Associated Banc (NYSE:ASB) Given New $30.00 Price Target at Truist Financial

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

A number of other equities analysts have also recently commented on the stock. Barclays raised shares of Associated Banc from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $30.00 to $33.00 in a report on Tuesday, April 7th. Piper Sandler lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a report on Friday. Royal Bank Of Canada lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a report on Friday, January 23rd. Zacks Research cut shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Finally, Wells Fargo & Company lifted their target price on shares of Associated Banc from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, March 30th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Associated Banc has an average rating of “Moderate Buy” and a consensus target price of $30.30.

Associated Banc Stock Up 2.7%

ASB stock opened at $28.08 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. Associated Banc has a twelve month low of $21.61 and a twelve month high of $29.51. The company’s 50 day moving average is $26.44 and its two-hundred day moving average is $26.31. The stock has a market cap of $4.64 billion, a P/E ratio of 9.75, a PEG ratio of 1.42 and a beta of 0.77.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $387.21 million for the quarter, compared to analysts’ expectations of $384.20 million. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. During the same period in the previous year, the company posted $0.59 EPS. Research analysts expect that Associated Banc will post 2.85 earnings per share for the current fiscal year.

Associated Banc declared that its board has authorized a share repurchase plan on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Associated Banc

In related news, Director John B. Williams sold 2,325 shares of Associated Banc stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total value of $65,216.25. Following the transaction, the director directly owned 70,959 shares in the company, valued at $1,990,399.95. This trade represents a 3.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Patrick Edward Ahern sold 14,731 shares of Associated Banc stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total transaction of $427,640.93. Following the completion of the transaction, the executive vice president owned 39,401 shares in the company, valued at approximately $1,143,811.03. This trade represents a 27.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,656 shares of company stock worth $677,789 in the last three months. Insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Associated Banc by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank’s stock worth $2,198,000 after purchasing an additional 5,531 shares in the last quarter. Millennium Management LLC boosted its position in shares of Associated Banc by 90.4% during the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock worth $6,486,000 after purchasing an additional 136,648 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Associated Banc by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank’s stock worth $11,184,000 after purchasing an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Associated Banc during the 2nd quarter worth $328,000. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

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.