Associated Banc-Corp Moves Higher On Upgrade

NEW YORK (AP) — Shares of Associated Banc-Corp got a boost in Monday trading from an analyst upgrade, after falling last week on the announcement its chief executive will retire.

Sterne Agee raised its rating on the Green Bay, Wis.-based bank to "Neutral," from "Sell," noting that the shares had fallen to reach its $10 price target.

Shares closed Friday at $10.02. That reflected a 6.6 percent decline since the bank said that CEO Paul S. Beideman is retiring.

The bank has not yet named a successor. It said Beideman would stay on until February to help in the transition to new leadership. The CEO's exit follows the retirement in May of President and Chief Operating Officer Lisa Binder

Sterne Agee analyst Peyton Green did not mention the leadership change in his note to clients Monday. Green instead noted the 34 percent drop in the stock price since the investment bank began following the bank in April, and remarked on the continued weakness of the economy in Wisconsin, where more than half Associated's loans are written.