Associated Banc (NYSE:ASB) Raised to “Overweight” at Barclays

Associated Banc (NYSE:ASB) was upgraded by investment analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Tuesday,Benzinga reports. The firm presently has a $33.00 price target on the bank’s stock, up from their prior price target of $30.00. Barclays‘s price objective would suggest a potential upside of 25.50% from the company’s current price.

Several other analysts also recently commented on the stock. Stephens raised shares of Associated Banc from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $30.00 to $29.00 in a research report on Friday, March 27th. Piper Sandler boosted their price objective on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Wells Fargo & Company boosted their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. Truist Financial reduced their price objective on shares of Associated Banc from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Monday, March 23rd. Finally, Zacks Research upgraded shares of Associated Banc from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.60.

Associated Banc Stock Performance

ASB stock opened at $26.30 on Tuesday. 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 company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 9.49, a P/E/G ratio of 1.21 and a beta of 0.77. Associated Banc has a 12 month low of $18.32 and a 12 month high of $29.51. The firm has a 50 day moving average of $26.56 and a two-hundred day moving average of $26.14.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, topping the consensus estimate 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 net margin of 19.31% and a return on equity of 10.25%. During the same period in the previous year, the firm posted $0.72 earnings per share. As a group, equities analysts anticipate that Associated Banc will post 2.43 EPS for the current fiscal year.

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

Insider Activity at Associated Banc

In related news, EVP Patrick Edward Ahern sold 14,731 shares of the company’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total transaction of $427,640.93. Following the completion of the transaction, the executive vice president directly owned 39,401 shares in the company, valued at $1,143,811.03. This represents a 27.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Williams sold 2,325 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total transaction of $65,216.25. Following the transaction, the director owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. The trade was a 3.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 23,656 shares of company stock worth $677,789 in the last ninety days. 0.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Associated Banc

Large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its stake in Associated Banc by 46.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock valued at $33,000 after purchasing an additional 408 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Associated Banc during the 4th quarter valued at $33,000. EverSource Wealth Advisors LLC raised its stake in Associated Banc by 345.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after purchasing an additional 1,047 shares during the last quarter. Quent Capital LLC acquired a new position in Associated Banc during the 3rd quarter valued at $34,000. Finally, First Horizon Corp acquired a new position in Associated Banc during the 3rd quarter valued at $39,000. 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.