Associated Banc (NYSE:ASB) Price Target Raised to $28.00

Associated Banc (NYSE:ASB) had its price objective raised by investment analysts at Barclays from $27.00 to $28.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Barclays‘s price target points to a potential upside of 17.50% from the stock’s previous close.

Several other analysts also recently weighed in on ASB. Royal Bank of Canada restated a “sector perform” rating and set a $28.00 price objective on shares of Associated Banc in a research report on Thursday, December 5th. Wells Fargo & Company raised their target price on shares of Associated Banc from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. StockNews.com upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Piper Sandler raised their price objective on Associated Banc from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Finally, Keefe, Bruyette & Woods upped their target price on Associated Banc from $25.00 to $28.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Ten analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $26.00.

Associated Banc Price Performance

Associated Banc stock traded down $0.06 during trading hours on Thursday, reaching $23.83. 529,844 shares of the stock were exchanged, compared to its average volume of 1,445,718. The stock has a 50 day moving average of $25.05 and a two-hundred day moving average of $22.67. The company has a market cap of $3.60 billion, a P/E ratio of 19.86, a price-to-earnings-growth ratio of 1.90 and a beta of 0.93. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.65. Associated Banc has a twelve month low of $19.40 and a twelve month high of $28.18.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 EPS for the quarter, beating the consensus estimate of $0.50 by $0.06. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%. The business had revenue of $607.54 million during the quarter, compared to the consensus estimate of $336.52 million. During the same period in the previous year, the business earned $0.53 earnings per share. Equities analysts expect that Associated Banc will post 2.13 EPS for the current fiscal year.

Insider Activity at Associated Banc

In other Associated Banc news, EVP John A. Utz sold 19,044 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $24.19, for a total value of $460,674.36. Following the transaction, the executive vice president now directly owns 100,204 shares in the company, valued at $2,423,934.76. The trade was a 15.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David L. Stein sold 29,536 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total value of $810,172.48. Following the transaction, the executive vice president now directly owns 81,021 shares of the company’s stock, valued at approximately $2,222,406.03. This trade represents a 26.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.45% of the stock is owned by corporate insiders.

Institutional Trading of Associated Banc

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC bought a new position in shares of Associated Banc in the 2nd quarter worth $38,000. Point72 DIFC Ltd purchased a new position in shares of Associated Banc during the third quarter valued at approximately $39,000. Farther Finance Advisors LLC lifted its position in shares of Associated Banc by 82.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,190 shares of the bank’s stock worth $69,000 after purchasing an additional 1,438 shares during the period. nVerses Capital LLC purchased a new stake in Associated Banc in the second quarter worth about $140,000. Finally, Meeder Asset Management Inc. boosted its position in shares of Associated Banc by 138.5% during the second quarter. Meeder Asset Management Inc. now owns 8,222 shares of the bank’s stock valued at $174,000 after purchasing an additional 4,775 shares in the last quarter. 82.98% of the stock is currently owned by institutional investors.

About Associated Banc

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.