Associated Banc-Corp (NYSE:ASB) has reached a new 52-week high, with its shares trading at $23.9. This milestone reflects the strong performance of the company over the past year, marking a significant increase in its stock value. The 52-week high is a key indicator for potential investors, signifying the highest price that a stock has traded at in the last year.
Over the past year, Associated Banc-Corp has seen a substantial change in its stock value. The 1-year change data shows an impressive increase of 25.75%. This positive trend indicates a robust financial performance and a promising outlook for the company. The 52-week high of $23.9, coupled with the significant 1-year change, underscores the company's strong market position and its potential for further growth.
In other recent news, Associated Banc-Corp has been the focus of several significant developments. Baird recently downgraded Associated Banc-Corp's stock from Outperform to Neutral, setting a price target of $27.00, citing a balanced risk/reward trade-off. Despite a recent uptick in the company's stock price, Baird does not view Associated Banc-Corp as a likely sale candidate in the near future.
Associated Banc-Corp reported growth in household numbers, loans, and core customer deposits in its Q1 2024 earnings. The company forecasts loan growth of 4-6%, deposit growth of 3-5%, and net interest income growth of 2-4% for 2024, although non-interest income saw a slight decrease.
In leadership changes, Chun Schiros was appointed as the new Senior Vice President and Chief Analytics Officer, leveraging her experience in data science to enhance customer experiences. Rodney Jones-Tyson, Global Chief Human Resources Officer at Robert W. Baird & Co., was elected to Associated's Board of Directors, bringing over three decades of experience in the financial services sector.
These developments are part of Associated Banc-Corp's strategic plan to enhance growth and returns, with the full impact of these initiatives expected in late 2024 and into 2025.
InvestingPro Insights
As Associated Banc-Corp (ASB) celebrates its new 52-week high, investors may find additional context in the company's financial metrics and analyst activities. With a market capitalization of $3.59 billion and a P/E ratio standing at 23.94, ASB demonstrates a notable presence in its sector. Notably, the company has a track record of consistent dividend payments, having maintained them for 50 consecutive years and currently offering a dividend yield of 3.8%. This consistent return to shareholders is a testament to ASB's financial stability.
InvestingPro Tips highlight that ASB has experienced strong returns over the last month, with a 15.0% increase, and analysts predict the company will be profitable this year, having been profitable over the last twelve months. While some analysts have revised their earnings estimates downwards for the upcoming period, the company's long-term profitability and dividend growth remain compelling factors for consideration. For investors seeking deeper insights and additional InvestingPro Tips, there are 5 more available for ASB at https://www.investing.com/pro/ASB. To access these valuable insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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