Robert W. Baird Issues Positive Forecast for Associated Banc (NYSE:ASB) Stock Price

Key Points

• Associated Banc's target price has been raised from $27.00 to $28.00 by Robert W. Baird, indicating a potential upside of 10.79% based on the current stock price.
• The stock is currently rated as "hold" by the majority of analysts, with one sell rating, seven hold ratings, and two buy ratings in circulation.
• Insider activity was noted as CEO Andrew J. Harmening acquired 12,910 shares, increasing his ownership stake by 4.21% to around $7.4 million in value.

Associated Banc (NYSE:ASB - Free Report) had its price objective raised by Robert W. Baird from $27.00 to $28.00 in a research note published on Friday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the bank's stock.

A number of other research analysts have also weighed in on the stock. Stephens cut their target price on shares of Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. Barclays boosted their target price on shares of Associated Banc from $25.00 to $28.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Truist Financial started coverage on shares of Associated Banc in a report on Tuesday, May 13th. They issued a "hold" rating and a $26.00 price target for the company. Keefe, Bruyette & Woods lowered their price objective on Associated Banc from $29.00 to $27.00 and set a "market perform" rating for the company in a research note on Friday, April 25th. Finally, Raymond James Financial reissued an "outperform" rating and set a $27.00 target price on shares of Associated Banc in a research report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $27.44.

Associated Banc Price Performance

Shares of NYSE:ASB traded up $0.31 during midday trading on Friday, reaching $25.58. 1,965,528 shares of the company were exchanged, compared to its average volume of 1,616,417. The stock has a market cap of $4.24 billion, a PE ratio of 33.22, a price-to-earnings-growth ratio of 0.96 and a beta of 0.80. The business's fifty day moving average is $24.27 and its two-hundred day moving average is $23.50. Associated Banc has a one year low of $18.32 and a one year high of $28.18. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.65 EPS 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 business 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 company earned $0.52 EPS. As a group, analysts predict that Associated Banc will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend was Monday, June 2nd. Associated Banc's payout ratio is currently 106.98%.

Insider Buying and Selling

In other news, CEO Andrew J. Harmening purchased 12,910 shares of the stock in a transaction dated Friday, May 9th. The shares were acquired at an average cost of $23.25 per share, for a total transaction of $300,157.50. Following the acquisition, the chief executive officer owned 319,269 shares of the company's stock, valued at approximately $7,423,004.25. This represents a 4.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.45% of the company's stock.

Institutional Investors Weigh In On Associated Banc

Institutional investors have recently bought and sold shares of the company. Quarry LP increased 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 in the last quarter. Covestor Ltd lifted its position 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 acquiring an additional 1,032 shares during the period. Versant Capital Management Inc grew 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. Richardson Capital Management LLC purchased a new position in shares of Associated Banc in the second quarter worth about $49,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Associated Banc by 13.1% during the fourth quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock worth $84,000 after purchasing an additional 408 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

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.