Key Points
- Associated Banc EVP Dennis Deloye sold 14,299 shares on May 26 at an average price of $28.26, totaling about $404,090. After the sale, he still owned 21,385 shares, cutting his stake by roughly 40%.
- The bank reported better-than-expected first-quarter results, with EPS of $0.70 versus estimates of $0.69 and revenue of $387.21 million versus expectations of $384.20 million.
- Associated Banc also announced a quarterly dividend of $0.24 per share, equal to an annualized yield of about 3.4%, while analysts currently rate the stock a “Moderate Buy” with an average target price of $30.30.
Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Dennis Deloye sold 14,299 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total value of $404,089.74. Following the transaction, the executive vice president owned 21,385 shares of the company's stock, valued at $604,340.10. This represents a 40.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Associated Banc Stock Down 0.8%
NYSE ASB opened at $28.09 on Thursday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $4.66 billion, a P/E ratio of 9.75, a P/E/G ratio of 1.64 and a beta of 0.79. Associated Banc-Corp has a one year low of $22.48 and a one year high of $29.51. The stock has a 50 day moving average price of $27.06 and a 200-day moving average price of $26.71.
Associated Banc (NYSE:ASB - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The firm had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 million. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.During the same period in the prior year, the company earned $0.59 EPS. As a group, equities analysts predict that Associated Banc-Corp will post 2.92 EPS for the current fiscal year.
Associated Banc Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.24 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.4%. Associated Banc's payout ratio is 33.33%.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the company. Raymond James Financial reiterated an "outperform" rating and issued a $31.00 target price on shares of Associated Banc in a report on Monday, April 27th. Truist Financial lifted their target price on Associated Banc from $27.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Barclays upgraded Associated Banc from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $30.00 to $33.00 in a report on Tuesday, April 7th. Wells Fargo & Company lifted their target price on Associated Banc from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Monday, March 30th. Finally, Zacks Research cut Associated Banc from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Associated Banc currently has an average rating of "Moderate Buy" and an average target price of $30.30.
Check Out Our Latest Stock Analysis on Associated Banc
Hedge Funds Weigh In On Associated Banc
Several hedge funds have recently bought and sold shares of ASB. First Trust Advisors LP grew its position in Associated Banc by 127.6% in the 1st quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank's stock valued at $154,416,000 after acquiring an additional 3,347,699 shares during the last quarter. Norges Bank bought a new position in Associated Banc in the 4th quarter valued at $54,660,000. Goldman Sachs Group Inc. grew its position in Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after acquiring an additional 1,598,951 shares during the last quarter. Balyasny Asset Management L.P. grew its position in Associated Banc by 4,883.7% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock valued at $35,625,000 after acquiring an additional 1,357,862 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new position in Associated Banc in the 4th quarter valued at $27,819,000. Institutional investors own 82.98% of the company's stock.
About Associated Banc
(
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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