Wells Fargo & Company Boosts Associated Banc (NYSE:ASB) Price Target to $31.00

Key Points

• Wells Fargo raised its price target on Associated Banc to $31.00 (from $30) and kept an "overweight" rating, implying roughly a 23.49% upside from the current share price.
• Associated Banc beat quarterly estimates with $0.80 EPS (vs. $0.69) and its board approved a $100 million share buyback (about 2.2% of shares), signaling management confidence.
• Analyst views are mixed but MarketBeat shows a consensus of "Moderate Buy" with an average target of $29.30, while the stock trades near $25.10 (market cap ≈ $4.15B).

Associated Banc (NYSE:ASB - Get Free Report) had its target price hoisted by equities researchers at Wells Fargo & Company from $30.00 to $31.00 in a report issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. Wells Fargo & Company's target price indicates a potential upside of 23.49% from the stock's current price.

A number of other research analysts have also issued reports on ASB. Truist Financial reduced their price target on Associated Banc from $30.00 to $27.00 and set a "hold" rating for the company in a research report on Monday, March 23rd. Royal Bank Of Canada increased their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "sector perform" rating in a research report on Friday, January 23rd. UBS Group restated a "buy" rating and set a $28.00 price target on shares of Associated Banc in a research note on Tuesday, December 2nd. Weiss Ratings raised Associated Banc from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, February 17th. Finally, Wall Street Zen cut Associated Banc from a "buy" rating to a "hold" rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $29.30.

Associated Banc Trading Up 0.9%

Associated Banc stock traded up $0.23 during midday trading on Monday, reaching $25.10. The stock had a trading volume of 328,394 shares, compared to its average volume of 2,457,002. The stock's 50-day simple moving average is $26.68 and its 200 day simple moving average is $26.15. The stock has a market capitalization of $4.15 billion, a PE ratio of 9.03, a price-to-earnings-growth ratio of 1.16 and a beta of 0.80. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. Associated Banc has a twelve month low of $18.32 and a twelve month high of $29.51.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, beating the consensus estimate of $0.69 by $0.11. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.The company had revenue of $393.52 million for the quarter, compared to analyst estimates of $382.06 million. During the same period last year, the company posted $0.72 earnings per share. Analysts expect that Associated Banc will post 2.43 EPS for the current year.

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

Insider Buying and Selling at Associated Banc

In related news, Director John B. Williams sold 2,325 shares of the company's stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total transaction 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. This represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Patrick Edward Ahern sold 14,731 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total transaction of $427,640.93. Following the sale, the executive vice president directly owned 39,401 shares of the company's stock, valued at approximately $1,143,811.03. This trade represents a 27.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,656 shares of company stock worth $677,789 over the last ninety days. Insiders own 0.71% of the company's stock.

Institutional Inflows and Outflows

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