KBW Downgrades ASBC To Underperform

Associated Banc-Corp (NASDAQ: ASBC) has taken action to reduce balance sheet risk and improve its capital and liquidity positions since the hiring of a new CEO in November 2009, KBW reports.

“That said, given the recent share price appreciation, the stock appears priced at perfection at 20x our 2012 estimate and 12x our 2013 estimate,” KBW writes. “We believe consensus estimates remain too high, which may put pressure on the shares. Downgrading to Underperform.”

Associated Banc-Corp closed Monday at $15.36.