Truist Financial Boosts Associated Banc (NYSE:ASB) Price Target to $30.00

Key Points

• Truist Financial raised its price target on Associated Banc from $27.00 to $30.00 while keeping a "hold" rating, implying roughly a 9.6% upside from the prior close.
• Analyst coverage is split — six Buy and six Hold ratings — with a consensus rating of "Moderate Buy" and a consensus price target of $30.20.
• Associated Banc recently topped Q1 estimates (EPS $0.70 vs. $0.69), announced a $100 million share buyback program (~2.2% of shares), and has seen recent insider selling.

Associated Banc (NYSE:ASB - Get Free Report) had its target price hoisted by research analysts at Truist Financial from $27.00 to $30.00 in a report issued on Monday,Benzinga reports. The firm presently has a "hold" rating on the bank's stock. Truist Financial's target price points to a potential upside of 9.57% from the stock's previous close.

Several other analysts also recently commented on the company. Wells Fargo & Company increased their target price on Associated Banc from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Monday, March 30th. Royal Bank Of Canada increased their price objective on Associated Banc from $29.00 to $30.00 and gave the company a "sector perform" rating in a research report on Friday, January 23rd. Wall Street Zen upgraded shares of Associated Banc from a "hold" rating to a "buy" rating in a report on Saturday, April 11th. Zacks Research cut Associated Banc from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Finally, Stephens raised Associated Banc from an "equal weight" rating to an "overweight" rating and cut their price objective for the stock from $30.00 to $29.00 in a report on Friday, March 27th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Associated Banc presently has an average rating of "Moderate Buy" and a consensus price target of $30.20.

Associated Banc Price Performance

ASB opened at $27.38 on Monday. The stock has a fifty day simple moving average of $26.44 and a two-hundred day simple moving average of $26.30. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. The company has a market cap of $4.53 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 1.42 and a beta of 0.77. Associated Banc has a 12-month low of $21.61 and a 12-month high of $29.51.

Associated Banc (NYSE:ASB - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $387.21 million for the quarter, compared to the consensus estimate of $384.20 million. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. During the same quarter in the prior year, the firm posted $0.59 earnings per share. Research analysts predict that Associated Banc will post 2.85 earnings per share for the current fiscal year.

Associated Banc declared that its board has authorized a share buyback program on Tuesday, January 27th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the bank to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In related news, Director Eileen A. Kamerick sold 6,600 shares of Associated Banc stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $28.02, for a total transaction of $184,932.00. Following the transaction, the director owned 49,264 shares in the company, valued at approximately $1,380,377.28. The trade was a 11.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John B. Williams sold 2,325 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total value of $65,216.25. Following the completion of the sale, the director owned 70,959 shares of the company's stock, valued at $1,990,399.95. The trade was a 3.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,656 shares of company stock worth $677,789 in the last three months. Company insiders own 0.71% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC grew its holdings in shares of Associated Banc by 46.8% in the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank's stock valued at $33,000 after purchasing an additional 408 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Associated Banc during the 4th quarter worth about $33,000. EverSource Wealth Advisors LLC grew its stake in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock valued at $33,000 after buying an additional 1,047 shares during the last quarter. Quent Capital LLC bought a new position in Associated Banc in the 3rd quarter valued at $34,000. Finally, First Horizon Corp purchased a new stake in Associated Banc in the third quarter worth $39,000. Institutional investors own 82.98% of the company's stock.

Associated Banc Company Profile

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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