Asset Management grew its holdings in Associated Banc by 43.3% during the first quarter. LSV Asset Management now owns 4,050,813 shares of the bank’s stock valued at $87,133,000 after purchasing an additional 1,224,216 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Associated Banc in the first quarter worth about $523,000. 82.98% of the stock is currently owned by hedge funds and other 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.