Raymond James Maintains Associated Banc- (ASB) Outperform Recommendation

Fintel reports that on July 24, 2023, Raymond James maintained coverage of Associated Banc- (NYSE:ASB) with a Outperform recommendation.

Analyst Price Forecast Suggests 8.45% Upside

As of July 6, 2023, the average one-year price target for Associated Banc- is 19.89. The forecasts range from a low of 17.68 to a high of $23.10. The average price target represents an increase of 8.45% from its latest reported closing price of 18.34.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Associated Banc- is 1,426MM, an increase of 13.29%. The projected annual non-GAAP EPS is 2.50.

Associated Banc- Declares $0.21 Dividend

On April 25, 2023 the company declared a regular quarterly dividend of $0.21 per share ($0.84 annualized). Shareholders of record as of June 1, 2023 received the payment on June 15, 2023. Previously, the company paid $0.21 per share.

At the current share price of $18.34 / share, the stock's dividend yield is 4.58%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.82%, the lowest has been 2.12%, and the highest has been 6.64%. The standard deviation of yields is 0.88 (n=236).

The current dividend yield is 0.87 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.32. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.17%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 667 funds or institutions reporting positions in Associated Banc-. This is a decrease of 13 owner(s) or 1.91% in the last quarter. Average portfolio weight of all funds dedicated to ASB is 0.17%, a decrease of 14.27%. Total shares owned by institutions increased in the last three months by 1.91% to 143,299K shares. The put/call ratio of ASB is 0.42, indicating a bullish outlook.

What are Other Shareholders Doing?

IJH - iShares Core S&P Mid-Cap ETF holds 4,639K shares representing 3.07% ownership of the company. In it's prior filing, the firm reported owning 4,643K shares, representing a decrease of 0.10%. The firm decreased its portfolio allocation in ASB by 25.55% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,362K shares representing 2.89% ownership of the company. In it's prior filing, the firm reported owning 4,305K shares, representing an increase of 1.30%. The firm decreased its portfolio allocation in ASB by 27.15% over the last quarter.

NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 3,743K shares representing 2.48% ownership of the company. In it's prior filing, the firm reported owning 3,680K shares, representing an increase of 1.68%. The firm decreased its portfolio allocation in ASB by 23.98% over the last quarter.

DFSVX - U.s. Small Cap Value Portfolio - Institutional Class holds 3,660K shares representing 2.43% ownership of the company. In it's prior filing, the firm reported owning 3,681K shares, representing a decrease of 0.57%. The firm decreased its portfolio allocation in ASB by 11.78% over the last quarter.

IWM - iShares Russell 2000 ETF holds 3,278K shares representing 2.17% ownership of the company. In it's prior filing, the firm reported owning 3,468K shares, representing a decrease of 5.78%. The firm decreased its portfolio allocation in ASB by 23.09% over the last quarter.

Associated Banc- Background Information
(This description is provided by the company.)

Associated Banc-Corp is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 220 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC.

Additional reading:

• Second Quarter 2023 Earnings Presentation JULY 20, 2023 Exhibit 99.2 1 Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements
• Associated Banc-Corp Reports Second Quarter 2023 Net Income Available to Common Equity of $84 Million, or $0.56 per Common Share Results driven by balance sheet expansion, stable credit trends, and progress against the Company's strategic initiatives
• DIRECTORS’ POWER OF ATTORNEY for Registration Statement on Form S-8 Associated Banc-Corp Employee Stock Purchase Plan
• May 11, 2023 Second Quarter 2023 Investor Presentation Associated Banc-Corp Exhibit 99.1 1 Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forwar
• May 2, 2023 2Q 2023 Fixed Income Investor Presentation Associated Banc-Corp Exhibit 99.1 1 Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forwar

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.