Wells Fargo & Company Raises Associated Banc (NYSE:ASB) Price Target to $22.00

Associated Banc (NYSE:ASB) had its price target increased by stock analysts at Wells Fargo & Company from $20.00 to $22.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 7.00% from the stock’s current price.

Other analysts have also issued reports about the company. Piper Sandler raised their target price on Associated Banc from $21.50 to $23.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Raymond James raised their price objective on shares of Associated Banc from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Royal Bank of Canada reiterated a “sector perform” rating and set a $23.00 target price on shares of Associated Banc in a research report on Tuesday. Finally, Barclays started coverage on shares of Associated Banc in a research note on Friday, March 8th. They set an “equal weight” rating and a $22.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Associated Banc presently has an average rating of “Hold” and an average target price of $22.63.

Associated Banc Price Performance

Shares of Associated Banc stock opened at $20.56 on Wednesday. Associated Banc has a 1-year low of $14.47 and a 1-year high of $22.16. The firm’s 50-day moving average price is $20.70 and its two-hundred day moving average price is $19.49. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 18.19, a P/E/G ratio of 1.26 and a beta of 1.00.

Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Associated Banc had a return on equity of 8.90% and a net margin of 8.12%. The business had revenue of $322.22 million for the quarter, compared to analyst estimates of $325.89 million. On average, equities analysts predict that Associated Banc will post 2.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Associated Banc news, Director John B. Williams sold 2,700 shares of the firm’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 transaction, the director now directly owns 62,876 shares of the company’s stock, valued at $1,229,225.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director John B. Williams sold 2,700 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $19.55, for a total value of $52,785.00. Following the transaction, the director now owns 62,876 shares of the company’s stock, valued at approximately $1,229,225.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John A. Utz sold 14,010 shares of Associated Banc stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $21.20, for a total value of $297,012.00. Following 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 over the last ninety days. Insiders own 1.45% of the company’s stock.

Institutional Trading of Associated Banc

Hedge funds have recently modified their holdings of the company. Creekmur Asset Management LLC acquired a new position in Associated Banc during the fourth quarter valued at approximately $28,000. First Command Advisory Services Inc. bought a new position in shares of Associated Banc during the third quarter worth $29,000. Point72 Europe London LLP acquired a new position in shares of Associated Banc in the 4th quarter valued at $42,000. Coppell Advisory Solutions Corp. bought a new stake in shares of Associated Banc in the 4th quarter valued at $47,000. Finally, Quarry LP raised its stake in Associated Banc by 319.6% during the 1st quarter. Quarry LP now owns 2,140 shares of the bank’s stock worth $38,000 after buying an additional 1,630 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

About Associated Banc

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.