Associated Banc (NYSE:ASB) Price Target Raised to $27.00

Associated Banc (NYSE:ASB) had its target price raised by equities researchers at Wells Fargo & Company from $26.00 to $27.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 7.63% from the company’s current price.

A number of other equities analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday. Robert W. Baird reduced their price target on shares of Associated Banc from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday. Royal Bank of Canada lifted their price objective on Associated Banc from $26.00 to $27.00 and gave the stock a “sector perform” rating in a report on Friday. Barclays increased their target price on Associated Banc from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Finally, Piper Sandler lifted their price target on Associated Banc from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Associated Banc has an average rating of “Hold” and a consensus price target of $26.78.

Associated Banc Price Performance

NYSE:ASB opened at $25.09 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.65. Associated Banc has a 52 week low of $19.40 and a 52 week high of $28.18. The stock’s 50-day moving average price is $25.22 and its 200-day moving average price is $23.44. The stock has a market capitalization of $3.79 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 2.07 and a beta of 0.94.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.57 EPS for the quarter, beating the consensus estimate of $0.53 by $0.04. Associated Banc had a return on equity of 8.18% and a net margin of 8.15%. As a group, equities analysts expect that Associated Banc will post 2.15 EPS for the current fiscal year.

Insider Activity

In related news, EVP David L. Stein sold 29,536 shares of Associated Banc stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 81,021 shares in the company, valued at approximately $2,222,406.03. This trade represents a 26.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John A. Utz sold 19,044 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $24.19, for a total value of $460,674.36. Following the transaction, the executive vice president now owns 100,204 shares in the company, valued at $2,423,934.76. This trade represents a 15.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.45% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

Institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its holdings in Associated Banc by 291.3% in the second quarter. Millennium Management LLC now owns 1,563,274 shares of the bank’s stock valued at $33,063,000 after acquiring an additional 1,163,807 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Associated Banc by 315.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 540,057 shares of the bank’s stock valued at $12,907,000 after purchasing an additional 410,118 shares during the last quarter. Verition Fund Management LLC raised its holdings in shares of Associated Banc by 11.2% in the 3rd quarter. Verition Fund Management LLC now owns 3,036,239 shares of the bank’s stock valued at $65,401,000 after purchasing an additional 305,133 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Associated Banc during the 3rd quarter worth $6,082,000. Finally, State Street Corp lifted its position in shares of Associated Banc by 3.3% during the 3rd quarter. State Street Corp now owns 8,230,340 shares of the bank’s stock worth $177,282,000 after purchasing an additional 261,877 shares during the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

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.