Stephens Upgrades Associated Banc (NYSE:ASB) to Overweight

Associated Banc (NYSE:ASB) was upgraded by stock analysts at Stephens from an “equal weight” rating to an “overweight” rating in a research note issued on Friday, MarketBeat Ratings reports. The firm currently has a $29.00 price objective on the bank’s stock, down from their prior price objective of $30.00. Stephens’ target price would indicate a potential upside of 16.65% from the stock’s current price.

Several other research firms have also recently issued reports on ASB. Weiss Ratings raised Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, February 17th. UBS Group restated a “buy” rating and set a $28.00 price objective on shares of Associated Banc in a research note on Tuesday, December 2nd. Zacks Research upgraded shares of Associated Banc from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 25th. Wall Street Zen raised shares of Associated Banc from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.20.

Associated Banc Stock Performance

ASB opened at $24.86 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. The business’s 50 day moving average is $26.68 and its 200-day moving average is $26.15. The stock has a market cap of $4.11 billion, a PE ratio of 8.97, a price-to-earnings-growth ratio of 1.16 and a beta of 0.80. Associated Banc has a twelve month low of $18.32 and a twelve month high of $29.51.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11. The business had revenue of $393.52 million during the quarter, compared to analyst estimates of $382.06 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.During the same period in the prior year, the company posted $0.72 EPS. On average, analysts predict that Associated Banc will post 2.43 earnings per share for the current year.

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

Insider Activity

In related 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 transaction of $427,640.93. Following the completion of the transaction, the executive vice president owned 39,401 shares of the company’s stock, valued at $1,143,811.03. This trade represents a 27.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John B. Williams sold 2,325 shares of Associated Banc stock in a transaction dated Tuesday, February 3rd. The stock was 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 approximately $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 a total of 23,656 shares of company stock worth $677,789 over the last 90 days. 0.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Associated Banc

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Associated Banc in the 4th quarter worth approximately $54,660,000. First Trust Advisors LP boosted 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 in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after buying an additional 1,598,951 shares in the last quarter. Balyasny Asset Management L.P. grew its position in Associated Banc by 4,883.7% in the third quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank’s stock worth $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 Associated Banc in the fourth quarter worth approximately $27,819,000. 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.