Associated Banc (NYSE:ASB) EVP Patrick Edward Ahern Sells 1,309 Shares

Key Points

• Associated Banc EVP Patrick Ahern sold 1,309 shares at an average price of $30.85, generating $40,382.65. His remaining direct ownership fell 2.91% to 43,743 shares.
• The bank reported quarterly EPS of $0.73, slightly exceeding the $0.72 consensus, while revenue of $454.54 million also surpassed estimates. It announced a quarterly dividend of $0.24 per share, representing a 3.1% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with a $32.00 average price target, while institutional investors own approximately 82.98% of the company.

Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Patrick Ahern sold 1,309 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $30.85, for a total value of $40,382.65. Following the transaction, the executive vice president directly owned 43,743 shares of the company's stock, valued at approximately $1,349,471.55. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Associated Banc Price Performance

NYSE:ASB traded up $0.20 during trading hours on Friday, reaching $31.11. The stock had a trading volume of 631,665 shares, compared to its average volume of 2,141,800. The stock has a market capitalization of $5.87 billion, a PE ratio of 10.89, a PEG ratio of 1.03 and a beta of 0.76. Associated Banc-Corp has a 52 week low of $23.86 and a 52 week high of $32.46. The company has a 50 day moving average price of $31.00 and a two-hundred day moving average price of $28.61. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The company had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. During the same quarter last year, the business posted $0.65 earnings per share. As a group, sell-side analysts anticipate that Associated Banc-Corp will post 2.94 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Associated Banc's payout ratio is currently 33.57%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Raymond James Financial raised their price target on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Truist Financial raised their target price on shares of Associated Banc from $32.00 to $33.00 and gave the stock a "hold" rating in a report on Tuesday, August 4th. Piper Sandler reaffirmed a "neutral" rating and set a $34.00 price target on shares of Associated Banc in a research note on Wednesday, August 26th. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a report on Wednesday, June 24th. Finally, Wells Fargo & Company raised their price objective on shares of Associated Banc from $32.00 to $36.00 and gave the stock an "overweight" rating in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.00.

Institutional Investors Weigh In On Associated Banc

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its holdings in Associated Banc by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 154,933 shares of the bank's stock worth $3,779,000 after purchasing an additional 394 shares during the period. LPL Financial LLC lifted its holdings in shares of Associated Banc by 2.3% in the 4th quarter. LPL Financial LLC now owns 19,079 shares of the bank's stock worth $491,000 after buying an additional 426 shares during the period. Tidal Investments LLC grew its position in shares of Associated Banc by 2.0% during the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank's stock worth $667,000 after buying an additional 549 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of Associated Banc by 1.8% during the fourth quarter. Quadrant Capital Group LLC now owns 34,801 shares of the bank's stock valued at $896,000 after buying an additional 619 shares during the period. Finally, State of Michigan Retirement System increased its stake in shares of Associated Banc by 1.8% during the first quarter. State of Michigan Retirement System now owns 39,378 shares of the bank's stock valued at $1,018,000 after buying an additional 700 shares during the period. Institutional investors own 82.98% of the company's stock.

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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