Associated Banc (NYSE:ASB) Stock Price Up 3.9% After Better-Than-Expected Earnings

Associated Banc-Corp (NYSE:ASB - Get Free Report)'s stock price traded up 3.9% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $22.71 and last traded at $22.88. 344,828 shares traded hands during trading, a decline of 77% from the average session volume of 1,522,559 shares. The stock had previously closed at $22.02.

The bank reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. The business had revenue of $348.97 million for the quarter, compared to the consensus estimate of $347.86 million. During the same period in the prior year, the business posted $0.52 earnings per share. Associated Banc's revenue for the quarter was up 6.8% compared to the same quarter last year.

Associated Banc Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.92 annualized dividend and a dividend yield of 4.17%. Associated Banc's dividend payout ratio is presently 106.98%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ASB. StockNews.com lowered shares of Associated Banc from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Royal Bank of Canada upped their target price 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, January 24th. Stephens cut their price target on shares of Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a research note on Friday, April 25th. Raymond James reiterated an "outperform" rating and issued a $27.00 price objective on shares of Associated Banc in a research note on Monday. Finally, Wells Fargo & Company raised Associated Banc from an "equal weight" rating to an "overweight" rating and dropped their target price for the stock from $27.00 to $26.00 in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $26.00.

Insider Activity at Associated Banc

In other news, Director John B. Williams sold 2,830 shares of the firm's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $25.09, for a total value of $71,004.70. Following the completion of the sale, the director now directly owns 66,915 shares in the company, valued at approximately $1,678,897.35. This trade represents a 4.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Eileen A. Kamerick sold 7,000 shares of Associated Banc stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $24.71, for a total value of $172,970.00. Following the completion of the transaction, the director now directly owns 49,495 shares of the company's stock, valued at $1,223,021.45. This represents a 12.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.45% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ASB. Cerity Partners LLC increased its stake in shares of Associated Banc by 69.1% in the 1st quarter. Cerity Partners LLC now owns 26,705 shares of the bank's stock valued at $602,000 after buying an additional 10,912 shares during the period. M&T Bank Corp acquired a new position in Associated Banc during the 1st quarter valued at about $442,000. Moody Aldrich Partners LLC bought a new position in shares of Associated Banc in the 1st quarter valued at about $1,842,000. Leeward Investments LLC MA acquired a new stake in shares of Associated Banc during the 1st quarter worth approximately $12,345,000. Finally, Principal Financial Group Inc. lifted its holdings in Associated Banc by 2.8% in the first quarter. Principal Financial Group Inc. now owns 379,996 shares of the bank's stock valued at $8,561,000 after buying an additional 10,448 shares during the period. Institutional investors own 82.98% of the company's stock.

Associated Banc Trading Down 1.6 %

The business's 50 day simple moving average is $21.84 and its 200-day simple moving average is $23.88. The stock has a market capitalization of $3.65 billion, a P/E ratio of 27.92, a PEG ratio of 1.52 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.88 and a quick ratio of 0.86.

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.