Associated Banc (NYSE:ASB) Given New $30.00 Price Target at Robert W. Baird

Key Points

• Robert W. Baird raised its price target on Associated Banc to $30.00 (from $29.00) while maintaining a "neutral" rating, implying about a 7.37% upside from the current price.
• Analysts are split—six Buys and six Holds—resulting in a consensus "Moderate Buy" with a consensus target of $29.80, while firms like Wells Fargo and Barclays recently raised targets to $31 and $33 and upgraded ratings.
• Associated Banc beat Q1 estimates with EPS of $0.70 and its board authorized a $100 million share buyback (about 2.2% of outstanding shares), indicating management confidence in the stock.

Associated Banc (NYSE:ASB - Get Free Report) had its price objective boosted by equities researchers at Robert W. Baird from $29.00 to $30.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. Robert W. Baird's price objective points to a potential upside of 7.37% from the company's current price.

ASB has been the topic of a number of other research reports. Wells Fargo & Company raised their price target on Associated Banc from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Monday, March 30th. Weiss Ratings raised Associated Banc from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, February 17th. Truist Financial dropped their price target on Associated Banc from $30.00 to $27.00 and set a "hold" rating on the stock in a research report on Monday, March 23rd. Piper Sandler reaffirmed a "neutral" rating on shares of Associated Banc in a research report on Friday. Finally, Barclays raised Associated Banc from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $30.00 to $33.00 in a research report on Tuesday, April 7th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $29.80.

Associated Banc Price Performance

Shares of ASB opened at $27.94 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. Associated Banc has a 1 year low of $21.16 and a 1 year high of $29.51. The stock has a market cap of $4.62 billion, a P/E ratio of 10.09, a price-to-earnings-growth ratio of 1.45 and a beta of 0.77. The stock's 50-day moving average price is $26.45 and its two-hundred day moving average price is $26.29.

Associated Banc (NYSE:ASB - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.The firm had revenue of $387.21 million for the quarter, compared to analysts' expectations of $384.20 million. During the same quarter last year, the business earned $0.59 earnings per share. On average, equities analysts predict that Associated Banc will post 2.85 earnings per share for the current year.

Associated Banc announced that its Board of Directors has initiated a share buyback plan on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 2.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Insider Activity at Associated Banc

In related news, Director John B. Williams sold 2,325 shares of Associated Banc stock in a transaction that occurred 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 sale, the director owned 70,959 shares of the company's stock, valued at approximately $1,990,399.95. This trade represents a 3.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eileen A. Kamerick sold 6,600 shares of Associated Banc stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $28.02, for a total value of $184,932.00. Following the completion of the sale, the director directly owned 49,264 shares in the company, valued at approximately $1,380,377.28. This represents a 11.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 23,656 shares of company stock valued at $677,789. 0.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Associated Banc

A number of hedge funds and other institutional investors have recently bought and sold shares of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 valued at $2,198,000 after buying an additional 5,531 shares during the last quarter. Millennium Management LLC raised its position in Associated Banc by 90.4% in the 1st 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 last quarter. Goldman Sachs Group Inc. raised its position in Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after buying an additional 1,598,951 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Associated Banc by 13.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock valued at $11,184,000 after buying an additional 60,758 shares during the last quarter. Finally, Sivia Capital Partners LLC acquired a new position in shares of Associated Banc during the 2nd quarter worth approximately $328,000. Institutional investors and hedge funds own 82.98% of the company's stock.

Associated Banc Company Profile

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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