Stephens Reaffirms “Equal Weight” Rating for Associated Banc (NYSE:ASB)

Associated Banc (NYSE:ASB)‘s stock had its “equal weight” rating reiterated by Stephens in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $28.00 price target on the bank’s stock. Stephens’ target price would indicate a potential upside of 20.63% from the stock’s previous close.

ASB has been the subject of a number of other research reports. StockNews.com downgraded shares of Associated Banc from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Wells Fargo & Company upped their price target on Associated Banc from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, January 27th. Barclays raised their price objective on Associated Banc from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Piper Sandler upped their target price on Associated Banc from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Finally, Raymond James dropped their price target on shares of Associated Banc from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, March 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Associated Banc presently has a consensus rating of “Hold” and an average target price of $27.11.

Associated Banc Stock Performance

ASB traded up $0.01 during midday trading on Tuesday, hitting $23.21. 150,984 shares of the company were exchanged, compared to its average volume of 1,391,885. The company’s 50 day simple moving average is $24.20 and its 200 day simple moving average is $23.99. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of 29.38, a price-to-earnings-growth ratio of 1.52 and a beta of 0.90. Associated Banc has a 1-year low of $19.76 and a 1-year high of $28.18. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61.

Associated Banc (NYSE:ASB) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.04. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. As a group, sell-side analysts predict that Associated Banc will post 2.43 earnings per share for the current year.

Insider Transactions at Associated Banc

In other news, Director Eileen A. Kamerick sold 7,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $24.71, for a total value of $172,970.00. Following the completion of the sale, the director now owns 49,495 shares of the company’s stock, valued at $1,223,021.45. This represents a 12.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Williams sold 2,830 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $25.09, for a total value of $71,004.70. Following the sale, the director now directly owns 66,915 shares of the company’s stock, valued at approximately $1,678,897.35. This trade represents a 4.06 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.45% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ASB. Quarry LP boosted its position in shares of Associated Banc by 154.3% during the 4th quarter. Quarry LP now owns 1,073 shares of the bank’s stock worth $26,000 after purchasing an additional 651 shares during the period. Covestor Ltd lifted its stake in Associated Banc by 221.0% during the fourth quarter. Covestor Ltd now owns 1,499 shares of the bank’s stock worth $36,000 after purchasing an additional 1,032 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Associated Banc by 49.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank’s stock worth $42,000 after purchasing an additional 579 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of Associated Banc during the third quarter worth $39,000. Finally, Crews Bank & Trust acquired a new stake in shares of Associated Banc in the fourth quarter valued at $56,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

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.