Associated Banc (NYSE:ASB) Price Target Raised to $24.00

Associated Banc (NYSE:ASB) had its price target hoisted by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

ASB has been the topic of a number of other research reports. StockNews.com raised Associated Banc from a sell rating to a hold rating in a research note on Tuesday, July 2nd. Baird R W lowered Associated Banc from a strong-buy rating to a hold rating in a research note on Wednesday, July 17th. Wells Fargo & Company increased their price objective on Associated Banc from $20.00 to $22.00 and gave the company an equal weight rating in a research note on Wednesday, April 10th. Royal Bank of Canada reaffirmed a sector perform rating and set a $23.00 price objective on shares of Associated Banc in a research note on Tuesday, April 9th. Finally, Stephens reaffirmed an equal weight rating and set a $23.00 price objective on shares of Associated Banc in a research note on Friday, April 26th. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Associated Banc presently has an average rating of Hold and a consensus target price of $23.56.

Associated Banc Stock Down 3.7 %

Associated Banc stock opened at $23.06 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 2.26 and a beta of 0.95. Associated Banc has a fifty-two week low of $15.16 and a fifty-two week high of $24.21. The stock’s fifty day moving average is $21.27 and its two-hundred day moving average is $21.12.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, July 25th. The bank reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. The company had revenue of $321.75 million for the quarter, compared to analyst estimates of $330.69 million. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. Associated Banc’s revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.56 earnings per share. Analysts predict that Associated Banc will post 2.14 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP John A. Utz sold 2,500 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $22.18, for a total value of $55,450.00. Following the transaction, the executive vice president now directly owns 100,922 shares in the company, valued at approximately $2,238,449.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Associated Banc

Large investors have recently modified their holdings of the company. Steph & Co. raised its holdings in shares of Associated Banc by 470.2% in the 1st quarter. Steph & Co. now owns 1,169 shares of the bank’s stock worth $25,000 after purchasing an additional 964 shares during the period. Bessemer Group Inc. raised its holdings in shares of Associated Banc by 285.2% in the 1st quarter. Bessemer Group Inc. now owns 1,225 shares of the bank’s stock worth $26,000 after purchasing an additional 907 shares during the period. Creekmur Asset Management LLC purchased a new stake in shares of Associated Banc during the 4th quarter valued at about $28,000. Parallel Advisors LLC raised its holdings in shares of Associated Banc by 64.0% during the 4th quarter. Parallel Advisors LLC now owns 2,290 shares of the bank’s stock valued at $49,000 after buying an additional 894 shares during the period. Finally, Quadrant Capital Group LLC lifted its position in Associated Banc by 183.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,860 shares of the bank’s stock worth $61,000 after acquiring an additional 1,850 shares in the last quarter. 82.98% of the stock is currently 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.