Associated Banc (NYSE:ASB) Now Covered by Truist Financial

Investment analysts at Truist Financial initiated coverage on shares of Associated Banc (NYSE:ASB) in a report issued on Tuesday, MarketBeat.com reports. The firm set a “hold” rating and a $26.00 price target on the bank’s stock. Truist Financial’s target price suggests a potential upside of 6.25% from the company’s current price.

A number of other brokerages have also weighed in on ASB. StockNews.com lowered Associated Banc from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Robert W. Baird cut their price target on shares of Associated Banc from $28.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, January 24th. Raymond James restated an “outperform” rating and set a $27.00 price objective on shares of Associated Banc in a research note on Monday, April 28th. Barclays dropped their price objective on shares of Associated Banc from $28.00 to $25.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Associated Banc from $29.00 to $27.00 and set a “market perform” rating for the company in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Associated Banc presently has a consensus rating of “Hold” and a consensus price target of $26.00.

Associated Banc Trading Down 0.4%

Shares of Associated Banc stock opened at $24.47 on Tuesday. The firm’s 50 day simple moving average is $21.68 and its two-hundred day simple moving average is $23.92. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 1.52 and a beta of 0.79. Associated Banc has a 12-month low of $18.32 and a 12-month high of $28.18. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $348.97 million for the quarter, compared to analyst estimates of $347.86 million. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. Analysts predict that Associated Banc will post 2.43 EPS for the current year.

Insider Transactions at Associated Banc

In other Associated Banc news, CEO Andrew J. Harmening bought 12,910 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were purchased at an average price of $23.25 per share, for a total transaction of $300,157.50. Following the transaction, the chief executive officer now directly owns 319,269 shares of the company’s stock, valued at approximately $7,423,004.25. This represents a 4.21% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Eileen A. Kamerick sold 7,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $24.71, for a total transaction of $172,970.00. Following the sale, the director now directly owns 49,495 shares of the company’s stock, valued at $1,223,021.45. This represents a 12.39% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.45% of the company’s stock.

Institutional Trading of Associated Banc

Institutional investors have recently made changes to their positions in the company. Ieq Capital LLC purchased a new position in Associated Banc in the 1st quarter valued at $744,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Associated Banc by 17.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,688 shares of the bank’s stock worth $83,000 after buying an additional 559 shares in the last quarter. AlphaQuest LLC lifted its stake in shares of Associated Banc by 235.6% in the first quarter. AlphaQuest LLC now owns 28,522 shares of the bank’s stock worth $643,000 after buying an additional 20,022 shares in the last quarter. Rhino Investment Partners Inc boosted its position in Associated Banc by 17.9% during the first quarter. Rhino Investment Partners Inc now owns 1,024,820 shares of the bank’s stock worth $23,089,000 after acquiring an additional 155,229 shares during the last quarter. Finally, Hsbc Holdings PLC grew its stake in Associated Banc by 25.7% during the 1st quarter. Hsbc Holdings PLC now owns 14,146 shares of the bank’s stock valued at $318,000 after acquiring an additional 2,892 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

About Associated Banc

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.