Associated Banc (NYSE:ASB) Price Target Cut to $27.00 by Analysts at Truist Financial

Associated Banc (NYSE:ASB) had its price target lowered by Truist Financial from $30.00 to $27.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

Several other research analysts have also recently commented on ASB. Keefe, Bruyette & Woods increased their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, January 23rd. Wall Street Zen raised shares of Associated Banc from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Royal Bank Of Canada increased their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. Weiss Ratings upgraded Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, February 17th. Finally, UBS Group reaffirmed a “buy” rating and issued a $28.00 target price on shares of Associated Banc in a research report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Associated Banc presently has an average rating of “Moderate Buy” and a consensus target price of $28.90.

Associated Banc Stock Up 1.4%

NYSE:ASB opened at $24.77 on Monday. The stock has a 50-day simple moving average of $26.78 and a 200 day simple moving average of $26.18. Associated Banc has a 52-week low of $18.32 and a 52-week high of $29.51. The company has a market cap of $4.09 billion, a PE ratio of 8.94, a PEG ratio of 1.11 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.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, topping 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 company had revenue of $393.52 million during the quarter, compared to analysts’ expectations of $382.06 million. During the same period last year, the business earned $0.72 EPS. On average, sell-side analysts expect that Associated Banc will post 2.43 EPS for the current fiscal year.

Associated Banc declared that its board has authorized a share repurchase program on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 2.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.9%. Associated Banc’s payout ratio is presently 34.66%.

Insider Buying and Selling at Associated Banc

In other Associated Banc 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 transaction, the director directly owned 49,264 shares in the company, valued at $1,380,377.28. The trade was a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Williams sold 2,325 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total transaction of $65,216.25. Following the completion of the transaction, the director directly owned 70,959 shares in the company, valued at $1,990,399.95. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 23,656 shares of company stock valued at $677,789 in the last quarter. 0.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its position in Associated Banc by 0.3% during the second quarter. California State Teachers Retirement System now owns 154,933 shares of the bank’s stock worth $3,779,000 after acquiring an additional 394 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Associated Banc by 46.8% in the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock valued at $33,000 after purchasing an additional 408 shares during the last quarter. US Bancorp DE increased its stake in shares of Associated Banc by 0.5% during the third quarter. US Bancorp DE now owns 80,677 shares of the bank’s stock worth $2,074,000 after purchasing an additional 415 shares during the period. LPL Financial LLC lifted its holdings in Associated Banc by 2.3% during the 4th quarter. LPL Financial LLC now owns 19,079 shares of the bank’s stock worth $491,000 after purchasing an additional 426 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in Associated Banc by 2.0% during the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank’s stock worth $667,000 after purchasing an additional 549 shares during the last quarter. Institutional investors and hedge funds 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.