Associated Banc (NYSE:ASB) Now Covered by Truist Financial

Truist Financial started coverage on shares of Associated Banc (NYSE:ASB - Get Free Report) in a report issued on Tuesday. The firm set a "hold" rating and a $26.00 price target on the bank's stock. Truist Financial's target price suggests a potential upside of 6.21% from the company's previous close.

Several other equities analysts have also recently commented on the company. StockNews.com cut Associated Banc from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Stephens reduced their price target on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. Wells Fargo & Company upgraded Associated Banc from an "equal weight" rating to an "overweight" rating and reduced their target price for the stock from $27.00 to $26.00 in a report on Wednesday, April 9th. Barclays lowered their target price on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Finally, Royal Bank of Canada raised their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a research note on Friday, January 24th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $26.00.

Associated Banc Price Performance

Shares of ASB stock traded up $0.10 on Tuesday, reaching $24.48. The company had a trading volume of 150,527 shares, compared to its average volume of 1,530,739. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.61. Associated Banc has a one year low of $18.32 and a one year high of $28.18. The stock has a market capitalization of $4.06 billion, a PE ratio of 30.99, a price-to-earnings-growth ratio of 1.52 and a beta of 0.79. The business's 50-day moving average is $21.62 and its 200 day moving average is $23.91.

Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, April 24th. The bank reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $348.97 million during the quarter, compared to analysts' expectations of $347.86 million. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. The firm's revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 earnings per share. Equities research analysts forecast that Associated Banc will post 2.43 EPS for the current fiscal year.

Insider Buying and Selling at Associated Banc

In other news, CEO Andrew J. Harmening bought 12,910 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was acquired at an average price of $23.25 per share, for a total transaction of $300,157.50. Following the acquisition, the chief executive officer now owns 319,269 shares of the company's stock, valued at $7,423,004.25. This trade represents a 4.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John B. Williams sold 2,830 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director now owns 66,915 shares of the company's stock, valued at approximately $1,678,897.35. This represents a 4.06% decrease in their position. The disclosure for this sale can be found here. 1.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Quarry LP raised its stake in Associated Banc by 154.3% during the 4th quarter. Quarry LP now owns 1,073 shares of the bank's stock valued at $26,000 after purchasing an additional 651 shares during the period. Covestor Ltd boosted its position 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 during the period. Versant Capital Management Inc raised its stake in Associated Banc by 385.5% during the 1st quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock valued at $36,000 after purchasing an additional 1,280 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Associated Banc by 49.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank's stock valued at $42,000 after purchasing an additional 579 shares in the last quarter. Finally, Crews Bank & Trust acquired a new stake in Associated Banc in the 4th quarter valued at $56,000. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.