Associated Banc (NYSE:ASB) EVP Randall Erickson Sells 43,561 Shares of Stock

Key Points

• Insider sale: Associated Banc EVP Randall Erickson sold 43,561 shares at an average price of $32.04, generating approximately $1.40 million. His remaining ownership fell 43.71% to 56,091 shares.
• Financial performance: The bank reported quarterly EPS of $0.73, narrowly exceeding estimates, while revenue of $454.54 million surpassed expectations. Analysts expect full-year EPS of approximately $2.91.
• Stock and shareholder returns: ASB shares traded near $32.19, close to their 52-week high, and the company announced a quarterly dividend of $0.24 per share, representing a 3.0% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $31.60.

Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Randall Erickson sold 43,561 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the sale, the executive vice president owned 56,091 shares of the company's stock, valued at $1,797,155.64. This represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Associated Banc Stock Up 0.2%

Shares of Associated Banc stock traded up $0.06 during trading on Thursday, reaching $32.19. The company had a trading volume of 222,743 shares, compared to its average volume of 2,198,602. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93. The firm's fifty day moving average is $30.37 and its 200-day moving average is $28.25. Associated Banc-Corp has a fifty-two week low of $23.86 and a fifty-two week high of $32.44. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 1.08 and a beta of 0.77.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. The business had revenue of $454.54 million during the quarter, compared to the consensus estimate of $438.01 million. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.During the same period in the previous year, the business earned $0.65 EPS. On average, analysts anticipate that Associated Banc-Corp will post 2.91 EPS for the current year.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, September 1st. Associated Banc's payout ratio is presently 33.57%.

Analyst Upgrades and Downgrades

ASB has been the topic of several analyst reports. Piper Sandler increased their target price on Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Keefe, Bruyette & Woods upped their target price on shares of Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. Wells Fargo & Company lifted their price objective on shares of Associated Banc from $32.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday. Truist Financial increased their price target on Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research note on Tuesday, August 4th. Finally, Raymond James Financial lifted their price objective on shares of Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $31.60.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. IAG Wealth Partners LLC increased its stake in Associated Banc by 4,250.0% during the first quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank's stock valued at $31,000 after acquiring an additional 1,190 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in Associated Banc during the 4th quarter valued at about $33,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Associated Banc by 345.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock worth $33,000 after acquiring an additional 1,047 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in shares of Associated Banc during the third quarter worth $51,000. Finally, Global Retirement Partners LLC bought a new stake in Associated Banc during the 4th quarter worth about $56,000. 82.98% of the stock is owned by institutional investors.

About Associated Banc

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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