Associated Banc (NYSE:ASB) Price Target Raised to $32.00 at Truist Financial

Key Points

• Truist Financial raised its price target on Associated Banc to $32 from $30 while keeping a Hold rating, implying about 4.9% upside from the prior close.
• Analyst sentiment is mixed: recent firms have adjusted targets and ratings, with the broader consensus standing at Moderate Buy and an average price target of $31.
• Associated Banc traded near $30.50 and recently posted quarterly earnings of $0.70 per share, narrowly beating expectations and topping the prior-year result of $0.59 per share.

Associated Banc (NYSE:ASB - Get Free Report) had its price objective increased by equities researchers at Truist Financial from $30.00 to $32.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the bank's stock. Truist Financial's price objective points to a potential upside of 4.94% from the company's previous close.

ASB has been the subject of a number of other research reports. Keefe, Bruyette & Woods raised their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Raymond James Financial boosted their target price on shares of Associated Banc from $31.00 to $35.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Zacks Research lowered Associated Banc from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Associated Banc in a research report on Wednesday, June 24th. Finally, Wells Fargo & Company lifted their price target on Associated Banc from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Monday, March 30th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

Associated Banc Price Performance

Shares of NYSE ASB traded up $0.10 during mid-day trading on Friday, reaching $30.50. The company had a trading volume of 277,270 shares, compared to its average volume of 2,276,561. The company has a 50-day moving average price of $28.83 and a two-hundred day moving average price of $27.46. The stock has a market cap of $5.75 billion, a PE ratio of 10.60, a P/E/G ratio of 1.10 and a beta of 0.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. Associated Banc has a 1-year low of $23.63 and a 1-year high of $31.50.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The business had revenue of $387.21 million during the quarter, compared to analyst estimates of $384.20 million. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.During the same quarter last year, the company posted $0.59 EPS. On average, equities analysts anticipate that Associated Banc will post 2.91 earnings per share for the current year.

Insider Buying and Selling

In other Associated Banc news, EVP John A. Utz sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total transaction of $144,100.00. Following the completion of the sale, the executive vice president owned 118,156 shares of the company's stock, valued at $3,405,255.92. This represents a 4.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Matthew R. Braeger sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total value of $140,850.00. Following the transaction, the executive vice president owned 11,777 shares in the company, valued at approximately $331,758.09. This trade represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,299 shares of company stock valued at $801,760 over the last 90 days. 0.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Associated Banc by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock valued at $2,198,000 after purchasing an additional 5,531 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Associated Banc by 90.4% during the first quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock worth $6,486,000 after buying an additional 136,648 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Associated Banc by 139.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after acquiring an additional 1,598,951 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Associated Banc by 13.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock worth $11,184,000 after acquiring an additional 60,758 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new position in Associated Banc during the second quarter worth $328,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

About Associated Banc

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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