Associated Banc (NYSE:ASB) Issues Quarterly Earnings Results

Key Points

• Associated Banc beat quarterly expectations: The bank reported earnings of $0.81 per share, exceeding the $0.77 consensus estimate, while revenue of $464.38 million was broadly in line with forecasts.
• The stock and dividend remain key investor considerations: Shares traded at $29.84, and the company maintains a quarterly dividend of $0.24 per share, equivalent to a 3.2% annualized yield.
• Analyst sentiment is moderately positive: Six analysts rate the stock Buy and six rate it Hold, resulting in a “Moderate Buy” consensus and an average price target of $32.00; insiders have sold shares totaling about $2.5 million over the past 90 days.

Associated Banc (NYSE:ASB - Get Free Report) announced its earnings results on Thursday. The bank reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.04, FiscalAI reports. The company had revenue of $464.38 million during the quarter, compared to analyst estimates of $463.69 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%.

Associated Banc Stock Performance

NYSE:ASB traded up $0.66 during trading hours on Thursday, reaching $29.84. 3,397,377 shares of the company's stock were exchanged, compared to its average volume of 2,147,154. Associated Banc has a 1-year low of $23.87 and a 1-year high of $32.46. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 1.00 and a beta of 0.80. The company has a 50-day moving average of $29.88 and a 200 day moving average of $29.41.

Associated Banc Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were paid a dividend of $0.24 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. Associated Banc's dividend payout ratio is currently 33.57%.

Wall Street Analysts Forecast Growth

Several research firms have commented on ASB. Truist Financial boosted their price target on shares of Associated Banc from $32.00 to $33.00 and gave the stock a "hold" rating in a research note on Tuesday, August 4th. Wells Fargo & Company decreased their price target on shares of Associated Banc from $36.00 to $35.00 and set an "overweight" rating for the company in a research note on Tuesday, September 29th. Piper Sandler reiterated a "neutral" rating and set a $34.00 target price on shares of Associated Banc in a research note on Wednesday, August 26th. Weiss Ratings restated a "buy (b)" rating on shares of Associated Banc in a research note on Monday, September 21st. Finally, Raymond James Financial upped their price objective on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $32.00.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, EVP Nicole M. Kitowski sold 7,663 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.91, for a total transaction of $236,863.33. Following the completion of the sale, the executive vice president directly owned 45,327 shares of the company's stock, valued at approximately $1,401,057.57. This trade represents a 14.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Patrick Ahern sold 1,309 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $30.85, for a total value of $40,382.65. Following the sale, the executive vice president directly owned 43,743 shares of the company's stock, valued at approximately $1,349,471.55. This represents a 2.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 78,833 shares of company stock valued at $2,502,103. Corporate insiders own 0.71% of the company's stock.

Associated Banc Company Profile

Associated Banc-Corp is a regional bank holding company headquartered in Green Bay, Wisconsin. Through its principal subsidiary, Associated Bank, it provides banking and financial services to individuals, families, businesses and institutions.

Associated Bank offers commercial and corporate banking, retail banking, mortgage lending, consumer lending, treasury management, investment and wealth management, and institutional services. Its business banking activities include lending, deposit accounts, cash-management solutions and other services designed for small and middle-market companies.

The company primarily serves customers across Wisconsin, Illinois and Minnesota through its branch network and digital banking channels.

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