Associated Banc (ASB) Price Target Raised to $28.00
Associated Banc (NYSE:ASB) had its price objective upped by investment analysts at Morgan Stanley from $25.50 to $28.00 in a report released on Wednesday. The brokerage currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target would suggest a potential upside of 10.67% from the stock’s previous close.
ASB has been the topic of a number of other research reports. Zacks Investment Research cut Associated Banc from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. SunTrust Banks set a $26.00 target price on Associated Banc and gave the stock a “hold” rating in a research report on Saturday, October 21st. Robert W. Baird reiterated a “hold” rating and set a $25.00 target price on shares of Associated Banc in a research report on Sunday, October 1st. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $26.00 target price on shares of Associated Banc in a research report on Tuesday, August 22nd. Finally, Jefferies Group reiterated a “hold” rating and set a $28.00 target price on shares of Associated Banc in a research report on Thursday, October 12th. One analyst has rated the stock with a sell rating and thirteen have issued a hold rating to the company’s stock. Associated Banc presently has a consensus rating of “Hold” and a consensus target price of $26.18.
Shares of Associated Banc (ASB) traded up $0.35 during midday trading on Wednesday, reaching $25.30. The company’s stock had a trading volume of 1,094,600 shares, compared to its average volume of 902,858. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.90 and a quick ratio of 0.89. Associated Banc has a 12 month low of $20.95 and a 12 month high of $26.70. The stock has a market cap of $3,771.56, a P/E ratio of 17.09, a price-to-earnings-growth ratio of 2.38 and a beta of 1.19.
Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, October 19th. The bank reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.05. Associated Banc had a return on equity of 7.81% and a net margin of 19.54%. The business had revenue of $276.02 million for the quarter, compared to analysts’ expectations of $276.88 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. equities analysts anticipate that Associated Banc will post 1.5 earnings per share for the current year.
In related news, Director William R. Hutchinson sold 4,632 shares of the business’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $25.70, for a total value of $119,042.40. Following the transaction, the director now owns 91,209 shares in the company, valued at approximately $2,344,071.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Philip B. Flynn sold 10,000 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $25.25, for a total value of $252,500.00. Following the completion of the transaction, the chief executive officer now owns 127,585 shares in the company, valued at approximately $3,221,521.25. The disclosure for this sale can be found here. Insiders sold a total of 61,426 shares of company stock worth $1,558,805 in the last 90 days. 1.80% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Associated Banc by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock worth $321,025,000 after purchasing an additional 248,381 shares during the period. State Street Corp increased its position in Associated Banc by 2.0% during the 2nd quarter. State Street Corp now owns 6,922,074 shares of the bank’s stock worth $174,433,000 after purchasing an additional 136,874 shares during the period. Victory Capital Management Inc. increased its position in Associated Banc by 3.3% during the 3rd quarter. Victory Capital Management Inc. now owns 5,178,754 shares of the bank’s stock worth $125,585,000 after purchasing an additional 164,148 shares during the period. Alliancebernstein L.P. increased its position in Associated Banc by 4.0% during the 2nd quarter. Alliancebernstein L.P. now owns 4,193,941 shares of the bank’s stock worth $105,687,000 after purchasing an additional 163,081 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Associated Banc by 1.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,790,033 shares of the bank’s stock worth $91,909,000 after purchasing an additional 64,574 shares during the period. Hedge funds and other institutional investors own 77.45% of the company’s stock.
About Associated Banc
Associated Banc-Corp is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a range of banking and non-banking products and services to individuals. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business, and Risk Management and Shared Services.
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