Associated Banc (NYSE:ASB) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Associated Banc reported quarterly EPS of $0.73, topping analyst expectations by $0.01, and revenue of $450.44 million, which also came in above estimates.
• The stock slipped to $30.28 in Thursday trading despite the earnings beat, while the company continues to show solid profitability with a 10.46% return on equity and a 19.88% net margin.
• The bank recently paid a quarterly dividend of $0.24 per share, equal to an annualized yield of 3.2%, and analysts currently hold a Moderate Buy consensus with an average price target of $31.00.

Associated Banc (NYSE:ASB - Get Free Report) posted its quarterly earnings results on Thursday. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.01, FiscalAI reports. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The business had revenue of $450.44 million during the quarter, compared to analyst estimates of $438.01 million.

Associated Banc Stock Performance

Shares of ASB stock traded down $0.42 during mid-day trading on Thursday, hitting $30.28. The stock had a trading volume of 2,968,731 shares, compared to its average volume of 2,268,089. Associated Banc has a fifty-two week low of $23.63 and a fifty-two week high of $31.83. The firm has a market cap of $5.71 billion, a PE ratio of 10.51, a PEG ratio of 1.14 and a beta of 0.76. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.90 and a quick ratio of 0.90. The company's 50-day simple moving average is $29.33 and its 200-day simple moving average is $27.76.

Associated Banc Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Monday, June 1st. Associated Banc's dividend payout ratio (DPR) is 33.33%.

Analyst Upgrades and Downgrades

ASB has been the topic of a number of analyst reports. Robert W. Baird lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Zacks Research downgraded Associated Banc from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Wells Fargo & Company raised their target price on shares of Associated Banc from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Monday, March 30th. Barclays lifted their price target on shares of Associated Banc from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Finally, Truist Financial increased their price objective on shares of Associated Banc from $30.00 to $32.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.00.

Insiders Place Their Bets

In other news, EVP Dennis Deloye sold 14,299 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total transaction of $404,089.74. Following the completion of the transaction, the executive vice president directly owned 21,385 shares of the company's stock, valued at $604,340.10. This trade represents a 40.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Matthew R. Braeger sold 5,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total transaction of $140,850.00. Following the completion of the transaction, the executive vice president owned 11,777 shares in the company, valued at approximately $331,758.09. This trade represents a 29.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 28,299 shares of company stock valued at $801,760 over the last 90 days. 0.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Associated Banc

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sivia Capital Partners LLC acquired a new stake in Associated Banc during the 2nd quarter valued at approximately $328,000. Brooklyn Investment Group purchased a new position in shares of Associated Banc during the 4th quarter valued at approximately $205,000. Cibc World Markets Corp acquired a new stake in shares of Associated Banc during the fourth quarter worth approximately $284,000. Coldstream Capital Management Inc. bought a new stake in shares of Associated Banc in the third quarter worth $225,000. Finally, Glenmede Investment Management LP raised its holdings in Associated Banc by 18.0% in the third quarter. Glenmede Investment Management LP now owns 10,690 shares of the bank's stock valued at $275,000 after acquiring an additional 1,633 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Company Profile

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.

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