Associated Banc (NYSE:ASB) Announces Earnings Results, Hits Estimates

Associated Banc (NYSE:ASB) released its earnings results on Thursday. The bank reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52, Briefing.com reports. The firm had revenue of $321.75 million during the quarter, compared to analysts’ expectations of $330.69 million. Associated Banc had a return on equity of 8.18% and a net margin of 7.93%. Associated Banc’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.56 EPS.

Associated Banc Stock Performance

NYSE ASB traded up $0.02 during trading on Friday, reaching $23.95. The company’s stock had a trading volume of 2,803,435 shares, compared to its average volume of 1,385,734. The business’s fifty day moving average price is $21.21 and its 200-day moving average price is $21.10. Associated Banc has a twelve month low of $15.16 and a twelve month high of $24.21. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 24.20, a P/E/G ratio of 2.28 and a beta of 0.95.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date was Monday, June 3rd. Associated Banc’s dividend payout ratio is currently 88.89%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ASB shares. Wells Fargo & Company lifted their price target 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. Piper Sandler boosted their target price on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Friday. Jefferies Financial Group cut their price target on Associated Banc from $24.00 to $22.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Keefe, Bruyette & Woods upped their price objective on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Friday. Finally, Stephens reiterated an “equal weight” rating and issued a $23.00 price objective on shares of Associated Banc in a report on Friday, April 26th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $23.56.

Insider Transactions at Associated Banc

In other news, EVP Nicole M. Kitowski sold 5,019 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $21.23, for a total value of $106,553.37. Following the transaction, the executive vice president now owns 37,993 shares of the company’s stock, valued at $806,591.39. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Nicole M. Kitowski sold 5,019 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $21.23, for a total value of $106,553.37. Following the completion of the sale, the executive vice president now owns 37,993 shares in the company, valued at $806,591.39. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP John A. Utz sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $22.18, for a total value of $55,450.00. Following the transaction, the executive vice president now owns 100,922 shares in the company, valued at approximately $2,238,449.96. The disclosure for this sale can be found here. Insiders own 1.45% of the company’s stock.

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.