Associated Banc (NYSE:ASB) Announces Earnings Results

Key Points

• Associated Banc reported earnings of $0.65 EPS for the quarter, exceeding analyst expectations of $0.62, and generated revenues of $366.98 million, surpassing estimates by approximately $4 million.
• The bank also announced a quarterly dividend of $0.23 per share, representing a 3.60% annual yield, though it reflects a high dividend payout ratio of 106.98%.
• Analysts have adjusted price targets for Associated Banc, with most brokerage firms setting targets between $26.00 and $28.00, maintaining varying ratings predominantly around "hold" or "neutral."

Associated Banc (NYSE:ASB - Get Free Report) issued its quarterly earnings results on Thursday. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.03, Zacks reports. The business had revenue of $366.98 million for the quarter, compared to analyst estimates of $362.78 million. Associated Banc had a net margin of 5.79% and a return on equity of 8.97%. During the same period in the previous year, the business posted $0.52 earnings per share.

Associated Banc Price Performance

ASB traded up $0.31 during trading on Friday, hitting $25.58. The company's stock had a trading volume of 1,965,528 shares, compared to its average volume of 1,616,417. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. Associated Banc has a twelve month low of $18.32 and a twelve month high of $28.18. The business's fifty day simple moving average is $24.27 and its 200 day simple moving average is $23.50. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 33.22, a P/E/G ratio of 0.95 and a beta of 0.80.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.60%. The ex-dividend date was Monday, June 2nd. Associated Banc's dividend payout ratio (DPR) is 106.98%.

Analysts Set New Price Targets

Several brokerages have weighed in on ASB. Robert W. Baird raised their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday. Royal Bank Of Canada upped their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a research note on Friday. Keefe, Bruyette & Woods upped their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the stock a "market perform" rating in a report on Friday. Piper Sandler increased their price target on shares of Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a report on Friday. Finally, Stephens dropped their target price on shares of Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $27.44.

Insider Buying and Selling

In other news, CEO Andrew J. Harmening bought 12,910 shares of the firm's stock in a transaction dated Friday, May 9th. The shares were acquired at an average price of $23.25 per share, for a total transaction of $300,157.50. Following the completion of the transaction, the chief executive officer directly owned 319,269 shares in the company, valued at $7,423,004.25. The trade was a 4.21% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.45% of the company's stock.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors have recently modified their holdings of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Associated Banc by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock worth $2,198,000 after acquiring an additional 5,531 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Associated Banc by 13.9% in the 1st 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 last quarter. Millennium Management LLC lifted its holdings in shares of Associated Banc by 90.4% in the 1st 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 last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Associated Banc by 139.1% in the 1st 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 last quarter. 82.98% of the stock is 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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