Insider Buying: Associated Banc-Corp (NYSE:ASB) CEO Purchases 12,910 Shares of Stock

Associated Banc-Corp (NYSE:ASB - Get Free Report) CEO Andrew J. Harmening bought 12,910 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were purchased at an average price of $23.25 per share, for a total transaction of $300,157.50. Following the completion of the purchase, the chief executive officer now directly owns 319,269 shares of the company's stock, valued at approximately $7,423,004.25. This trade represents a 4.21% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Associated Banc Stock Performance

ASB traded down $0.06 during trading on Friday, reaching $24.27. The company's stock had a trading volume of 899,579 shares, compared to its average volume of 1,543,631. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of 30.72, a price-to-earnings-growth ratio of 1.52 and a beta of 0.79. The company's fifty day moving average price is $21.80 and its 200-day moving average price is $23.93. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $28.18. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.88.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. The firm had revenue of $348.97 million for the quarter, compared to analyst estimates of $347.86 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. Associated Banc's quarterly revenue was up 6.8% on a year-over-year basis. On average, equities analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.23 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.79%. Associated Banc's payout ratio is 106.98%.

Wall Street Analysts Forecast Growth

ASB has been the topic of several research analyst reports. Robert W. Baird cut their target price on Associated Banc from $28.00 to $26.00 and set a "neutral" rating on the stock in a research report on Friday, January 24th. Raymond James reiterated an "outperform" rating and set a $27.00 price target on shares of Associated Banc in a research note on Monday, April 28th. Wells Fargo & Company upgraded shares of Associated Banc from an "equal weight" rating to an "overweight" rating and dropped their price objective for the company from $27.00 to $26.00 in a research note on Wednesday, April 9th. Barclays decreased their target price on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Finally, Stephens lowered their price target on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $26.00.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors and hedge funds have recently modified their holdings of ASB. Quarry LP boosted its position in Associated Banc by 154.3% during the fourth quarter. Quarry LP now owns 1,073 shares of the bank's stock worth $26,000 after purchasing an additional 651 shares in the last quarter. Covestor Ltd raised its position in shares of Associated Banc by 221.0% in the fourth quarter. Covestor Ltd now owns 1,499 shares of the bank's stock valued at $36,000 after buying an additional 1,032 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Associated Banc by 385.5% during the 1st quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock worth $36,000 after purchasing an additional 1,280 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of Associated Banc by 49.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank's stock worth $42,000 after purchasing an additional 579 shares during the last quarter. Finally, Crews Bank & Trust purchased a new stake in shares of Associated Banc in the fourth quarter valued at $56,000. Institutional investors and hedge funds own 82.98% of the company's stock.

About Associated Banc

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.