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

Associated Banc (NYSE:ASB) had its price target upped by research analysts at Wells Fargo & Company from $30.00 to $31.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 19.90% from the company’s previous close.

Several other analysts have also issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, January 23rd. Zacks Research upgraded shares of Associated Banc from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 25th. UBS Group reiterated a “buy” rating and set a $28.00 price target on shares of Associated Banc in a research note on Tuesday, December 2nd. Truist Financial cut their price objective on shares of Associated Banc from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Monday, March 23rd. Finally, Piper Sandler upped their price objective on Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.30.

Associated Banc Trading Up 3.6%

Shares of NYSE:ASB opened at $25.86 on Monday. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 9.33, a PEG 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. The stock’s 50-day simple moving average is $26.64 and its two-hundred day simple moving average is $26.13. Associated Banc has a 52-week low of $18.32 and a 52-week high of $29.51.

Associated Banc (NYSE:ASB) last released its quarterly earnings results 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 net margin of 19.31% and a return on equity of 10.25%. The firm had revenue of $393.52 million during the quarter, compared to analyst estimates of $382.06 million. During the same quarter in the prior year, the firm earned $0.72 EPS. Analysts expect that Associated Banc will post 2.43 EPS for the current year.

Associated Banc announced that its Board of Directors has approved a stock buyback plan on Tuesday, January 27th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Associated Banc

In related news, Director Eileen A. Kamerick sold 6,600 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $28.02, for a total value of $184,932.00. Following the completion of the transaction, the director owned 49,264 shares of the company’s stock, valued at approximately $1,380,377.28. This represents a 11.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Patrick Edward Ahern sold 14,731 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total value of $427,640.93. Following the completion of the sale, the executive vice president owned 39,401 shares of the company’s stock, valued at $1,143,811.03. The trade was a 27.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 23,656 shares of company stock worth $677,789. 0.71% of the stock is owned by corporate insiders.

Institutional Trading of Associated Banc

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASB. Smartleaf Asset Management LLC lifted its holdings in Associated Banc by 46.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after purchasing an additional 408 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in Associated Banc during the 4th quarter valued at approximately $33,000. EverSource Wealth Advisors LLC raised its position in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $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 third quarter valued at approximately $34,000. Finally, First Horizon Corp purchased a new position in shares of Associated Banc in the third quarter worth $39,000. Institutional investors own 82.98% of the company’s stock.

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.