Key Points
- EVP Patrick Edward Ahern sold 14,731 shares of Associated Banc on Feb. 10 at an average price of $29.03 for $427,640.93, reducing his stake to 39,401 shares (a 27.21% ownership decline); this follows December sales totaling about 33,816 shares.
- Associated Banc beat earnings estimates on Jan. 22 with $0.80 EPS vs. $0.69 expected and $393.5M in revenue, and analysts forecast roughly $2.43 EPS for the year.
- Company is returning capital to shareholders via a quarterly $0.24 dividend (annualized $0.96, ~3.4% yield) and a newly authorized $100 million share buyback (about 2.2% of outstanding stock).
Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Patrick Edward Ahern sold 14,731 shares of the company's stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total transaction of $427,640.93. Following the transaction, the executive vice president owned 39,401 shares of the company's stock, valued at $1,143,811.03. This trade represents a 27.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Patrick Edward Ahern also recently made the following trade(s):
- On Thursday, December 4th, Patrick Edward Ahern sold 30,489 shares of Associated Banc stock. The shares were sold at an average price of $25.70, for a total value of $783,567.30.
- 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.
Associated Banc Stock Performance
NYSE:ASB opened at $28.31 on Thursday. The stock has a market cap of $4.70 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 1.33 and a beta of 0.81. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. The stock's 50-day moving average is $26.87 and its 200-day moving average is $26.01. Associated Banc-Corp has a 1-year low of $18.32 and a 1-year high of $29.51.
Associated Banc (NYSE:ASB - Get Free Report) last announced its earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.11. The business had revenue of $393.52 million during the quarter, compared to analyst estimates of $382.06 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.During the same period last year, the company earned $0.72 EPS. Equities research analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current year.
Associated Banc Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a $0.24 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.96 annualized dividend and a yield of 3.4%. Associated Banc's dividend payout ratio is presently 34.66%.
Associated Banc announced that its Board of Directors has approved a stock buyback plan on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.
Analysts Set New Price Targets
ASB has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Associated Banc from a "buy" rating to a "hold" rating in a research report on Sunday, February 1st. UBS Group restated a "buy" rating and issued a $28.00 target price on shares of Associated Banc in a report on Tuesday, December 2nd. Piper Sandler increased their price target on Associated Banc from $27.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 23rd. Raymond James Financial reissued an "outperform" rating and issued a $30.00 price objective (up from $29.00) on shares of Associated Banc in a research report on Monday, October 27th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Associated Banc in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Associated Banc presently has an average rating of "Hold" and a consensus price target of $29.20.
Check Out Our Latest Stock Report on ASB
Hedge Funds Weigh In On Associated Banc
A number of institutional investors and hedge funds have recently made changes to their positions in ASB. Picton Mahoney Asset Management acquired a new stake in shares of Associated Banc in the 4th quarter valued at about $1,188,000. Deutsche Bank AG raised its stake in Associated Banc by 4.2% during the 4th quarter. Deutsche Bank AG now owns 131,253 shares of the bank's stock worth $3,381,000 after buying an additional 5,290 shares during the period. LPL Financial LLC boosted its holdings in Associated Banc by 2.3% in the fourth quarter. LPL Financial LLC now owns 19,079 shares of the bank's stock worth $491,000 after acquiring an additional 426 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Associated Banc by 3.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,014,768 shares of the bank's stock valued at $26,140,000 after acquiring an additional 30,231 shares during the period. Finally, 111 Capital bought a new stake in shares of Associated Banc during the fourth quarter valued at approximately $681,000. Institutional investors own 82.98% of the company's stock.
Associated Banc Company Profile
(
Get Free Report)
Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.
On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.
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