Associated Banc-Corp (ASB) Lifted to Buy at Zacks Investment Research
Associated Banc-Corp (NYSE:ASB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $29.00 price target on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.17% from the company’s previous close.
According to Zacks, “Associated Banc-Corp’s shares have outperformed the industry in the last three months. The company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The company’s third-quarter 2017 earnings benefited from higher net interest income and a fall in credit costs, partially offset by a marginal increase in expenses and lower fee income. Higher interest rates, rise in loan demand and improving asset quality should support its profitability. While mounting expenses (mainly due to continued investment in franchise, and merger and integration costs) remains a key near-term concern, acquisition of Whitnell and deal to acquire Bank Mutual reflect a strong balance sheet position. These deals are expected to be accretive the company’s earnings going forward.”
A number of other equities research analysts also recently weighed in on ASB. SunTrust Banks, Inc. set a $26.00 price target on shares of Associated Banc-Corp and gave the stock a “hold” rating in a research note on Saturday. Jefferies Group LLC reiterated a “hold” rating and set a $27.00 price target on shares of Associated Banc-Corp in a research note on Friday, August 11th. BidaskClub downgraded shares of Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Robert W. Baird reiterated a “hold” rating and set a $25.00 price target on shares of Associated Banc-Corp in a research note on Sunday, October 1st. Finally, Barclays PLC lifted their price target on shares of Associated Banc-Corp from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $25.82.
Associated Banc-Corp (ASB) traded up 1.673% on Tuesday, hitting $25.825. 87,477 shares of the stock were exchanged. The stock has a market cap of $3.92 billion, a PE ratio of 18.579 and a beta of 1.19. The company’s 50 day moving average is $23.69 and its 200 day moving average is $24.01. Associated Banc-Corp has a 1-year low of $19.30 and a 1-year high of $26.70.
Associated Banc-Corp (NYSE:ASB) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.05. Associated Banc-Corp had a net margin of 19.54% and a return on equity of 7.81%. The firm had revenue of $276.02 million for the quarter, compared to the consensus estimate of $276.88 million. During the same quarter in the previous year, the company earned $0.31 earnings per share. On average, equities research analysts expect that Associated Banc-Corp will post $1.48 earnings per share for the current year.
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In other news, insider John A. Utz sold 8,054 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $23.62, for a total value of $190,235.48. Following the sale, the insider now owns 44,405 shares in the company, valued at approximately $1,048,846.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Philip B. Flynn sold 10,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $23.61, for a total transaction of $236,100.00. Following the completion of the sale, the chief executive officer now owns 127,585 shares in the company, valued at approximately $3,012,281.85. The disclosure for this sale can be found here. Insiders sold a total of 38,772 shares of company stock worth $914,334 in the last 90 days. 1.80% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of ASB. UBS Asset Management Americas Inc. boosted its stake in shares of Associated Banc-Corp by 13.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 113,463 shares of the bank’s stock valued at $2,768,000 after purchasing an additional 13,132 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Associated Banc-Corp by 14.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 9,195 shares of the bank’s stock valued at $224,000 after purchasing an additional 1,147 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of Associated Banc-Corp by 6.9% in the 1st quarter. Stifel Financial Corp now owns 19,454 shares of the bank’s stock valued at $473,000 after purchasing an additional 1,264 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Associated Banc-Corp by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 119,838 shares of the bank’s stock valued at $2,924,000 after purchasing an additional 43,268 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in shares of Associated Banc-Corp by 2.9% in the 1st quarter. Teachers Advisors LLC now owns 173,707 shares of the bank’s stock valued at $4,238,000 after purchasing an additional 4,873 shares in the last quarter. Institutional investors own 77.50% of the company’s stock.
About Associated Banc-Corp
Associated Banc-Corp is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a range of banking and non-banking products and services to individuals. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business, and Risk Management and Shared Services.
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