Associated Banc (NYSE:ASB) Price Target Lowered to $27.00 at Truist Financial

Key Points

• Truist Financial cut its price target on Associated Banc from $30.00 to $27.00 and maintains a "hold" rating, implying about an 8.15% upside from the prior close.
• Analysts overall remain cautiously positive — the stock has an average rating of "Moderate Buy" with a consensus target price of $28.90.
• Associated Banc recently beat quarterly estimates (EPS $0.80 vs. $0.69; revenue $393.5M vs. $382.1M) and authorized a $100 million share buyback (~2.2% of outstanding shares), signaling management confidence.

Associated Banc (NYSE:ASB - Get Free Report) had its price objective decreased by research analysts at Truist Financial from $30.00 to $27.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "hold" rating on the bank's stock. Truist Financial's price objective suggests a potential upside of 8.15% from the company's previous close.

A number of other brokerages have also issued reports on ASB. Weiss Ratings upgraded shares of Associated Banc from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, February 17th. Royal Bank Of Canada boosted their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "sector perform" rating in a research report on Friday, January 23rd. Piper Sandler upped their price objective on Associated Banc from $27.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 23rd. Keefe, Bruyette & Woods lifted their target price on Associated Banc from $29.00 to $30.00 and gave the company a "market perform" rating in a research note on Friday, January 23rd. Finally, UBS Group restated a "buy" rating and set a $28.00 target price on shares of Associated Banc in a research report on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.90.

Associated Banc Price Performance

Shares of NYSE:ASB traded up $0.54 during midday trading on Monday, reaching $24.97. The company's stock had a trading volume of 775,937 shares, compared to its average volume of 2,468,695. The business's fifty day simple moving average is $26.81 and its 200-day simple moving average is $26.20. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90. Associated Banc has a fifty-two week low of $18.32 and a fifty-two week high of $29.51. The company has a market capitalization of $4.13 billion, a P/E ratio of 9.01, a P/E/G ratio of 1.11 and a beta of 0.80.

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

Associated Banc declared that its board has initiated a stock buyback program on Tuesday, January 27th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to purchase up to 2.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Insider Activity

In related news, Director John B. Williams sold 2,325 shares of the business's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total transaction of $65,216.25. Following the completion of the transaction, the director owned 70,959 shares in the company, valued at approximately $1,990,399.95. The trade was a 3.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Patrick Edward Ahern sold 14,731 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total transaction of $427,640.93. Following the completion of the sale, the executive vice president directly owned 39,401 shares of the company's stock, valued at $1,143,811.03. The trade was a 27.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,656 shares of company stock valued at $677,789 in the last ninety days. 0.71% of the stock is owned by insiders.

Institutional Trading of Associated Banc

Large investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its stake in Associated Banc by 46.8% in the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank's stock valued at $33,000 after acquiring an additional 408 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Associated Banc during the fourth quarter worth about $33,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Associated Banc by 345.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock valued at $33,000 after purchasing an additional 1,047 shares in the last quarter. Quent Capital LLC acquired a new position in shares of Associated Banc in the 3rd quarter valued at approximately $34,000. Finally, First Horizon Corp bought a new stake in Associated Banc during the 3rd quarter worth approximately $39,000. Institutional investors 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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