Wells Fargo & Company Boosts Associated Banc (NYSE:ASB) Price Target to $31.00

Associated Banc (NYSE:ASB) had its target price lifted by investment analysts at Wells Fargo & Company from $30.00 to $31.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 23.49% from the stock’s current price.

A number of other research firms have also recently commented on ASB. Royal Bank Of Canada lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. Wall Street Zen cut shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Saturday. UBS Group reissued a “buy” rating and issued a $28.00 price target on shares of Associated Banc in a research note on Tuesday, December 2nd. Piper Sandler increased their price target on Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Finally, Stephens upgraded shares of Associated Banc from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $30.00 to $29.00 in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.30.

Associated Banc Price Performance

Shares of ASB traded up $0.23 during mid-day trading on Monday, reaching $25.10. The stock had a trading volume of 328,394 shares, compared to its average volume of 2,457,002. Associated Banc has a 12 month low of $18.32 and a 12 month high of $29.51. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of 9.03, a PEG ratio of 1.16 and a beta of 0.80. The business has a fifty day moving average of $26.68 and a 200 day moving average of $26.15.

Associated Banc (NYSE:ASB) last released its earnings results 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. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.The business had revenue of $393.52 million during the quarter, compared to the consensus estimate of $382.06 million. During the same period last year, the company earned $0.72 earnings per share. Equities analysts predict that Associated Banc will post 2.43 EPS for the current year.

Associated Banc announced that its Board of Directors has approved a stock buyback program on Tuesday, January 27th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Associated Banc news, Director Eileen A. Kamerick sold 6,600 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $28.02, for a total transaction of $184,932.00. Following the sale, the director owned 49,264 shares in the company, valued at $1,380,377.28. This represents a 11.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director John B. Williams sold 2,325 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total transaction of $65,216.25. Following the completion of the transaction, the director owned 70,959 shares in the company, valued at approximately $1,990,399.95. The trade was a 3.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 23,656 shares of company stock valued at $677,789. Corporate insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 valued at $2,198,000 after acquiring an additional 5,531 shares in the last quarter. Millennium Management LLC lifted its holdings in Associated Banc by 90.4% during the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock valued at $6,486,000 after purchasing an additional 136,648 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after acquiring an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Associated Banc by 13.9% in 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 valued at $11,184,000 after acquiring an additional 60,758 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new position in shares of Associated Banc in the 2nd quarter worth $328,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

About Associated Banc

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.