Associated Banc (NYSE:ASB) Coverage Initiated by Analysts at Stephens

Key Points

• Stephens initiated coverage on Associated Banc with an "overweight" rating and a $29.00 price target, implying about a 15.8% upside from the prior close.
• Associated Banc beat quarterly expectations (EPS $0.80 vs. $0.69 expected; revenue $393.5M vs. $382.1M) and its Board approved a $100 million share buyback (~2.2% of outstanding shares).
• Consensus analyst sentiment is a "Moderate Buy" with an average price target of $29.20; shares trade around $25.04 and roughly 83% of the stock is held by institutions.

Equities researchers at Stephens started coverage on shares of Associated Banc (NYSE:ASB - Get Free Report) in a research report issued on Friday. The firm set an "overweight" rating and a $29.00 price target on the bank's stock. Stephens' target price indicates a potential upside of 15.82% from the stock's previous close.

ASB has been the topic of a number of other reports. Royal Bank Of Canada raised their price target on shares of Associated Banc from $29.00 to $30.00 and gave the company a "sector perform" rating in a research report on Friday, January 23rd. Piper Sandler lifted their price objective on shares of Associated Banc from $27.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, January 23rd. Zacks Research upgraded shares of Associated Banc from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 25th. UBS Group reissued a "buy" rating and set a $28.00 target price on shares of Associated Banc in a research report on Tuesday, December 2nd. Finally, Weiss Ratings raised Associated Banc from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $29.20.

Associated Banc Stock Down 1.3%

Shares of ASB traded down $0.34 during trading hours on Friday, reaching $25.04. The stock had a trading volume of 89,685 shares, compared to its average volume of 2,453,506. The firm has a 50-day simple moving average of $26.71 and a 200 day simple moving average of $26.16. Associated Banc has a 12 month low of $18.32 and a 12 month high of $29.51. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of 9.07, a P/E/G ratio of 1.18 and a beta of 0.80.

Associated Banc (NYSE:ASB - Get Free Report) last posted its earnings results on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, topping the consensus estimate of $0.69 by $0.11. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. The company had revenue of $393.52 million during the quarter, compared to the consensus estimate of $382.06 million. During the same period in the previous year, the firm posted $0.72 earnings per share. Equities research analysts predict that Associated Banc will post 2.43 earnings per share for the current fiscal year.

Associated Banc announced that its Board of Directors has approved a share buyback plan on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Associated Banc news, EVP Patrick Edward Ahern sold 14,731 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total transaction of $427,640.93. Following the sale, the executive vice president owned 39,401 shares in the company, valued at $1,143,811.03. This represents a 27.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John B. Williams sold 2,325 shares of the firm's stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total value of $65,216.25. Following the completion of the transaction, the director directly owned 70,959 shares of the company's stock, valued at $1,990,399.95. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 23,656 shares of company stock valued at $677,789. Company insiders own 0.71% of the company's stock.

Institutional Trading of Associated Banc

A number of hedge funds and other institutional investors have recently made changes to their positions in ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Associated Banc by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock worth $2,198,000 after purchasing an additional 5,531 shares during the period. Millennium Management LLC increased its position in shares of Associated Banc by 90.4% during the first quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock valued at $6,486,000 after buying an additional 136,648 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Associated Banc by 139.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after buying an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Associated Banc by 13.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock worth $11,184,000 after buying an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC bought a new position in shares of Associated Banc in the second quarter valued at approximately $328,000. 82.98% of the stock is currently owned by institutional investors.

About Associated Banc

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.

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