Associated Banc (NYSE:ASB) Shares Gap Down After Analyst Downgrade

Associated Banc-Corp (NYSE:ASB)’s stock price gapped down prior to trading on Friday after Robert W. Baird lowered their price target on the stock from $27.00 to $25.00. The stock had previously closed at $23.93, but opened at $23.18. Robert W. Baird currently has a neutral rating on the stock. Associated Banc shares last traded at $23.59, with a volume of 209,872 shares.

A number of other research firms have also weighed in on ASB. StockNews.com upgraded Associated Banc from a “sell” rating to a “hold” rating in a research note on Tuesday, July 2nd. Stephens reiterated an “equal weight” rating and issued a $23.00 target price on shares of Associated Banc in a research note on Friday, April 26th. Wells Fargo & Company increased their target price on shares of Associated Banc from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods increased their price target on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Friday. Finally, Baird R W lowered Associated Banc from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Ten equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Associated Banc has an average rating of “Hold” and a consensus price target of $23.56.

Insider Activity at Associated Banc

In other news, EVP Nicole M. Kitowski sold 5,019 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $21.23, for a total transaction of $106,553.37. Following the completion of the sale, the executive vice president now owns 37,993 shares of the company’s stock, valued at $806,591.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP John A. Utz sold 2,500 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $22.18, for a total value of $55,450.00. Following the sale, the executive vice president now owns 100,922 shares of the company’s stock, valued at approximately $2,238,449.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nicole M. Kitowski sold 5,019 shares of Associated Banc stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $21.23, for a total value of $106,553.37. Following the sale, the executive vice president now directly owns 37,993 shares in the company, valued at approximately $806,591.39. The disclosure for this sale can be found here. Company insiders own 1.45% of the company’s stock.

Institutional Trading of Associated Banc

Several large investors have recently added to or reduced their stakes in the business. Steph & Co. increased its holdings in shares of Associated Banc by 470.2% during the first quarter. Steph & Co. now owns 1,169 shares of the bank’s stock valued at $25,000 after purchasing an additional 964 shares during the period. Bessemer Group Inc. increased its stake in Associated Banc by 285.2% during the 1st quarter. Bessemer Group Inc. now owns 1,225 shares of the bank’s stock valued at $26,000 after buying an additional 907 shares during the period. Creekmur Asset Management LLC acquired a new stake in shares of Associated Banc in the 4th quarter worth approximately $28,000. Parallel Advisors LLC boosted its holdings in shares of Associated Banc by 64.0% in the fourth quarter. Parallel Advisors LLC now owns 2,290 shares of the bank’s stock valued at $49,000 after acquiring an additional 894 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in shares of Associated Banc by 183.2% during the fourth quarter. Quadrant Capital Group LLC now owns 2,860 shares of the bank’s stock valued at $61,000 after acquiring an additional 1,850 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Associated Banc Price Performance

The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of 23.83, a P/E/G ratio of 2.21 and a beta of 0.95. The business has a 50-day simple moving average of $21.21 and a two-hundred day simple moving average of $21.10. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.47.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, July 25th. The bank reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. Associated Banc had a return on equity of 8.31% and a net margin of 6.86%. The business had revenue of $321.75 million during the quarter, compared to analysts’ expectations of $330.69 million. During the same quarter last year, the business posted $0.56 earnings per share. The company’s quarterly revenue was down .5% on a year-over-year basis. As a group, research analysts predict that Associated Banc-Corp will post 2.12 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.88 annualized dividend and a yield of 3.73%. Associated Banc’s dividend payout ratio (DPR) is 88.89%.

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.