Associated Banc (NYSE:ASB) EVP Matthew R. Braeger Sells 2,000 Shares

Key Points

• Matthew Braeger, EVP of Associated Banc, sold 2,000 shares at an average price of $26.34, reducing his ownership by 13.03%.
• The company reported earnings of $0.65 EPS for the last quarter, exceeding estimates and reflecting a return on equity of 8.86%.
• Associated Banc's quarterly dividend of $0.23 will be paid on September 15th, with a 3.5% dividend yield.

Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Matthew R. Braeger sold 2,000 shares of the company's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $26.34, for a total value of $52,680.00. Following the completion of the transaction, the executive vice president directly owned 13,346 shares in the company, valued at $351,533.64. This trade represents a 13.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Associated Banc Stock Down 1.4%

Shares of ASB traded down $0.36 during midday trading on Monday, reaching $25.90. 1,371,282 shares of the stock were exchanged, compared to its average volume of 1,519,144. The company has a market capitalization of $4.29 billion, a P/E ratio of 33.63, a PEG ratio of 1.01 and a beta of 0.84. 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-Corp has a 52 week low of $18.32 and a 52 week high of $28.18. The company's 50 day moving average is $25.59 and its two-hundred day moving average is $23.66.

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

Associated Banc Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently issued reports on ASB. Barclays upped their target price on Associated Banc from $28.00 to $30.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods upped their target price on Associated Banc from $27.00 to $28.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. Wells Fargo & Company upped their target price on Associated Banc from $28.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Piper Sandler boosted their target price on shares of Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Finally, Robert W. Baird boosted their target price on shares of Associated Banc from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Associated Banc currently has a consensus rating of "Hold" and an average price target of $27.78.

Hedge Funds Weigh In On Associated Banc

A number of large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its holdings in shares of Associated Banc by 2.8% during the first quarter. Principal Financial Group Inc. now owns 379,996 shares of the bank's stock worth $8,561,000 after buying an additional 10,448 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Associated Banc by 11.6% in the 1st quarter. GAMMA Investing LLC now owns 5,251 shares of the bank's stock valued at $118,000 after purchasing an additional 547 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Associated Banc by 38.0% in the first quarter. Farther Finance Advisors LLC now owns 4,072 shares of the bank's stock valued at $90,000 after buying an additional 1,122 shares in the last quarter. HighTower Advisors LLC acquired a new stake in shares of Associated Banc in the first quarter valued at $311,000. Finally, Moody Aldrich Partners LLC acquired a new stake in shares of Associated Banc in the first quarter valued at $1,842,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

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.