Associated Banc (NYSE:ASB) Sees Large Volume Increase – Here’s Why

Associated Banc-Corp (NYSE:ASB) saw strong trading volume on Friday . 2,245,272 shares traded 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.

Analysts Set New Price Targets

ASB has been the subject of a number of research analyst reports. Robert W. Baird decreased their price target on Associated Banc from $27.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Piper Sandler lifted their target price on Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Royal Bank of Canada boosted their price target on shares of Associated Banc from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Stephens reaffirmed an “equal weight” rating and issued a $24.00 price objective on shares of Associated Banc in a research report on Tuesday, July 30th. Finally, Barclays increased 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 report on Friday, October 25th. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $23.89.

Associated Banc Trading Down 0.8 %

The company has a market cap of $4.00 billion, a P/E ratio of 21.84, a price-to-earnings-growth ratio of 1.98 and a beta of 0.91. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.65. The firm’s 50-day moving average price is $22.71 and its 200-day moving average price is $21.93.

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

Associated Banc Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.23 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.92 annualized dividend and a yield of 3.48%. This is an increase from Associated Banc’s previous quarterly dividend of $0.22. Associated Banc’s dividend payout ratio (DPR) is currently 73.33%.

Insider Buying and Selling at Associated Banc

In other news, EVP David L. Stein sold 29,536 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total value of $810,172.48. Following the transaction, the executive vice president now owns 81,021 shares of the company’s stock, valued at approximately $2,222,406.03. This represents a 26.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John A. Utz sold 2,000 shares of the stock in a transaction 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 completion of the sale, the executive vice president now owns 99,637 shares in the company, valued at $2,269,730.86. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,641 shares of company stock valued at $1,481,496 in the last quarter. 1.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC lifted its position in Associated Banc by 4.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,312 shares of the bank’s stock valued at $234,000 after purchasing an additional 525 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Associated Banc by 2.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,461 shares of the bank’s stock worth $419,000 after acquiring an additional 525 shares during the last quarter. Arizona State Retirement System grew its position in Associated Banc by 1.4% in the second quarter. Arizona State Retirement System now owns 42,068 shares of the bank’s stock worth $890,000 after acquiring an additional 586 shares in the last quarter. Truist Financial Corp increased its stake in Associated Banc by 2.4% in the second quarter. Truist Financial Corp now owns 27,082 shares of the bank’s stock valued at $573,000 after acquiring an additional 636 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Associated Banc by 1.3% during the second quarter. Thrivent Financial for Lutherans now owns 50,680 shares of the bank’s stock valued at $1,072,000 after purchasing an additional 656 shares in the last quarter. 82.98% of the stock is currently 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.