Truist Financial Forecasts Strong Price Appreciation for Associated Banc (NYSE:ASB) Stock

Associated Banc (NYSE:ASB) had its price target increased by analysts at Truist Financial from $29.00 to $30.00 in a research note issued on Monday, Marketbeat.com reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 12.19% from the stock’s current price.

A number of other equities analysts have also commented on ASB. Wall Street Zen raised shares of Associated Banc from a “hold” rating to a “buy” rating in a report on Saturday. Keefe, Bruyette & Woods increased their price target on Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, January 23rd. Barclays decreased their target price on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Associated Banc in a research report on Monday, December 29th. Finally, UBS Group reaffirmed a “buy” rating and set a $28.00 target price on shares of Associated Banc in a research report on Tuesday, December 2nd. Three investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Associated Banc currently has a consensus rating of “Hold” and a consensus price target of $29.20.

Associated Banc Trading Down 0.8%

ASB stock opened at $26.74 on Monday. The company has a market capitalization of $4.44 billion, a PE ratio of 9.65, a price-to-earnings-growth ratio of 0.73 and a beta of 0.79. 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 52 week low of $18.32 and a 52 week high of $28.02. The company’s 50-day simple moving average is $26.32 and its 200 day simple moving average is $25.81.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $382.06 million. During the same period last year, the company earned $0.72 earnings per share. As a group, sell-side analysts anticipate that Associated Banc will post 2.43 earnings per share for the current year.

Associated Banc declared that its Board of Directors has initiated a stock buyback program on Tuesday, January 27th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to purchase up to 2.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Patrick Edward Ahern sold 30,489 shares of Associated Banc stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $25.70, for a total value of $783,567.30. Following the sale, the executive vice president directly owned 24,055 shares in the company, valued at $618,213.50. This trade represents a 55.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John A. Utz sold 2,135 shares of Associated Banc stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total transaction of $56,385.35. Following the completion of the transaction, the executive vice president owned 109,842 shares in the company, valued at approximately $2,900,927.22. This trade represents a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 35,951 shares of company stock worth $925,756. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. boosted its holdings in Associated Banc by 2,033.9% during the second quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank’s stock worth $29,000 after buying an additional 1,139 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Associated Banc by 46.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock valued at $33,000 after acquiring an additional 408 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Associated Banc by 345.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after purchasing an additional 1,047 shares during the last quarter. Bayforest Capital Ltd acquired a new position in shares of Associated Banc during the second quarter worth $34,000. Finally, Quent Capital LLC bought a new position in Associated Banc during the 3rd quarter worth $34,000. 82.98% of the stock is owned by institutional investors and hedge funds.

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.