Associated Banc (NYSE:ASB) Stock Gets Price Target Increase from Barclays

Key Points

• Barclays raised Associated Banc’s price target from $35 to $37 and maintained an “overweight” rating, implying 18.84% upside from the prior close.
• Analysts have a consensus “Moderate Buy” rating, with six Buy and six Hold recommendations and an average price target of $32.70.
• Associated Banc exceeded quarterly expectations, reporting $0.81 in EPS versus the $0.76 estimate and revenue of $468.51 million versus the $463.69 million consensus.

Associated Banc (NYSE:ASB - Get Free Report) had its price target increased by stock analysts at Barclays from $35.00 to $37.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Barclays's price objective indicates a potential upside of 18.84% from the stock's previous close.

ASB has been the topic of several other research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Associated Banc in a research note on Monday, September 21st. Wells Fargo & Company decreased their price objective on shares of Associated Banc from $36.00 to $35.00 and set an "overweight" rating for the company in a research report on Tuesday, September 29th. Truist Financial lifted their price objective 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. Royal Bank Of Canada lifted their price objective on shares of Associated Banc from $33.00 to $34.00 and gave the stock a "sector perform" rating in a report on Friday, October 23rd. Finally, Piper Sandler boosted their target price on Associated Banc from $34.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, October 23rd. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Associated Banc presently has a consensus rating of "Moderate Buy" and an average target price of $32.70.

Associated Banc Trading Up 2.8%

Shares of NYSE ASB opened at $31.13 on Tuesday. The business has a 50 day simple moving average of $29.69 and a 200 day simple moving average of $28.68. Associated Banc has a 52 week low of $23.87 and a 52 week high of $32.46. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 1.01 and a beta of 0.80.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $0.81 EPS for the quarter, topping the consensus estimate of $0.76 by $0.05. The company had revenue of $468.51 million for the quarter, compared to the consensus estimate of $463.69 million. Associated Banc had a return on equity of 10.75% and a net margin of 19.87%. During the same period in the previous year, the business posted $0.73 EPS. On average, research analysts predict that Associated Banc will post 2.99 earnings per share for the current fiscal year.

Insider Transactions at Associated Banc

In other Associated Banc news, EVP Gregory Warsek sold 16,300 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total value of $521,763.00. Following the completion of the transaction, the executive vice president directly owned 13,809 shares in the company, valued at approximately $442,026.09. This represents a 54.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Randall Erickson sold 43,561 shares of the company's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $32.04, for a total transaction of $1,395,694.44. Following the completion of the sale, the executive vice president owned 56,091 shares in the company, valued at approximately $1,797,155.64. This trade represents a 43.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 61,170 shares of company stock worth $1,957,840. Company insiders own 0.71% of the company's stock.

Institutional Investors Weigh In On Associated Banc

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Associated Banc in the 2nd quarter valued at about $715,927,000. First Trust Advisors LP boosted its stake in shares of Associated Banc by 127.6% during the first quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank's stock worth $154,416,000 after buying an additional 3,347,699 shares during the period. Associated Banc Corp purchased a new position in Associated Banc during the 3rd quarter worth $67,673,000. Pzena Investment Management LLC acquired a new position in Associated Banc during the second quarter worth $61,240,000. Finally, Bank of New York Mellon Corp purchased a new position in Associated Banc in the 2nd quarter valued at approximately $48,948,000. 82.98% of the stock is owned by institutional investors.

About Associated Banc

Associated Banc-Corp is a regional bank holding company headquartered in Green Bay, Wisconsin. Through its principal subsidiary, Associated Bank, it provides banking and financial services to individuals, families, businesses and institutions.

Associated Bank offers commercial and corporate banking, retail banking, mortgage lending, consumer lending, treasury management, investment and wealth management, and institutional services. Its business banking activities include lending, deposit accounts, cash-management solutions and other services designed for small and middle-market companies.

The company primarily serves customers across Wisconsin, Illinois and Minnesota through its branch network and digital banking channels.

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