Morgan Stanley Increases Associated Banc (ASB) Price Target to $28.00
Associated Banc (NYSE:ASB) had its price objective lifted by equities researchers at Morgan Stanley from $25.50 to $28.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price objective would suggest a potential upside of 10.67% from the company’s previous close.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research raised Associated Banc from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a report on Tuesday, October 24th. Barclays lifted their target price on Associated Banc from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, October 23rd. SunTrust Banks reaffirmed a “hold” rating and set a $27.00 target price on shares of Associated Banc in a report on Wednesday, November 29th. ValuEngine downgraded Associated Banc from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Robert W. Baird reissued a “hold” rating and issued a $25.00 price objective on shares of Associated Banc in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating and thirteen have given a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $26.18.
Shares of Associated Banc (NYSE:ASB) traded up $0.35 during midday trading on Wednesday, hitting $25.30. The stock had a trading volume of 1,094,600 shares, compared to its average volume of 902,858. The company has a market capitalization of $3,771.56, a price-to-earnings ratio of 17.09, a P/E/G ratio of 2.38 and a beta of 1.19. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.89 and a current ratio of 0.90. Associated Banc has a one year low of $20.95 and a one year high of $26.70.
Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.05. Associated Banc had a return on equity of 7.81% and a net margin of 19.54%. The firm had revenue of $276.02 million for the quarter, compared to analyst estimates of $276.88 million. During the same quarter last year, the company earned $0.31 EPS. research analysts predict that Associated Banc will post 1.5 earnings per share for the current fiscal year.
In other Associated Banc news, insider William M. Bohn sold 15,946 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $26.00, for a total transaction of $414,596.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Moral-Niles Christopher Del sold 1,476 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $26.00, for a total transaction of $38,376.00. Following the transaction, the chief financial officer now directly owns 81,784 shares of the company’s stock, valued at approximately $2,126,384. The disclosure for this sale can be found here. In the last three months, insiders sold 61,426 shares of company stock worth $1,558,805. 1.80% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. Wedge Capital Management L L P NC increased its holdings in shares of Associated Banc by 0.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 27,159 shares of the bank’s stock worth $684,000 after buying an additional 123 shares during the last quarter. Citigroup Inc. grew its holdings in Associated Banc by 1.0% during the 2nd quarter. Citigroup Inc. now owns 16,135 shares of the bank’s stock valued at $407,000 after purchasing an additional 155 shares during the last quarter. World Asset Management Inc grew its holdings in Associated Banc by 2.5% during the 2nd quarter. World Asset Management Inc now owns 9,629 shares of the bank’s stock valued at $243,000 after purchasing an additional 236 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Associated Banc by 3.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 12,169 shares of the bank’s stock valued at $307,000 after buying an additional 384 shares during the period. Finally, Utah Retirement Systems boosted its position in Associated Banc by 1.8% in the 2nd quarter. Utah Retirement Systems now owns 27,628 shares of the bank’s stock valued at $696,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 77.45% of the company’s stock.
Associated Banc Company Profile
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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