Associated Banc (NYSE:ASB) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays raised the price target for Associated Banc's stock from $28.00 to $30.00, indicating a potential upside of 17.29% based on the company's previous close.
• The consensus rating for Associated Banc is currently "Hold," with analysts providing an average target price of $27.67.
• CEO Andrew J. Harmening purchased 12,910 shares of the firm's stock at an average price of $23.25, increasing his position by 4.21%.

Associated Banc (NYSE:ASB - Get Free Report) had its price target hoisted by equities researchers at Barclays from $28.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the bank's stock. Barclays's target price would indicate a potential upside of 17.29% from the company's previous close.

Several other equities analysts have also weighed in on the stock. 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 report on Friday. Keefe, Bruyette & Woods raised their price objective 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. Stephens reduced their price objective on shares of Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. Wells Fargo & Company raised their price objective 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. Finally, Piper Sandler raised their price objective on shares of Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $27.67.

Associated Banc Stock Up 1.2%

ASB stock opened at $25.58 on Monday. Associated Banc has a 52 week low of $18.32 and a 52 week high of $28.18. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of 33.22, a price-to-earnings-growth ratio of 0.96 and a beta of 0.80. The firm's 50-day moving average is $24.27 and its two-hundred day moving average is $23.50. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.03. Associated Banc had a net margin of 5.79% and a return on equity of 8.86%. The company had revenue of $366.98 million for the quarter, compared to the consensus estimate of $362.78 million. During the same period in the previous year, the firm earned $0.52 EPS. On average, analysts forecast that Associated Banc will post 2.43 earnings per share for the current fiscal year.

Insider Transactions at Associated Banc

In other Associated Banc news, CEO Andrew J. Harmening acquired 12,910 shares of the firm's stock in a transaction on Friday, May 9th. The stock was purchased at an average cost of $23.25 per share, for a total transaction of $300,157.50. Following the transaction, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.45% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ASB. Goldman Sachs Group Inc. increased its position in Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after purchasing an additional 1,598,951 shares during the last quarter. Wellington Management Group LLP acquired a new position in Associated Banc in the 4th quarter worth about $37,662,000. Norges Bank acquired a new position in Associated Banc in the 4th quarter worth about $36,144,000. Vanguard Group Inc. increased its position in Associated Banc by 8.7% in the 4th quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank's stock worth $431,798,000 after purchasing an additional 1,444,068 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Associated Banc by 200.3% in the 1st quarter. AQR Capital Management LLC now owns 1,930,329 shares of the bank's stock worth $42,853,000 after purchasing an additional 1,287,458 shares during the last quarter. 82.98% of the stock is 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.

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