Associated Banc (NYSE:ASB) Given New $24.00 Price Target at Barclays

Associated Banc (NYSE:ASB) had its price target boosted by equities research analysts at Barclays from $22.00 to $24.00 in a report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s price target suggests a potential upside of 10.09% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Royal Bank of Canada restated a “sector perform” rating and set a $23.00 target price on shares of Associated Banc in a report on Tuesday, April 9th. Piper Sandler lifted their target price on shares of Associated Banc from $21.50 to $23.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Raymond James lifted their target price on shares of Associated Banc from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Finally, Wells Fargo & Company boosted their price objective on shares of Associated Banc from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $22.88.

Associated Banc Stock Performance

Shares of NYSE ASB traded up $0.43 during midday trading on Friday, reaching $21.80. 825,341 shares of the company were exchanged, compared to its average volume of 1,422,899. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.62. Associated Banc has a 1 year low of $14.47 and a 1 year high of $22.16. The stock has a fifty day simple moving average of $20.78 and a 200 day simple moving average of $19.74. The stock has a market cap of $3.28 billion, a P/E ratio of 19.35, a PEG ratio of 1.25 and a beta of 1.00.

Associated Banc (NYSE:ASB) last released its earnings results on Thursday, April 25th. The bank reported $0.52 EPS for the quarter, topping the consensus estimate of $0.49 by $0.03. The firm had revenue of $322.84 million during the quarter, compared to analysts’ expectations of $325.00 million. Associated Banc had a net margin of 8.12% and a return on equity of 8.90%. Associated Banc’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.66 EPS. On average, research analysts forecast that Associated Banc will post 2.13 earnings per share for the current fiscal year.

Insider Activity at Associated Banc

In other Associated Banc news, Director John B. Williams sold 2,700 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $19.55, for a total value of $52,785.00. Following the completion of the transaction, the director now owns 62,876 shares in the company, valued at approximately $1,229,225.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director John B. Williams sold 2,700 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $19.55, for a total value of $52,785.00. Following the completion of the sale, the director now directly owns 62,876 shares of the company’s stock, valued at approximately $1,229,225.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John A. Utz sold 14,010 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $297,012.00. Following the completion of the sale, the executive vice president now directly owns 89,880 shares of the company’s stock, valued at $1,905,456. The disclosure for this sale can be found here. Insiders sold a total of 21,710 shares of company stock valued at $454,897 in the last quarter. Insiders own 1.45% of the company’s stock.

Institutional Trading of Associated Banc

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Walleye Capital LLC acquired a new stake in Associated Banc during the third quarter valued at approximately $7,561,000. AQR Capital Management LLC lifted its stake in Associated Banc by 92.2% during the third quarter. AQR Capital Management LLC now owns 1,433,301 shares of the bank’s stock valued at $24,524,000 after purchasing an additional 687,552 shares during the last quarter. Deutsche Bank AG lifted its position in shares of Associated Banc by 7.7% in the 3rd quarter. Deutsche Bank AG now owns 123,392 shares of the bank’s stock valued at $2,111,000 after acquiring an additional 8,836 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its position in shares of Associated Banc by 2,344.7% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 709,170 shares of the bank’s stock valued at $12,134,000 after acquiring an additional 680,161 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Associated Banc by 66.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 621,784 shares of the bank’s stock valued at $13,300,000 after acquiring an additional 247,507 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Company Profile

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.