Key Points
- EVP Randall Erickson sold 43,561 Associated Banc shares at an average price of $32.04, generating approximately $1.40 million. The sale reduced his ownership by 43.71% to 56,091 shares.
- Associated Banc reported quarterly EPS of $0.73, slightly exceeding analysts’ $0.72 estimate, while revenue of $454.54 million topped expectations. The company also announced a $0.24 quarterly dividend, representing a 3.0% yield.
- Analysts maintain a “Moderate Buy” consensus rating with an average price target of $31.60, while the stock opened at $32.22 and has risen above its 50-day and 200-day moving averages.
Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Gregory Warsek sold 16,300 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total transaction of $521,763.00. Following the completion of the sale, the executive vice president directly owned 13,809 shares of the company's stock, valued at $442,026.09. The trade was a 54.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Associated Banc Stock Performance
Shares of ASB opened at $32.22 on Friday. The firm's 50 day moving average is $30.46 and its 200-day moving average is $28.29. The stock has a market capitalization of $6.08 billion, a P/E ratio of 11.27, a P/E/G ratio of 1.09 and a beta of 0.77. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. Associated Banc-Corp has a 12-month low of $23.86 and a 12-month high of $32.44.
Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. The business had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. During the same period in the prior year, the business earned $0.65 earnings per share. Equities research analysts anticipate that Associated Banc-Corp will post 2.91 EPS for the current fiscal year.
Associated Banc Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. Associated Banc's dividend payout ratio is currently 33.57%.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Associated Banc by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock worth $2,198,000 after acquiring an additional 5,531 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Associated Banc by 90.4% in the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock valued at $6,486,000 after purchasing an additional 136,648 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Associated Banc by 139.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Associated Banc by 13.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock worth $11,184,000 after purchasing an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC acquired a new stake in shares of Associated Banc during the second quarter worth approximately $328,000. 82.98% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Associated Banc in a report on Wednesday, June 24th. Wall Street Zen downgraded Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Barclays increased their price target on Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Finally, Wells Fargo & Company lifted their price target on Associated Banc from $32.00 to $36.00 and gave the stock an "overweight" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $31.60.
Get Our Latest Analysis 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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