Associated Banc (NYSE:ASB) Price Target Cut to $22.00

Associated Banc (NYSE:ASB) had its price target reduced by investment analysts at Barclays from $24.00 to $22.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective indicates a potential upside of 5.87% from the stock’s current price.

Several other brokerages have also issued reports on ASB. StockNews.com upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a research report on Thursday, June 6th. Wells Fargo & Company lifted their target price on shares of Associated Banc from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $23.00 target price on shares of Associated Banc in a research report on Tuesday, April 9th. Finally, Stephens reiterated an “equal weight” rating and issued a $23.00 target price on shares of Associated Banc in a research report on Friday, April 26th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $22.88.

Associated Banc Price Performance

Shares of NYSE:ASB traded up $0.49 during midday trading on Monday, reaching $20.78. 229,426 shares of the company’s stock traded hands, compared to its average volume of 1,309,542. The company has a fifty day simple moving average of $21.13 and a two-hundred day simple moving average of $20.98. Associated Banc has a 1 year low of $15.16 and a 1 year high of $22.77. The company has a market cap of $3.13 billion, a P/E ratio of 21.01, a PEG ratio of 2.13 and a beta of 0.96. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.86 and a current ratio of 0.86.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Tuesday, April 30th. The bank reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. Associated Banc had a net margin of 6.86% and a return on equity of 8.31%. The company had revenue of $322.84 million during the quarter, compared to analysts’ expectations of $325.00 million. During the same period in the prior year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. Equities analysts predict that Associated Banc will post 2.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Associated Banc news, EVP Nicole M. Kitowski sold 5,019 shares of Associated Banc 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 of the company’s stock, valued at $806,591.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP John A. Utz sold 2,500 shares of the company’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 sale, the executive vice president now directly owns 100,922 shares of the company’s stock, valued at approximately $2,238,449.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Nicole M. Kitowski sold 5,019 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was 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 in the company, valued at $806,591.39. The disclosure for this sale can be found here. 1.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Associated Banc

Several large investors have recently added to or reduced their stakes in ASB. EMC Capital Management grew its holdings in Associated Banc by 34.6% during the 1st quarter. EMC Capital Management now owns 27,869 shares of the bank’s stock worth $599,000 after acquiring an additional 7,162 shares in the last quarter. Hancock Whitney Corp grew its holdings in Associated Banc by 19.3% during the 1st quarter. Hancock Whitney Corp now owns 59,769 shares of the bank’s stock worth $1,286,000 after acquiring an additional 9,687 shares in the last quarter. Tidal Investments LLC acquired a new position in Associated Banc during the 1st quarter worth approximately $866,000. Bayesian Capital Management LP acquired a new position in Associated Banc during the 1st quarter worth approximately $609,000. Finally, Lazard Asset Management LLC acquired a new position in Associated Banc during the 1st quarter worth approximately $350,000. 82.98% of the stock is owned by hedge funds and other institutional investors.

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.