Key Points
- Insider sale: EVP Patrick Edward Ahern sold 3,327 shares on Dec. 3 at an average $25.79 for $85,803, reducing his stake by 7.47% to 41,188 shares (he also sold 3,342 shares on Sept. 11).
- Dividend increase: Associated Banc raised its quarterly dividend to $0.24 (from $0.23), payable Dec. 15 with an ex-dividend date of Dec. 1, implying a 3.7% yield but a high payout ratio of 102.13%.
- Earnings and market view: The bank beat Q3 estimates with $0.73 EPS and $390.7M revenue; shares trade near $26.13, the market cap is about $4.33B, and analysts maintain a consensus "Hold" with a $28.20 target.
Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Patrick Edward Ahern sold 3,327 shares of the business's stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $25.79, for a total transaction of $85,803.33. Following the completion of the transaction, the executive vice president directly owned 41,188 shares in the company, valued at $1,062,238.52. This represents a 7.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
Patrick Edward Ahern also recently made the following trade(s):
- On Thursday, September 11th, Patrick Edward Ahern sold 3,342 shares of Associated Banc stock. The stock was sold at an average price of $26.20, for a total transaction of $87,560.40.
Associated Banc Stock Performance
Shares of Associated Banc stock traded up $0.10 on Friday, reaching $26.13. 109,032 shares of the stock were exchanged, compared to its average volume of 1,532,041. Associated Banc-Corp has a 1-year low of $18.32 and a 1-year high of $27.46. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.82. The business has a fifty day moving average price of $25.47 and a two-hundred day moving average price of $25.11. The firm has a market capitalization of $4.33 billion, a PE ratio of 27.80, a PEG ratio of 0.95 and a beta of 0.81.
Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, October 23rd. The bank reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.07. Associated Banc had a net margin of 7.23% and a return on equity of 9.45%. The firm had revenue of $390.71 million during the quarter, compared to the consensus estimate of $377.94 million. During the same quarter last year, the firm earned $0.56 earnings per share. As a group, research analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.
Associated Banc Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.7%. This is a boost from Associated Banc's previous quarterly dividend of $0.23. The ex-dividend date is Monday, December 1st. Associated Banc's dividend payout ratio (DPR) is presently 102.13%.
Institutional Investors Weigh In On Associated Banc
A number of large investors have recently added to or reduced their stakes in ASB. California State Teachers Retirement System raised its position in Associated Banc by 0.3% during the second quarter. California State Teachers Retirement System now owns 154,933 shares of the bank's stock worth $3,779,000 after acquiring an additional 394 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Associated Banc by 46.8% in the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank's stock valued at $33,000 after purchasing an additional 408 shares during the last quarter. US Bancorp DE increased its stake in shares of Associated Banc by 0.5% during the 3rd quarter. US Bancorp DE now owns 80,677 shares of the bank's stock worth $2,074,000 after purchasing an additional 415 shares in the last quarter. Tidal Investments LLC raised its position in shares of Associated Banc by 2.0% during the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank's stock worth $667,000 after purchasing an additional 549 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Associated Banc by 17.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,688 shares of the bank's stock valued at $83,000 after buying an additional 559 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on the company. Barclays cut their price objective on Associated Banc from $32.00 to $30.00 and set an "equal weight" rating for the company in a research report on Tuesday, November 11th. Raymond James Financial reiterated an "outperform" rating and issued a $30.00 price target (up previously from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Weiss Ratings reiterated a "hold (c)" rating on shares of Associated Banc in a research note on Wednesday, October 8th. Royal Bank Of Canada restated a "sector perform" rating on shares of Associated Banc in a research report on Tuesday. Finally, UBS Group reiterated a "buy" rating and set a $28.00 price target on shares of Associated Banc in a research report on Tuesday. Three research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $28.20.
View Our Latest Analysis on Associated Banc
Associated Banc Company Profile
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
