Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Associated Banc (NYSE:ASB) Stock

Posted by Stephan Jacobs on Jan 23rd, 2026

Associated Banc (NYSE:ASB – Get Free Report) had its target price hoisted by stock analysts at Keefe, Bruyette & Woods from $29.00 to $30.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 9.15% from the stock’s previous close.

ASB has been the topic of several other research reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $29.00 price target on shares of Associated Banc in a research note on Monday, January 12th. Piper Sandler increased their target price on Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday. Barclays reduced their price objective on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings reissued a “hold (c+)” rating on shares of Associated Banc in a research report on Monday, December 29th. Finally, Truist Financial upped their price target on Associated Banc from $27.00 to $29.00 and gave the stock a “hold” rating in a research report on Monday, December 22nd. Three investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Associated Banc currently has a consensus rating of “Hold” and a consensus price target of $29.00.

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Associated Banc Trading Up 0.7%

Shares of Associated Banc stock opened at $27.49 on Friday. The company’s fifty day simple moving average is $26.19 and its 200-day simple moving average is $25.79. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 29.24, a PEG ratio of 0.76 and a beta of 0.79. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.82. Associated Banc has a 1 year low of $18.32 and a 1 year high of $27.90.

Associated Banc (NYSE:ASB – Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.11. Associated Banc had a net margin of 7.23% and a return on equity of 9.45%. The company had revenue of $393.52 million during the quarter, compared to analysts’ expectations of $382.06 million. During the same quarter in the prior year, the company posted $0.72 EPS. As a group, sell-side analysts expect that Associated Banc will post 2.43 EPS for the current year.

Insider Activity at Associated Banc

In other news, EVP Patrick Edward Ahern sold 30,489 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $25.70, for a total value of $783,567.30. Following the completion of the transaction, the executive vice president owned 24,055 shares of the company’s stock, valued at approximately $618,213.50. This represents a 55.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John A. Utz sold 2,135 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $2,900,927.22. This trade represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 35,951 shares of company stock valued at $925,756. Company insiders own 1.45% of the company’s stock.

Institutional Trading of Associated Banc

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in shares of Associated Banc by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 4,151,111 shares of the bank’s stock worth $101,256,000 after buying an additional 67,219 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Associated Banc by 139.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Associated Banc by 32.5% during the 3rd quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank’s stock valued at $67,606,000 after buying an additional 645,676 shares in the last quarter. First Trust Advisors LP lifted its holdings in Associated Banc by 679.4% during the 3rd quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank’s stock worth $57,171,000 after purchasing an additional 1,938,393 shares in the last quarter. Finally, Norges Bank purchased a new position in Associated Banc during the second quarter valued at approximately $48,373,000. 82.98% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Associated Banc

Here are the key news stories impacting Associated Banc this week:

Positive Sentiment: Q4 results beat estimates — GAAP EPS was $0.80 (ahead of consensus) and revenue topped expectations, signaling better‑than‑expected quarter-to-quarter performance. Associated Banc‑Corp GAAP EPS of $0.80 beats by $0.09, revenue of $389.36M beats by $7.04M
Positive Sentiment: Record full‑year earnings — Associated reported net income available to common equity of $463 million ($2.77/share) for 2025, which strengthens the company’s full‑year earnings narrative and supports investor confidence in credit and fee performance. Associated Banc‑Corp Delivers Record Annual Net Income Available to Common Equity of $463 Million in 2025
Neutral Sentiment: Earnings call/transcript and slides available — management commentary and the slide deck were released; investors should review the transcript and slides for details on loan growth, margin drivers and capital deployment plans before assuming persistent outperformance. Associated Banc‑Corp (ASB) Q4 2025 Earnings Call Transcript
Neutral Sentiment: Analyst coverage echoes beats but digs into details — Zacks and other outlets note the EPS/revenue beats and compare key metrics versus estimates and prior year; these write‑ups can guide near‑term sentiment but don’t add new surprises. Associated Banc‑Corp (ASB) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates
Negative Sentiment: Liquidity and valuation considerations — the firm’s current and quick ratios are ~0.90 (below 1), and the stock trades at a P/E near 29, which could limit upside if growth or margin improvements stall. Investors should weigh liquidity metrics and valuation against the earnings beat.

Associated Banc Company Profile

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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.