Wall Street Zen Upgrades Associated Banc (NYSE:ASB) to “Buy”

Associated Banc (NYSE:ASB) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other research firms have also weighed in on ASB. Weiss Ratings reissued a “hold (c+)” rating on shares of Associated Banc in a report on Monday, December 29th. Keefe, Bruyette & Woods lifted their price objective on Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday. Piper Sandler boosted their target price on Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday. UBS Group reaffirmed a “buy” rating and issued a $28.00 price target on shares of Associated Banc in a report on Tuesday, December 2nd. Finally, Raymond James Financial reiterated an “outperform” rating and set a $30.00 price target (up previously from $29.00) on shares of Associated Banc in a research report on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $29.10.

Associated Banc Stock Performance

Shares of ASB stock opened at $26.47 on Friday. The firm has a market capitalization of $4.39 billion, a PE ratio of 9.56, a price-to-earnings-growth ratio of 0.76 and a beta of 0.79. The firm has a fifty day simple moving average of $26.22 and a two-hundred day simple moving average of $25.79. Associated Banc has a 12 month low of $18.32 and a 12 month high of $28.02. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.82.

Associated Banc (NYSE:ASB) last announced its 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. The company had revenue of $393.52 million during the quarter, compared to the consensus estimate of $382.06 million. Associated Banc had a net margin of 19.31% and a return on equity of 10.36%. During the same quarter in the prior year, the company posted $0.72 earnings per share. Analysts forecast that Associated Banc will post 2.43 EPS for the current fiscal year.

Insider Activity

In related news, EVP John A. Utz sold 2,135 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total value of $56,385.35. Following the completion of the transaction, the executive vice president directly owned 109,842 shares in the company, valued at $2,900,927.22. The trade was a 1.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Patrick Edward Ahern sold 30,489 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $25.70, for a total value of $783,567.30. Following the completion of the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 35,951 shares of company stock valued at $925,756. 1.45% of the stock is owned by insiders.

Institutional Trading of Associated Banc

A number of hedge funds have recently bought and sold shares of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 valued at $2,198,000 after buying an additional 5,531 shares in the last quarter. Millennium Management LLC lifted its position in shares of Associated Banc by 90.4% in the first quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock valued at $6,486,000 after acquiring an additional 136,648 shares in the last quarter. Goldman Sachs Group Inc. boosted 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 worth $61,927,000 after acquiring an additional 1,598,951 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Associated Banc by 13.9% in the first 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 acquiring an additional 60,758 shares during the period. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Associated Banc during the second quarter worth about $328,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Associated Banc News Roundup

Here are the key news stories impacting Associated Banc this week:

• Positive Sentiment: Q4 results: ASB posted GAAP EPS of $0.80 and revenue roughly $393–389M (beats consensus), with improving credit metrics and lower provisions — a clear earnings beat. Zacks: ASB Q4 Earnings Beat
• Positive Sentiment: Record annual results: Associated Banc reported record 2025 net income available to common equity of $463M ($2.77/share), signaling stronger full‑year profitability. PR Newswire: Record 2025 Net Income
• Positive Sentiment: Analysts lifted price targets to $30 from $27–29 (RBC, Piper Sandler, Keefe/Bruyette & Woods), implying ~13% upside; the raises provide support for the stock. The Fly: RBC PT Raise The Fly: Piper PT Raise Benzinga: KBW/Other Coverage
• Neutral Sentiment: Detailed coverage and transcripts available: investors can review the earnings call transcript and Q4 snapshots to check guidance, expense outlook and credit commentary. Yahoo: Earnings Call Transcript SeattlePI: Q4 Snapshot
• Negative Sentiment: Analysts retained neutral/sector‑perform/market‑perform ratings despite higher targets, which may limit buying momentum and help explain the stock’s decline today. The Fly: Analyst Ratings

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.