Associated Banc (NYSE:ASB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $29.00 price target on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.17% from the stock’s previous close.
According to Zacks, “Associated Banc-Corp’s shares have outperformed the industry in the past three months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Higher interest rates, rise in loan demand and improving asset quality will continue to support its profitability. Acquisition of Whitnell and deal to acquire Bank Mutual are expected to be accretive its earnings going forward. While mounting expenses and increased dependence on commercial loans remain key near-term concerns, the new tax act is expected to help the company’s financials.”
Other analysts also recently issued reports about the company. Morgan Stanley increased their target price on Associated Banc from $25.50 to $28.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. SunTrust Banks reiterated a “hold” rating and set a $27.00 target price on shares of Associated Banc in a research note on Wednesday, November 29th. Barclays increased their target price on Associated Banc from $26.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, October 23rd. Jefferies Group reiterated a “hold” rating and set a $28.00 target price on shares of Associated Banc in a research note on Thursday, October 12th. Finally, Robert W. Baird reiterated a “hold” rating and set a $25.00 target price on shares of Associated Banc in a research note on Sunday, October 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $26.20.
Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. The company had revenue of $276.02 million for the quarter, compared to the consensus estimate of $276.88 million. Associated Banc had a return on equity of 7.81% and a net margin of 19.54%. During the same quarter in the prior year, the business posted $0.31 EPS. analysts forecast that Associated Banc will post 1.5 earnings per share for the current fiscal year.
In other news, CFO Moral-Niles Christopher Del sold 1,476 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $26.00, for a total transaction of $38,376.00. Following the transaction, the chief financial officer now directly owns 81,784 shares of the company’s stock, valued at approximately $2,126,384. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director William R. Hutchinson sold 4,632 shares of the stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $25.70, for a total value of $119,042.40. Following the transaction, the director now directly owns 91,209 shares in the company, valued at $2,344,071.30. The disclosure for this sale can be found here. Insiders have sold a total of 61,426 shares of company stock worth $1,558,805 over the last three months. Insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASB. Cramer Rosenthal Mcglynn LLC lifted its holdings in shares of Associated Banc by 62.2% during the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 3,674,521 shares of the bank’s stock valued at $89,107,000 after buying an additional 1,409,435 shares during the period. Koch Industries Inc. bought a new position in shares of Associated Banc during the 2nd quarter valued at $581,000. Maltese Capital Management LLC lifted its holdings in shares of Associated Banc by 600.0% during the 3rd quarter. Maltese Capital Management LLC now owns 455,000 shares of the bank’s stock valued at $11,034,000 after buying an additional 390,000 shares during the period. Vanguard Group Inc. raised its holdings in Associated Banc by 2.0% in 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. Finally, Ameriprise Financial Inc. raised its holdings in Associated Banc by 14.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,938,950 shares of the bank’s stock worth $47,019,000 after purchasing an additional 245,390 shares during the period. 77.43% of the stock is currently owned by hedge funds and other institutional investors.
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Associated Banc Company Profile
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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