Royal Bank Of Canada Issues Positive Forecast for Associated Banc (NYSE:ASB) Stock Price

Key Points

• Associated Banc has had its price target increased from $26.00 to $27.00 by Royal Bank Of Canada, indicating a potential upside of 6.62% from the stock's previous close.
• Several analysts, including Raymond James and Robert W. Baird, have also set or adjusted their price targets on Associated Banc, with most recent estimates around $27.00 to $28.00.
• Insider transactions saw CEO Andrew J. Harmening purchase 12,910 shares at an average price of $23.25, increasing his ownership stake by 4.21%.
• The bank recently reported an EPS of $0.65 for the last quarter, surpassing expectations, and is projected to have an average EPS of $2.43 for the fiscal year.

Associated Banc (NYSE:ASB - Get Free Report) had its target price upped by equities research analysts at Royal Bank Of Canada from $26.00 to $27.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "sector perform" rating on the bank's stock. Royal Bank Of Canada's price target would indicate a potential upside of 5.56% from the stock's previous close.

A number of other research firms have also recently commented on ASB. Truist Financial began coverage on shares of Associated Banc in a report on Tuesday, May 13th. They issued a "hold" rating and a $26.00 price target on the stock. Barclays upped their price objective on shares of Associated Banc from $25.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Wells Fargo & Company increased their price target on shares of Associated Banc from $28.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Keefe, Bruyette & Woods increased their price target on shares of Associated Banc from $27.00 to $28.00 and gave the company a "market perform" rating in a research report on Friday. Finally, Robert W. Baird increased their price target on shares of Associated Banc from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $27.44.

Associated Banc Price Performance

Shares of ASB stock traded up $0.31 during mid-day trading on Friday, hitting $25.58. The company had a trading volume of 1,965,528 shares, compared to its average volume of 1,616,417. Associated Banc has a 52-week low of $18.32 and a 52-week high of $28.18. The stock's 50 day moving average price is $24.27 and its 200-day moving average price is $23.50. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $4.24 billion, a P/E ratio of 33.22, a P/E/G ratio of 0.96 and a beta of 0.80.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.03. Associated Banc had a net margin of 5.79% and a return on equity of 8.97%. The company had revenue of $366.98 million for the quarter, compared to analysts' expectations of $362.78 million. During the same quarter in the previous year, the business posted $0.52 earnings per share. Equities research analysts forecast that Associated Banc will post 2.43 earnings per share for the current year.

Insider Transactions at Associated Banc

In related news, CEO Andrew J. Harmening purchased 12,910 shares of the company's stock in a transaction that occurred on Friday, May 9th. The shares were purchased at an average price of $23.25 per share, with a total value of $300,157.50. Following the purchase, the chief executive officer owned 319,269 shares of the company's stock, valued at $7,423,004.25. The trade was a 4.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.45% of the company's stock.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors have recently added to or reduced their stakes in the stock. Quarry LP boosted its stake in Associated Banc by 154.3% during the 4th quarter. Quarry LP now owns 1,073 shares of the bank's stock worth $26,000 after purchasing an additional 651 shares during the last quarter. Covestor Ltd boosted its stake in Associated Banc by 221.0% during the 4th 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 last quarter. Versant Capital Management Inc boosted its position in shares of 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 acquiring an additional 1,280 shares during the last quarter. Richardson Capital Management LLC acquired a new position in shares of Associated Banc during the 2nd quarter valued at about $49,000. Finally, NewEdge Advisors LLC boosted its position in shares of Associated Banc by 13.1% during the 4th quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock valued at $84,000 after acquiring an additional 408 shares during the last quarter. Institutional investors and hedge funds own 82.98% of the company's stock.

About Associated Banc

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.