Associated Banc (NYSE:ASB) Given New $27.00 Price Target at Truist Financial

Associated Banc (NYSE:ASB) had its price target lowered by investment analysts at Truist Financial from $30.00 to $27.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s price objective would indicate a potential upside of 8.15% from the stock’s current price.

A number of other equities analysts also recently weighed in on the company. UBS Group reaffirmed a “buy” rating and set a $28.00 price target on shares of Associated Banc in a research report on Tuesday, December 2nd. Royal Bank Of Canada boosted 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 report on Friday, January 23rd. 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. Piper Sandler raised their target price on shares of Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Finally, Zacks Research raised shares of Associated Banc from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.90.

Associated Banc Stock Up 2.2%

Shares of ASB traded up $0.54 during midday trading on Monday, hitting $24.97. The stock had a trading volume of 775,937 shares, compared to its average volume of 2,468,695. The firm has a market cap of $4.13 billion, a price-to-earnings ratio of 9.01, a price-to-earnings-growth ratio of 1.11 and a beta of 0.80. The company has a 50 day simple moving average of $26.81 and a two-hundred day simple moving average of $26.20. Associated Banc has a twelve month low of $18.32 and a twelve month high of $29.51. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90.

Associated Banc (NYSE:ASB) last posted 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 during the quarter, compared to analysts’ expectations 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 firm earned $0.72 earnings per share. On average, analysts anticipate that Associated Banc will post 2.43 EPS for the current year.

Associated Banc announced that its Board of Directors has initiated a share buyback plan on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Associated Banc

In other news, Director John B. Williams sold 2,325 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total value of $65,216.25. Following the completion of the sale, the director directly owned 70,959 shares of the company’s stock, valued at $1,990,399.95. This trade represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Eileen A. Kamerick sold 6,600 shares of Associated Banc 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 owned 49,264 shares of the company’s stock, valued at $1,380,377.28. This represents a 11.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 23,656 shares of company stock worth $677,789. Insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Several institutional investors and hedge funds have recently modified their holdings of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 buying an additional 5,531 shares during the period. Millennium Management LLC lifted its position in Associated Banc by 90.4% during the first quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock worth $6,486,000 after acquiring an additional 136,648 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of 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 acquiring an additional 1,598,951 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Associated Banc by 13.9% during 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 acquired a new position in shares of Associated Banc in the second quarter valued at approximately $328,000. 82.98% of the stock is currently 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.