Associated Banc (NYSE:ASB) Announces Quarterly Earnings Results

Key Points

• Associated Banc reported a quarterly earnings per share (EPS) of $0.73, exceeding analysts' estimates of $0.66 by $0.07.
• The company declared a quarterly dividend of $0.23 per share, resulting in an annualized dividend of $0.92 and a yield of 3.6%.
• Analysts have positive outlooks on the stock, with several firms increasing their price targets, the average now at $28.11, and a consensus rating of "Hold."

Associated Banc (NYSE:ASB - Get Free Report) announced its earnings results on Thursday. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.07, Zacks reports. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%.

Associated Banc Stock Performance

Shares of Associated Banc stock traded up $0.13 on Thursday, reaching $25.35. 1,836,830 shares of the company were exchanged, compared to its average volume of 1,527,851. Associated Banc has a 1-year low of $18.32 and a 1-year high of $28.18. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 32.92, a P/E/G ratio of 1.01 and a beta of 0.82. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.92. The company's 50-day moving average is $25.93 and its two-hundred day moving average is $24.28.

Associated Banc Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, September 2nd. Associated Banc's dividend payout ratio is presently 119.48%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Barclays upped their price target on shares of Associated Banc from $30.00 to $32.00 and gave the company a "positive" rating in a report on Wednesday, October 8th. Truist Financial upped their target price on shares of Associated Banc from $26.00 to $27.00 and gave the company a "hold" rating in a research note on Monday, July 28th. Robert W. Baird lifted their price target on Associated Banc from $27.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Weiss Ratings reissued a "hold (c)" rating on shares of Associated Banc in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods increased their target price on Associated Banc from $27.00 to $28.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. Three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $28.11.

Insider Buying and Selling

In other news, EVP Patrick Edward Ahern sold 3,342 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $26.20, for a total transaction of $87,560.40. Following the completion of the transaction, the executive vice president owned 41,472 shares in the company, valued at approximately $1,086,566.40. This represents a 7.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matthew R. Braeger sold 2,000 shares of the stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $26.34, for a total transaction of $52,680.00. Following the completion of the sale, the executive vice president directly owned 13,346 shares in the company, valued at approximately $351,533.64. This trade represents a 13.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,342 shares of company stock worth $494,360 in the last three months. 1.45% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ASB. Goldman Sachs Group Inc. boosted 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 worth $61,927,000 after buying an additional 1,598,951 shares during the period. Jane Street Group LLC increased its stake in shares of Associated Banc by 138.1% during the second quarter. Jane Street Group LLC now owns 302,377 shares of the bank's stock valued at $7,375,000 after acquiring an additional 175,395 shares during the period. Millennium Management LLC raised its holdings in Associated Banc by 90.4% during the first quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock worth $6,486,000 after purchasing an additional 136,648 shares in the last quarter. Ieq Capital LLC lifted its position in Associated Banc by 237.5% in the second quarter. Ieq Capital LLC now owns 111,473 shares of the bank's stock worth $2,719,000 after purchasing an additional 78,442 shares during the period. Finally, Bank of America Corp DE boosted its stake in Associated Banc by 7.0% during the 2nd quarter. Bank of America Corp DE now owns 1,136,565 shares of the bank's stock valued at $27,721,000 after purchasing an additional 74,556 shares in the last quarter. Institutional investors 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.

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