Piper Sandler Forecasts Strong Price Appreciation for Associated Banc (NYSE:ASB) Stock

Key Points

• Piper Sandler has raised its target price for Associated Banc (NYSE:ASB) stock from $24.00 to $27.00, indicating a potential upside of 6.62% from its current price.
• Other firms, including Robert W. Baird and Barclays, have also increased their price targets, with estimates now ranging between $27.00 and $30.00.
• The bank reported earnings of $0.65 EPS for the last quarter, exceeding expectations and showing a year-over-year increase from $0.52 EPS.
• Insider transactions show CEO Andrew J. Harmening acquired 12,910 shares at approximately $23.25 each, boosting his ownership stake by 4.21%.

Associated Banc (NYSE:ASB - Get Free Report) had its price target raised by investment analysts at Piper Sandler from $24.00 to $27.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the bank's stock. Piper Sandler's price objective suggests a potential upside of 5.56% from the company's previous close.

ASB has been the subject of a number of other research reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $27.00 price target on shares of Associated Banc in a report on Monday, April 28th. Stephens reduced their target price on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. Truist Financial began coverage on Associated Banc in a report on Tuesday, May 13th. They set a "hold" rating and a $26.00 target price for the company. Wells Fargo & Company increased their target price on Associated Banc from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Barclays increased their target price on Associated Banc from $25.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Associated Banc currently has a consensus rating of "Hold" and a consensus target price of $27.44.

Associated Banc Price Performance

NYSE ASB traded up $0.31 during trading hours on Friday, reaching $25.58. The company's stock had a trading volume of 1,965,528 shares, compared to its average volume of 1,616,417. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 33.22, a P/E/G ratio of 0.96 and a beta of 0.80. Associated Banc has a 1-year low of $18.32 and a 1-year high of $28.18. 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's 50-day moving average is $24.27 and its two-hundred day moving average is $23.50.

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

Insiders Place Their Bets

In other Associated Banc news, CEO Andrew J. Harmening acquired 12,910 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was bought at an average cost of $23.25 per share, for a total transaction of $300,157.50. Following the completion of the transaction, the chief executive officer owned 319,269 shares of the company's stock, valued at approximately $7,423,004.25. The trade was a 4.21% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.45% of the company's stock.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors have recently modified their holdings of the company. Hancock Whitney Corp grew its stake in shares of Associated Banc by 0.7% in the fourth quarter. Hancock Whitney Corp now owns 58,001 shares of the bank's stock valued at $1,386,000 after buying an additional 401 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Associated Banc by 13.1% in the fourth quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock valued at $84,000 after buying an additional 408 shares in the last quarter. US Bancorp DE grew its stake in shares of Associated Banc by 0.6% in the second quarter. US Bancorp DE now owns 80,262 shares of the bank's stock valued at $1,958,000 after buying an additional 450 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Associated Banc by 1.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 33,238 shares of the bank's stock valued at $749,000 after buying an additional 500 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Associated Banc by 11.6% in the first quarter. GAMMA Investing LLC now owns 5,251 shares of the bank's stock valued at $118,000 after buying an additional 547 shares in 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.