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

Associated Banc (NYSE:ASB) had its price target hoisted by Truist Financial from $26.00 to $27.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has a hold rating on the bank’s stock.

Several other research analysts have also commented on ASB. Piper Sandler raised their price target on shares of Associated Banc from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, July 25th. Barclays raised their price target on shares of Associated Banc from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Monday. Wells Fargo & Company increased their price objective on shares of Associated Banc from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Stephens lowered their price objective on shares of Associated Banc from $28.00 to $26.00 and set an “equal weight” rating for the company in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the company a “market perform” rating in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $27.78.

Associated Banc Price Performance

NYSE:ASB opened at $25.16 on Monday. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of 32.68, a price-to-earnings-growth ratio of 0.93 and a beta of 0.80. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. The company’s 50-day moving average is $24.36 and its two-hundred day moving average is $23.53. Associated Banc has a 12-month low of $18.32 and a 12-month high of $28.18.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.03. The business had revenue of $366.98 million for the quarter, compared to analyst estimates of $362.78 million. Associated Banc had a net margin of 5.79% and a return on equity of 8.86%. During the same period in the prior year, the firm posted $0.52 EPS. Research analysts expect that Associated Banc will post 2.43 EPS for the current year.

Associated Banc Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Tuesday, September 2nd. Associated Banc’s dividend payout ratio (DPR) is 119.48%.

Insider Buying and Selling at Associated Banc

In related news, CEO Andrew J. Harmening acquired 12,910 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The shares were acquired at an average cost of $23.25 per share, for a total transaction of $300,157.50. Following the completion of the purchase, the chief executive officer directly owned 319,269 shares in the company, valued at $7,423,004.25. This trade represents a 4.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Associated Banc

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP raised its position in Associated Banc by 154.3% in the fourth quarter. Quarry LP now owns 1,073 shares of the bank’s stock worth $26,000 after acquiring an additional 651 shares in the last quarter. Bayforest Capital Ltd bought a new stake in Associated Banc in the second quarter worth about $34,000. Covestor Ltd raised its position in Associated Banc by 221.0% in the fourth quarter. Covestor Ltd now owns 1,499 shares of the bank’s stock worth $36,000 after acquiring an additional 1,032 shares in the last quarter. Versant Capital Management Inc raised its position in Associated Banc by 385.5% in the first quarter. Versant Capital Management Inc now owns 1,612 shares of the bank’s stock worth $36,000 after acquiring an additional 1,280 shares in the last quarter. Finally, Richardson Capital Management LLC bought a new stake in Associated Banc in the second quarter worth about $49,000. 82.98% of the stock is currently owned by institutional investors.

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.