Shares of Associated Banc-Corp (ASBC) of Green Bay, Wis., closed at $12.93 Friday, returning 16% year-to-date, following a 16% decline during 2011. Based on a five-cent quarterly payout, the shares have a dividend yield of 1.55%.
The shares trade for 1.2 times tangible book value and for 13 times the consensus 2013 EPS estimate of $1.02. The consensus 2012 EPS estimate is 95 cents.
Harmon's price target for Associated Banc-Corp is $16, and the analyst said on Monday that the bank "appears well situated from an economic perspective, with the majority of its footprint showing positive economic signs." About 70% of Associated's deposits are concentrated in Wisconsin, "though the company is pushing concentrated lending operations into other Midwest markets," said Harmon, who added that "positive manufacturing reports from the Minneapolis and Chicago Fed districts are encouraging."Interested in more on Associated Banc-Corp? See TheStreet Ratings' report card for this stock.
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