Associated Banc (NYSE:ASB) Given New $35.00 Price Target at Barclays

Key Points

• Barclays raised Associated Banc’s price target from $34 to $35 and maintained an “overweight” rating, implying approximately 20.77% upside from the reported $28.98 share price.
• Analyst sentiment is generally positive: six firms rate the stock Buy and six rate it Hold, resulting in a consensus “Moderate Buy” rating and a $32 average price target.
• Associated Banc reported quarterly EPS of $0.73, slightly exceeding the $0.72 consensus estimate, while institutional investors own approximately 82.98% of the company’s shares.

Associated Banc (NYSE:ASB - Get Free Report) had its target price boosted by stock analysts at Barclays from $34.00 to $35.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the bank's stock. Barclays's price objective indicates a potential upside of 20.77% from the stock's current price.

Several other research firms have also recently issued reports on ASB. Wells Fargo & Company lowered their price objective on Associated Banc from $36.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday, September 29th. Truist Financial lifted their price target on shares of Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a report on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a research note on Monday, September 21st. Piper Sandler reaffirmed a "neutral" rating and set a $34.00 target price on shares of Associated Banc in a research note on Wednesday, August 26th. Finally, Raymond James Financial boosted their price target on shares of Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Associated Banc has a consensus rating of "Moderate Buy" and a consensus price target of $32.00.

Associated Banc Stock Down 0.1%

Shares of NYSE ASB traded down $0.02 on Monday, reaching $28.98. 272,334 shares of the company's stock traded hands, compared to its average volume of 2,150,277. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. The business's 50 day simple moving average is $30.52 and its two-hundred day simple moving average is $29.07. Associated Banc has a 12 month low of $23.86 and a 12 month high of $32.46. The company has a market cap of $5.47 billion, a price-to-earnings ratio of 10.14, a price-to-earnings-growth ratio of 0.97 and a beta of 0.80.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The company had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. During the same quarter last year, the company earned $0.65 EPS. As a group, equities research analysts forecast that Associated Banc will post 2.95 EPS for the current fiscal year.

Insider Activity at Associated Banc

In other Associated Banc news, EVP Gregory Warsek sold 16,300 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $32.01, for a total transaction of $521,763.00. Following the sale, the executive vice president owned 13,809 shares of the company's stock, valued at approximately $442,026.09. This trade represents a 54.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicole M. Kitowski sold 7,663 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.91, for a total value of $236,863.33. Following the sale, the executive vice president directly owned 45,327 shares in the company, valued at approximately $1,401,057.57. The trade was a 14.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 78,833 shares of company stock worth $2,502,103 over the last quarter. Corporate insiders own 0.71% of the company's stock.

Institutional Investors Weigh In On Associated Banc

Several institutional investors have recently bought and sold shares of the company. QRG Capital Management Inc. lifted its holdings in shares of Associated Banc by 11.1% during the 2nd quarter. QRG Capital Management Inc. now owns 9,966 shares of the bank's stock valued at $307,000 after purchasing an additional 992 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in Associated Banc by 6.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 23,391 shares of the bank's stock worth $720,000 after buying an additional 1,474 shares during the period. Engineers Gate Manager LP lifted its position in Associated Banc by 147.5% during the second quarter. Engineers Gate Manager LP now owns 116,421 shares of the bank's stock valued at $3,582,000 after purchasing an additional 69,377 shares during the period. Capital Analysts LLC purchased a new stake in shares of Associated Banc in the second quarter worth about $87,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Associated Banc in the 2nd quarter worth approximately $171,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

About Associated Banc

Associated Banc-Corp NYSE: ASB is a bank holding company headquartered in Green Bay, Wisconsin. Its principal subsidiary, Associated Bank, provides banking and financial services to consumers, businesses, institutions and municipalities.

The company offers deposit accounts, residential and commercial real estate lending, business loans, consumer financing, cash-management and treasury services, credit cards, wealth management, investment services and insurance products. Associated also provides specialized financial services for commercial and corporate clients, including relationship banking and capital-market support.

Associated Bank serves customers through branches, offices and digital banking channels across Wisconsin and portions of Illinois and Minnesota.

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