StockNews.com Downgrades Associated Banc (NYSE:ASB) to Sell

Associated Banc (NYSE:ASB) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Friday.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler upped their price objective on shares of Associated Banc from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, December 5th. Wells Fargo & Company increased their price objective on Associated Banc from $26.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, January 27th. Robert W. Baird reduced their target price on Associated Banc from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, January 24th. Stephens reissued an “equal weight” rating and issued a $28.00 price target on shares of Associated Banc in a research report on Friday, January 24th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, January 24th. One investment analyst has rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $27.00.

Associated Banc Price Performance

ASB opened at $25.15 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. Associated Banc has a 1 year low of $19.40 and a 1 year high of $28.18. The stock has a fifty day moving average price of $25.05 and a 200 day moving average price of $23.52. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 31.84, a PEG ratio of 1.99 and a beta of 0.94.

Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. Analysts forecast that Associated Banc will post 2.33 EPS for the current fiscal year.

Insider Transactions at Associated Banc

In other Associated Banc news, EVP David L. Stein sold 29,536 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total transaction of $810,172.48. Following the sale, the executive vice president now owns 81,021 shares of the company’s stock, valued at $2,222,406.03. This represents a 26.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.45% of the stock is owned by insiders.

Institutional Trading of Associated Banc

Several hedge funds have recently modified their holdings of ASB. Assenagon Asset Management S.A. lifted its stake in shares of Associated Banc by 315.6% during 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 during the period. Verition Fund Management LLC boosted its stake in shares of Associated Banc by 11.2% in the 3rd quarter. Verition Fund Management LLC now owns 3,036,239 shares of the bank’s stock valued at $65,401,000 after purchasing an additional 305,133 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Associated Banc during the 3rd quarter worth approximately $6,082,000. State Street Corp raised its stake in shares of 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 buying an additional 261,877 shares during the last quarter. Finally, NFJ Investment Group LLC acquired a new stake in Associated Banc during the 3rd quarter worth $3,245,000. 82.98% of the stock is owned by institutional investors.

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.