Associated Banc (NYSE:ASB) Given New $31.00 Price Target at Wells Fargo & Company

Associated Banc (NYSE:ASB) had its price objective boosted by Wells Fargo & Company from $30.00 to $31.00 in a research note issued to investors on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

Other equities analysts also recently issued reports about the company. Wall Street Zen downgraded Associated Banc from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings raised shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, February 17th. Royal Bank Of Canada raised their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, January 23rd. Finally, Stephens raised shares of Associated Banc from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $30.00 to $29.00 in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Associated Banc presently has an average rating of “Moderate Buy” and an average target price of $29.30.

Associated Banc Price Performance

ASB stock opened at $24.98 on Monday. The company has a fifty day moving average price of $26.64 and a 200-day moving average price of $26.14. The company has a market capitalization of $4.13 billion, a P/E ratio of 9.02, a PEG ratio of 1.16 and a beta of 0.80. Associated Banc has a 52-week low of $18.32 and a 52-week high of $29.51. 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 data 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. The company had revenue of $393.52 million for the quarter, compared to analysts’ expectations of $382.06 million. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. During the same quarter in the previous year, the firm posted $0.72 earnings per share. As a group, equities analysts expect that Associated Banc will post 2.43 EPS for the current year.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.96 annualized dividend and a yield of 3.8%. Associated Banc’s dividend payout ratio is currently 34.66%.

Associated Banc announced that its board has approved a share repurchase program on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Associated Banc

In other news, EVP Patrick Edward Ahern sold 14,731 shares of the firm’s stock in a transaction dated 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 directly owned 39,401 shares in the company, valued at $1,143,811.03. This trade represents a 27.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Eileen A. Kamerick sold 6,600 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was 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 approximately $1,380,377.28. This trade represents a 11.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 23,656 shares of company stock valued at $677,789. Corporate insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Associated Banc in the 4th quarter valued at $54,660,000. First Trust Advisors LP raised its holdings in Associated Banc by 679.4% during the third quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank’s stock worth $57,171,000 after buying an additional 1,938,393 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Associated Banc by 139.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after buying an additional 1,598,951 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Associated Banc by 4,883.7% during the third quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank’s stock valued at $35,625,000 after buying an additional 1,357,862 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in shares of Associated Banc during the fourth quarter valued at about $27,819,000. 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.