Associated Banc (NYSE:ASB) Sees Strong Trading Volume – Still a Buy?

Shares of Associated Banc-Corp (NYSE:ASB) saw unusually-strong trading volume on Friday . Approximately 2,245,272 shares changed hands during mid-day trading, an increase of 65% from the previous session’s volume of 1,363,390 shares.The stock last traded at $26.48 and had previously closed at $26.67.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ASB. Piper Sandler boosted their target price on Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Stephens reissued an “equal weight” rating and set a $24.00 price objective on shares of Associated Banc in a report on Tuesday, July 30th. Barclays raised their target price on shares of Associated Banc from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Robert W. Baird dropped their price target on shares of Associated Banc from $27.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, July 26th. Finally, StockNews.com upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Ten analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Associated Banc currently has an average rating of “Hold” and a consensus target price of $23.89.

Associated Banc Trading Down 0.3 %

The company has a debt-to-equity ratio of 0.65, a current ratio of 0.88 and a quick ratio of 0.88. The business’s 50-day moving average price is $22.82 and its two-hundred day moving average price is $21.97. The company has a market capitalization of $4.02 billion, a P/E ratio of 22.17, a PEG ratio of 1.98 and a beta of 0.91.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, October 24th. The bank reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.06. Associated Banc had a return on equity of 8.18% and a net margin of 8.15%. The firm had revenue of $607.54 million for the quarter, compared to analyst estimates of $336.52 million. During the same period in the previous year, the company posted $0.53 earnings per share. As a group, analysts forecast that Associated Banc-Corp will post 2.12 EPS for the current fiscal year.

Associated Banc Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.23 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Associated Banc’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 3.46%. Associated Banc’s payout ratio is currently 73.33%.

Insiders Place Their Bets

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 transaction, the director now directly owns 54,114 shares in the company, valued at approximately $1,108,254.72. This trade represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John A. Utz sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $22.78, for a total value of $45,560.00. Following the transaction, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at approximately $2,269,730.86. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,641 shares of company stock worth $1,481,496. Company insiders own 1.45% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new position in shares of Associated Banc during the 1st quarter worth about $866,000. M&G Plc increased its position in shares of Associated Banc by 12.4% during the 2nd quarter. M&G Plc now owns 411,761 shares of the bank’s stock worth $8,647,000 after purchasing an additional 45,542 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Associated Banc by 71.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 73,961 shares of the bank’s stock worth $1,591,000 after purchasing an additional 30,732 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Associated Banc in the 1st quarter valued at approximately $609,000. Finally, SG Americas Securities LLC bought a new position in shares of Associated Banc in the first quarter valued at $523,000. Institutional investors and hedge funds own 82.98% of the company’s stock.

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.