Associated Banc (NYSE:ASB) PT Lowered to $22.00

Associated Banc (NYSE:ASB) had its target price lowered by equities researchers at Jefferies Financial Group from $24.00 to $22.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Jefferies Financial Group’s price target suggests a potential upside of 5.31% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $23.00 price target on shares of Associated Banc in a report on Tuesday, April 9th. StockNews.com upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a report on Tuesday. Barclays lowered their price target on shares of Associated Banc from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, June 24th. Stephens reiterated an “equal weight” rating and set a $23.00 price target on shares of Associated Banc in a report on Friday, April 26th. Finally, Wells Fargo & Company boosted their price target 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. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Associated Banc currently has an average rating of “Hold” and an average target price of $22.78.

Associated Banc Stock Up 0.1 %

Shares of ASB stock traded up $0.02 during trading on Wednesday, reaching $20.89. The company’s stock had a trading volume of 185,105 shares, compared to its average volume of 1,311,739. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of 21.10, a P/E/G ratio of 2.20 and a beta of 0.95. The stock’s 50-day moving average price is $21.15 and its 200 day moving average price is $21.01. Associated Banc has a 1-year low of $15.16 and a 1-year high of $22.77.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Tuesday, April 30th. The bank reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates 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 6.86% and a return on equity of 8.31%. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.66 earnings per share. On average, research analysts anticipate that Associated Banc will post 2.11 EPS for the current year.

Insiders Place Their Bets

In other Associated Banc news, EVP Nicole M. Kitowski sold 5,019 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $21.23, for a total transaction of $106,553.37. Following the sale, the executive vice president now directly owns 37,993 shares of the company’s stock, valued at approximately $806,591.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Nicole M. Kitowski sold 5,019 shares of the stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $21.23, for a total transaction of $106,553.37. Following the transaction, the executive vice president now directly owns 37,993 shares in the company, valued at approximately $806,591.39. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John A. Utz sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $22.18, for a total transaction of $55,450.00. Following the completion of the transaction, the executive vice president now owns 100,922 shares in the company, valued at approximately $2,238,449.96. The disclosure for this sale can be found here. 1.45% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Associated Banc during the fourth quarter valued at approximately $36,722,000. LSV Asset Management raised its stake in shares of Associated Banc by 43.3% during the first quarter. LSV Asset Management now owns 4,050,813 shares of the bank’s stock valued at $87,133,000 after purchasing an additional 1,224,216 shares during the period. Verition Fund Management LLC raised its stake in shares of Associated Banc by 50.2% during the fourth quarter. Verition Fund Management LLC now owns 2,181,042 shares of the bank’s stock valued at $46,652,000 after purchasing an additional 728,555 shares during the period. AQR Capital Management LLC raised its stake in shares of 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 period. Finally, Walleye Capital LLC purchased a new stake in shares of Associated Banc during the third quarter valued at approximately $7,561,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

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.