Associated Banc (NYSE:ASB) Issues Earnings Results

Associated Banc (NYSE:ASB) issued its earnings results on Thursday. The bank reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03, Briefing.com reports. Associated Banc had a net margin of 8.12% and a return on equity of 8.90%. The company had revenue of $322.84 million during the quarter, compared to analysts’ expectations of $325.00 million. During the same period last year, the company posted $0.66 earnings per share. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year.

Associated Banc Stock Up 2.1 %

Shares of ASB traded up $0.44 during midday trading on Friday, hitting $21.81. The company had a trading volume of 1,077,356 shares, compared to its average volume of 1,427,428. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.62. Associated Banc has a 52 week low of $14.47 and a 52 week high of $22.16. The company’s 50 day moving average price is $20.78 and its 200 day moving average price is $19.74. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of 19.29, a PEG ratio of 1.25 and a beta of 1.00.

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 4.03%. The ex-dividend date was Thursday, February 29th. Associated Banc’s dividend payout ratio (DPR) is 77.88%.

Insider Activity at Associated Banc

In other Associated Banc news, Director John B. Williams sold 2,700 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $19.55, for a total transaction of $52,785.00. Following the completion of the transaction, the director now directly owns 62,876 shares of the company’s stock, valued at approximately $1,229,225.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP John A. Utz sold 14,010 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $21.20, for a total value of $297,012.00. Following the sale, the executive vice president now directly owns 89,880 shares in the company, valued at approximately $1,905,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Williams sold 2,700 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $19.55, for a total transaction of $52,785.00. Following the completion of the sale, the director now owns 62,876 shares in the company, valued at $1,229,225.80. The disclosure for this sale can be found here. Insiders sold a total of 21,710 shares of company stock valued at $454,897 in the last quarter. Insiders own 1.45% of the company’s stock.

Analysts Set New Price Targets

ASB has been the subject of a number of recent research reports. Wells Fargo & Company raised their price objective on shares of Associated Banc from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $23.00 price objective on shares of Associated Banc in a research note on Tuesday, April 9th. Stephens restated an “equal weight” rating and set a $23.00 target price on shares of Associated Banc in a research report on Friday. Piper Sandler raised their target price on shares of Associated Banc from $21.50 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Finally, Raymond James raised their target price on shares of Associated Banc from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Associated Banc currently has an average rating of “Hold” and an average price target of $23.13.

Associated Banc Company Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.