Wells Fargo & Company Forecasts Strong Price Appreciation for Associated Banc (NYSE:ASB) Stock

Key Points

• Wells Fargo raised Associated Banc’s price target to $36 from $32 and maintained an “overweight” rating, implying approximately 15.18% upside from the prior close.
• Analysts overall assign the stock a “Moderate Buy” consensus rating, with six Buy and six Hold recommendations and an average price target of $31.60.
• Associated Banc exceeded quarterly earnings expectations, reporting $0.73 EPS versus a $0.72 estimate and $454.54 million in revenue versus a $438.01 million forecast.

Associated Banc (NYSE:ASB - Get Free Report) had its price target increased by equities researchers at Wells Fargo & Company from $32.00 to $36.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Wells Fargo & Company's price target suggests a potential upside of 15.18% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. Piper Sandler lifted their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Keefe, Bruyette & Woods upped their target price on shares of Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Robert W. Baird raised their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Truist Financial lifted their price target on shares of Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research note on Tuesday, August 4th. Finally, Raymond James Financial boosted their price target on Associated Banc from $31.00 to $35.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $31.60.

Associated Banc Trading Down 0.1%

ASB stock traded down $0.03 during midday trading on Monday, reaching $31.25. The company's stock had a trading volume of 506,316 shares, compared to its average volume of 2,216,590. Associated Banc has a 1 year low of $23.74 and a 1 year high of $32.00. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 1.06 and a beta of 0.77. The stock has a fifty day simple moving average of $30.09 and a two-hundred day simple moving average of $28.15. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93.

Associated Banc (NYSE:ASB - Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. The firm had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. During the same period in the previous year, the firm earned $0.65 earnings per share. On average, equities research analysts predict that Associated Banc will post 2.91 EPS for the current year.

Insider Buying and Selling at Associated Banc

In other news, EVP John A. Utz sold 5,000 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total value of $144,100.00. Following the completion of the transaction, the executive vice president directly owned 118,156 shares of the company's stock, valued at approximately $3,405,255.92. The trade was a 4.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicole M. Kitowski sold 7,663 shares of the company's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.91, for a total value of $236,863.33. Following the sale, the executive vice president owned 45,327 shares of the company's stock, valued at $1,401,057.57. This trade represents a 14.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 41,962 shares of company stock worth $1,233,303. 0.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Associated Banc

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meeder Advisory Services Inc. bought a new position in Associated Banc in the second quarter worth about $208,000. Pzena Investment Management LLC bought a new stake in shares of Associated Banc in the 2nd quarter valued at about $61,240,000. Citizens Financial Group Inc. RI purchased a new position in shares of Associated Banc in the 2nd quarter worth approximately $229,000. BlackRock Inc. purchased a new position in shares of Associated Banc in the 2nd quarter worth approximately $715,927,000. Finally, Pallas Capital Advisors LLC bought a new position in shares of Associated Banc during the 2nd quarter worth approximately $540,000. Hedge funds and other institutional investors own 82.98% of the company's stock.

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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