Truist Financial Forecasts Strong Price Appreciation for Associated Banc (NYSE:ASB) Stock

Associated Banc (NYSE:ASB) had its price objective increased by investment analysts at Truist Financial from $29.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 13.58% from the stock’s previous close.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday. Weiss Ratings reissued a “hold (c+)” rating on shares of Associated Banc in a research note on Monday, December 29th. Piper Sandler upped their target price on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday. Raymond James Financial reissued an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Associated Banc in a research note on Monday, October 27th. Finally, Wall Street Zen upgraded shares of Associated Banc from a “hold” rating to a “buy” rating in a research report on Saturday. Three equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $29.20.

Associated Banc Stock Performance

Associated Banc stock traded down $0.03 during mid-day trading on Monday, reaching $26.41. The company had a trading volume of 418,626 shares, compared to its average volume of 2,311,385. The company has a 50 day moving average of $26.22 and a 200-day moving average of $25.79. Associated Banc has a 52 week low of $18.32 and a 52 week high of $28.02. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.81. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 0.73 and a beta of 0.79.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 10.25% and a net margin of 19.31%.During the same quarter last year, the company earned $0.72 EPS. On average, sell-side analysts expect that Associated Banc will post 2.43 EPS for the current fiscal year.

Insider Transactions at Associated Banc

In other news, EVP Patrick Edward Ahern sold 30,489 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $25.70, for a total value of $783,567.30. Following the completion of the sale, the executive vice president directly owned 24,055 shares of the company’s stock, valued at $618,213.50. This trade represents a 55.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John A. Utz sold 2,135 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the sale, the executive vice president owned 109,842 shares of the company’s stock, valued at approximately $2,900,927.22. This represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 35,951 shares of company stock valued at $925,756. Insiders own 1.10% of the company’s stock.

Institutional Trading of Associated Banc

Hedge funds and other institutional investors have recently modified their holdings of the stock. Burney Co. increased its holdings in Associated Banc by 3.9% in the fourth quarter. Burney Co. now owns 48,664 shares of the bank’s stock valued at $1,254,000 after purchasing an additional 1,836 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Associated Banc by 10.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 32,092 shares of the bank’s stock worth $827,000 after acquiring an additional 3,121 shares in the last quarter. Hoese & Co LLP bought a new stake in Associated Banc in the fourth quarter valued at $52,000. SG Americas Securities LLC acquired a new position in shares of Associated Banc during the fourth quarter valued at about $11,659,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Associated Banc by 6.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 60,295 shares of the bank’s stock valued at $1,620,000 after buying an additional 3,639 shares in the last quarter. Institutional investors 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.