Key Points
- Associated Banc EVP Derek Meyer sold 10,000 shares at an average price of $30.74, generating $307,400. After the transaction, he retained 61,662 shares, reducing his ownership by 13.95%.
- The bank reported stronger-than-expected quarterly results, with earnings per share of $0.73 versus the $0.72 consensus estimate and revenue of $450.44 million versus $438.01 million expected.
- Associated Banc declared a quarterly dividend of $0.24 per share, equivalent to an annualized dividend of $0.96 and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with a $31.00 average price target.
Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Derek Meyer sold 10,000 shares of the company's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total value of $307,400.00. Following the completion of the transaction, the executive vice president owned 61,662 shares of the company's stock, valued at $1,895,489.88. The trade was a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
Associated Banc Trading Up 0.2%
Shares of ASB opened at $30.77 on Friday. Associated Banc-Corp has a fifty-two week low of $23.63 and a fifty-two week high of $31.83. The firm has a market cap of $5.80 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 1.05 and a beta of 0.76. The firm has a 50 day moving average price of $29.70 and a 200-day moving average price of $27.94. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93.
Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The firm had revenue of $450.44 million during the quarter, compared to the consensus estimate of $438.01 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. As a group, equities research analysts forecast that Associated Banc-Corp will post 2.9 earnings per share for the current year.
Associated Banc Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Associated Banc's payout ratio is presently 33.57%.
Hedge Funds Weigh In On Associated Banc
Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP boosted its holdings in Associated Banc by 127.6% in the first quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank's stock worth $154,416,000 after purchasing an additional 3,347,699 shares during the last quarter. Norges Bank bought a new position in shares of Associated Banc during the 4th quarter valued at $54,660,000. Goldman Sachs Group Inc. lifted its holdings in shares of Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after buying an additional 1,598,951 shares during the period. Balyasny Asset Management L.P. boosted its position in Associated Banc by 4,883.7% in the third quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock worth $35,625,000 after purchasing an additional 1,357,862 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of Associated Banc during the 4th quarter valued at about $27,819,000. Institutional investors own 82.98% of the company's stock.
Analysts Set New Price Targets
ASB has been the topic of several recent research reports. Barclays upped their price target on Associated Banc from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Truist Financial upped their target price on shares of Associated Banc from $30.00 to $32.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a research note on Wednesday, June 24th. Raymond James Financial boosted their price objective on shares of Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Finally, Robert W. Baird upped their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Associated Banc has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.
Check Out Our Latest Research Report on Associated Banc
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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