Keefe, Bruyette & Woods Increases Associated Banc (NYSE:ASB) Price Target to $31.00

Key Points

• Keefe, Bruyette & Woods raised its price target on Associated Banc to $31.00 (from $30) with a "market perform" rating, implying about a 12.8% upside$29.90 and analysts split roughly evenly between Buy and Hold.
• Associated Banc posted a modest Q1 beat — $0.70 EPS vs. $0.69 consensus and revenue of $387.2M — but rising operating expenses and a neutral analyst stance may limit near‑term upside from the small beat.
• The board approved a $100 million share repurchase program (about 2.2% of shares) and several institutional investors (including Norges Bank, First Trust and Goldman Sachs) significantly increased stakes, while insiders have trimmed small positions.

Associated Banc (NYSE:ASB - Get Free Report) had its price objective lifted by research analysts at Keefe, Bruyette & Woods from $30.00 to $31.00 in a report issued on Friday,Benzinga reports. The firm presently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 12.79% from the stock's previous close.

A number of other analysts have also recently commented on the stock. Zacks Research cut shares of Associated Banc from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Robert W. Baird boosted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday. Stephens raised shares of Associated Banc from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $30.00 to $29.00 in a research note on Friday, March 27th. Barclays raised shares of Associated Banc from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $30.00 to $33.00 in a research note on Tuesday, April 7th. Finally, Wells Fargo & Company upped their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Monday, March 30th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.90.

Associated Banc Price Performance

Shares of Associated Banc stock traded down $0.43 during trading hours on Friday, reaching $27.49. The stock had a trading volume of 1,188,799 shares, compared to its average volume of 2,415,657. The stock's 50 day moving average is $26.45 and its 200 day moving average is $26.29. The firm has a market capitalization of $4.54 billion, a PE ratio of 9.92, a PEG ratio of 1.45 and a beta of 0.77. Associated Banc has a twelve month low of $21.61 and a twelve month high of $29.51. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The business had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 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 firm posted $0.59 earnings per share. Equities analysts expect that Associated Banc will post 2.85 earnings per share for the current fiscal year.

Associated Banc declared that its Board of Directors has approved a stock repurchase program on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Insider Transactions at Associated Banc

In other news, Director John B. Williams sold 2,325 shares of the company'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 value of $65,216.25. Following the transaction, the director directly owned 70,959 shares in the company, valued at approximately $1,990,399.95. This represents a 3.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eileen A. Kamerick sold 6,600 shares of the company's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $28.02, for a total transaction of $184,932.00. Following the completion of the transaction, the director owned 49,264 shares in the company, valued at approximately $1,380,377.28. This represents a 11.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 23,656 shares of company stock worth $677,789. 0.71% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Associated Banc

A number of hedge funds have recently added to or reduced their stakes in ASB. Norges Bank acquired a new stake in Associated Banc during the 4th quarter worth approximately $54,660,000. First Trust Advisors LP lifted its holdings in Associated Banc by 679.4% during the 3rd quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank's stock worth $57,171,000 after buying an additional 1,938,393 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after buying an additional 1,598,951 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in Associated Banc by 4,883.7% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock worth $35,625,000 after buying an additional 1,357,862 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in Associated Banc during the 4th quarter worth approximately $27,819,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Associated Banc

Here are the key news stories impacting Associated Banc this week:

• Positive Sentiment: Q1 results: ASB reported $0.70 EPS vs. $0.69 consensus and revenue of $387.2M (above estimates); provisions declined and loans/deposits grew, supporting core earnings momentum. Associated Banc-Corp Q1 Earnings Beat
• Positive Sentiment: Confirmed results/press release: Company reported net income available to common equity of $117M, or $0.70 per share, underscoring the beat reported in filings. PR Newswire Release
• Positive Sentiment: Analyst action: Robert W. Baird raised its price target from $29 to $30 (still a "neutral" rating), implying modest upside but signaling some confidence in near‑term fundamentals. Baird Price Target Raise
• Neutral Sentiment: Earnings call and materials available for details — transcript and slide deck can clarify drivers (margin, credit trends) but offered no dramatic new guidance in headlines. Earnings Call Transcript
• Neutral Sentiment: Market context: coverage pieces and snapshots summarize the quarter; an Investing.com note flags the American National deal as recent M&A context to watch for integration effects. Investing.com on American National Deal
• Negative Sentiment: Rising expenses: the quarter showed higher operating expenses, which mutes the benefit from revenue and provision improvements and pressures margins. Zacks Expense Note
• Negative Sentiment: Modest beat vs. expectations and a neutral analyst stance limit immediate upside — the market appears focused on margin/expense trends rather than the small EPS beat. Zacks Earnings Summary

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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