Key Points
- Associated Banc EVP Matthew Braeger sold 5,000 shares on June 9 at an average price of $28.17, totaling about $140,850. After the sale, he held 11,777 shares, a 29.8% reduction in his position.
- The company recently posted strong quarterly results, with EPS of $0.70 beating estimates by $0.01 and revenue of $387.21 million slightly above expectations. Analysts now expect full-year earnings of 2.92 per share.
- Associated Banc also announced a quarterly dividend of $0.24 per share, payable June 15, implying an annualized yield of 3.4%. Wall Street currently rates the stock a “Moderate Buy” with an average price target of $30.30.
Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Matthew Braeger sold 5,000 shares of Associated Banc stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total value of $140,850.00. Following the completion of the transaction, the executive vice president directly owned 11,777 shares of the company's stock, valued at approximately $331,758.09. This represents a 29.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Associated Banc Price Performance
ASB opened at $28.64 on Thursday. The stock has a 50-day moving average price of $27.65 and a 200-day moving average price of $26.90. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $5.40 billion, a PE ratio of 9.94, a P/E/G ratio of 1.64 and a beta of 0.77. Associated Banc-Corp has a 1 year low of $22.48 and a 1 year high of $29.51.
Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The firm had revenue of $387.21 million during the quarter, compared to analyst estimates of $384.20 million. During the same quarter in the previous year, the firm earned $0.59 EPS. Sell-side analysts predict that Associated Banc-Corp will post 2.92 earnings per share for the current fiscal year.
Associated Banc Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, June 1st. This represents a $0.96 annualized dividend and a yield of 3.4%. Associated Banc's dividend payout ratio is currently 33.33%.
Institutional Investors Weigh In On Associated Banc
Several hedge funds and other institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System increased its position 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 during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Associated Banc by 46.8% during the 3rd 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 position 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 valued at $2,074,000 after purchasing an additional 415 shares during the last quarter. LPL Financial LLC increased its position in shares of Associated Banc by 2.3% during the 4th quarter. LPL Financial LLC now owns 19,079 shares of the bank's stock valued at $491,000 after purchasing an additional 426 shares during the last quarter. Finally, Tidal Investments LLC increased 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 valued at $667,000 after purchasing an additional 549 shares during the last quarter. Hedge funds and other institutional investors own 82.98% of the company's stock.
Wall Street Analyst Weigh In
ASB has been the topic of several research analyst reports. Raymond James Financial restated an "outperform" rating and set a $31.00 target price on shares of Associated Banc in a research note on Monday, April 27th. Truist Financial upped their target price on shares of Associated Banc from $27.00 to $30.00 and gave the company a "hold" rating in a research note on Monday, April 27th. Barclays upgraded shares of Associated Banc from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $30.00 to $33.00 in a research note on Tuesday, April 7th. Wells Fargo & Company upped their target price on shares of Associated Banc from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Monday, March 30th. Finally, Weiss Ratings upgraded shares of Associated Banc from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, February 17th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Associated Banc has an average rating of "Moderate Buy" and an average price target of $30.30.
View Our Latest Research Report on ASB
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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