Key Points
- EVP Patrick Edward Ahern sold 30,489 shares of Associated Banc on December 4 at an average price of $25.70 for a total of $783,567.30, reducing his direct holdings by 55.9% to 24,055 shares.
- Associated Banc raised its quarterly dividend to $0.24 (annualized $0.96) for a yield of 3.7%, with an ex-dividend date of December 1 and payment on December 15, while the dividend payout ratio stands at a high 102.13%.
- For the quarter ended October 23 the bank reported $0.73 EPS (vs. $0.66 consensus) and revenue of $390.7M (above estimates); analysts have an average rating of "Hold" and an average target price of $28.20.
Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Patrick Edward Ahern sold 30,489 shares of the business's stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $25.70, for a total value of $783,567.30. Following the sale, the executive vice president directly owned 24,055 shares in the company, valued at $618,213.50. This trade represents a 55.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Patrick Edward Ahern also recently made the following trade(s):
- On Wednesday, December 3rd, Patrick Edward Ahern sold 3,327 shares of Associated Banc stock. The shares were sold at an average price of $25.79, for a total value of $85,803.33.
- 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 value of $87,560.40.
Associated Banc Price Performance
NYSE ASB opened at $26.13 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.82. Associated Banc-Corp has a 1 year low of $18.32 and a 1 year high of $27.46. The company has a market cap of $4.33 billion, a PE ratio of 27.79, a PEG ratio of 0.77 and a beta of 0.81. The stock's 50-day moving average price is $25.48 and its two-hundred day moving average price is $25.17.
Associated Banc (NYSE:ASB - Get Free Report) last announced its earnings results on Thursday, October 23rd. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.66 by $0.07. Associated Banc had a net margin of 7.23% and a return on equity of 9.45%. The company had revenue of $390.71 million during the quarter, compared to analysts' expectations of $377.94 million. During the same period last year, the company posted $0.56 earnings per share. On average, analysts predict that Associated Banc-Corp will post 2.43 EPS for the current year.
Associated Banc Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.7%. The ex-dividend date is Monday, December 1st. This is a positive change from Associated Banc's previous quarterly dividend of $0.23. Associated Banc's dividend payout ratio is presently 102.13%.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on ASB. Weiss Ratings restated a "hold (c)" rating on shares of Associated Banc in a report on Wednesday, October 8th. UBS Group reissued a "buy" rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Tuesday, December 2nd. Royal Bank Of Canada restated a "sector perform" rating on shares of Associated Banc in a research report on Tuesday, December 2nd. Raymond James Financial reiterated an "outperform" rating and issued a $30.00 target price (up previously from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Finally, Barclays decreased their price target on shares of Associated Banc from $32.00 to $30.00 and set an "equal weight" rating for the company in a report on Tuesday, November 11th. Three analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $28.20.
Read Our Latest Analysis on Associated Banc
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of ASB. California State Teachers Retirement System raised its holdings in shares of Associated Banc by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 154,933 shares of the bank's stock valued at $3,779,000 after purchasing an additional 394 shares in the last quarter. Smartleaf Asset Management LLC increased its position in Associated Banc by 46.8% during the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank's stock worth $33,000 after buying an additional 408 shares during the last quarter. US Bancorp DE raised its holdings in Associated Banc by 0.5% during the third quarter. US Bancorp DE now owns 80,677 shares of the bank's stock valued at $2,074,000 after buying an additional 415 shares in the last quarter. Tidal Investments LLC raised its holdings in Associated Banc by 2.0% during the second quarter. Tidal Investments LLC now owns 27,354 shares of the bank's stock valued at $667,000 after buying an additional 549 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Associated Banc by 17.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,688 shares of the bank's stock worth $83,000 after buying an additional 559 shares during the last quarter. Institutional investors and hedge funds own 82.98% of the company's stock.
About Associated Banc
(
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.
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