Associated Banc-Corp (NYSE:ASB) Announces $0.23 Quarterly Dividend

Key Points

• Associated Banc-Corp announced a quarterly dividend of $0.23 per share, representing a 3.65% yield and an anticipated annual payout of $0.92.
• The bank reported earnings of $0.65 per share for the last quarter, exceeding analyst expectations and showing a return on equity of 8.86%.
• Equities analysts have raised their price targets for Associated Banc-Corp, with a consensus target price now set at $27.78.

Associated Banc-Corp (NYSE:ASB - Get Free Report) announced a quarterly dividend on Tuesday, July 29th, RTT News reports. Shareholders of record on Tuesday, September 2nd will be given a dividend of 0.23 per share by the bank on Monday, September 15th. This represents a $0.92 annualized dividend and a yield of 3.65%.

Associated Banc has a payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Associated Banc to earn $2.66 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 34.6%.

Associated Banc Stock Down 0.7%

NYSE:ASB traded down $0.19 on Tuesday, hitting $25.23. 1,519,575 shares of the company's stock traded hands, compared to its average volume of 1,554,383. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. Associated Banc has a 1 year low of $18.32 and a 1 year high of $28.18. The firm has a 50-day moving average price of $24.29 and a 200-day moving average price of $23.51. The company has a market cap of $4.18 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 0.96 and a beta of 0.80.

Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.03. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%. The company had revenue of $366.98 million for the quarter, compared to analysts' expectations of $362.78 million. During the same quarter in the previous year, the business posted $0.52 EPS. Equities analysts anticipate that Associated Banc will post 2.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Royal Bank Of Canada lifted their target price on Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a research note on Friday. Piper Sandler boosted their price target on Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a research note on Friday. Robert W. Baird boosted their price target on Associated Banc from $27.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday. Raymond James Financial reissued an "outperform" rating and issued a $27.00 price target on shares of Associated Banc in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods boosted their price target on Associated Banc from $27.00 to $28.00 and gave the company a "market perform" rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Associated Banc has a consensus rating of "Hold" and a consensus target price of $27.78.

Insiders Place Their Bets

In related news, CEO Andrew J. Harmening bought 12,910 shares of Associated Banc stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average cost of $23.25 per share, for a total transaction of $300,157.50. Following the acquisition, the chief executive officer owned 319,269 shares in the company, valued at $7,423,004.25. This trade represents a 4.21% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On Associated Banc

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Associated Banc by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock worth $2,198,000 after buying an additional 5,531 shares during the last quarter. Millennium Management LLC increased its position in shares of Associated Banc by 90.4% during the first 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Associated Banc by 13.9% during 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 valued at $11,184,000 after purchasing an additional 60,758 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after purchasing an additional 1,598,951 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

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.

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