Associated Banc (NYSE:ASB) Posts Earnings Results, Beats Expectations By $0.11 EPS

Associated Banc (NYSE:ASB) announced its quarterly earnings data on Thursday. The bank reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11, FiscalAI reports. The business had revenue of $393.52 million for the quarter, compared to analyst estimates of $382.06 million. Associated Banc had a net margin of 7.23% and a return on equity of 9.45%.

Associated Banc Price Performance

Shares of NYSE ASB traded up $0.19 during midday trading on Thursday, reaching $27.49. 2,842,094 shares of the company were exchanged, compared to its average volume of 2,398,021. The stock has a market cap of $4.56 billion, a P/E ratio of 29.24, a PEG ratio of 0.72 and a beta of 0.79. Associated Banc has a one year low of $18.32 and a one year high of $27.90. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. The stock’s 50-day moving average price is $26.15 and its 200-day moving average price is $25.77.

Associated Banc Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a $0.24 dividend. This is an increase from Associated Banc’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Monday, December 1st. Associated Banc’s dividend payout ratio (DPR) is 102.13%.

Analyst Ratings Changes

ASB has been the topic of a number of recent analyst reports. Truist Financial boosted their target price on shares of Associated Banc from $27.00 to $29.00 and gave the stock a “hold” rating in a report on Monday, December 22nd. Wall Street Zen cut Associated Banc from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Barclays decreased their target price on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 11th. UBS Group restated a “buy” rating and set a $28.00 target price on shares of Associated Banc in a research note on Tuesday, December 2nd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Associated Banc in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Associated Banc has an average rating of “Hold” and an average price target of $28.50.

Insiders Place Their Bets

In other Associated Banc news, EVP Patrick Edward Ahern sold 30,489 shares of Associated Banc stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $25.70, for a total value of $783,567.30. Following the completion of the sale, the executive vice president directly owned 24,055 shares in the company, valued at approximately $618,213.50. The trade was a 55.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John A. Utz sold 2,135 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the transaction, the executive vice president owned 109,842 shares in the company, valued at $2,900,927.22. The trade was a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 35,951 shares of company stock valued at $925,756 over the last 90 days. 1.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Associated Banc

Hedge funds have recently added to or reduced their stakes in the stock. Sivia Capital Partners LLC purchased a new stake in shares of Associated Banc during the second quarter worth $328,000. Tower Research Capital LLC TRC raised its stake in shares of Associated Banc by 229.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 28,547 shares of the bank’s stock valued at $696,000 after purchasing an additional 19,884 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in Associated Banc during the 3rd quarter worth about $456,000. Aquatic Capital Management LLC purchased a new stake in Associated Banc during the 3rd quarter worth about $448,000. Finally, PharVision Advisers LLC purchased a new position in Associated Banc during the 3rd quarter valued at about $354,000. Institutional investors and hedge funds own 82.98% of the company’s stock.

About Associated Banc

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.