Insider Selling: Associated Banc (NYSE:ASB) EVP Sells $307,400.00 in Stock

Key Points

• Insider sale: EVP Derek Meyer sold 10,000 Associated Banc shares for approximately $307,400, reducing his direct holdings by 13.95% to 61,662 shares.
• Quarterly performance: Associated Banc reported earnings of $0.73 per share, exceeding estimates by $0.01, while revenue of $450.44 million also topped forecasts.
• Stock and dividend: Shares recently traded at $30.64, near their 52-week high, and the company declared a quarterly dividend of $0.24, representing a 3.1% annualized yield.

Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Derek Meyer sold 10,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total value of $307,400.00. Following the transaction, the executive vice president directly owned 61,662 shares in the company, valued at $1,895,489.88. The trade was a 13.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Associated Banc Stock Down 0.3%

NYSE:ASB traded down $0.08 during mid-day trading on Thursday, reaching $30.64. The company's stock had a trading volume of 231,581 shares, compared to its average volume of 2,255,007. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. Associated Banc-Corp has a 1 year low of $23.63 and a 1 year high of $31.83. The stock has a fifty day moving average of $29.64 and a 200-day moving average of $27.91. The firm has a market capitalization of $5.78 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 1.15 and a beta of 0.76.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. The business had revenue of $450.44 million during the quarter, compared to analyst estimates of $438.01 million. During the same quarter in the previous year, the business posted $0.65 EPS. Equities research analysts forecast that Associated Banc-Corp will post 2.9 earnings per share for the current year.

Associated Banc Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.24 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Associated Banc's dividend payout ratio (DPR) is currently 33.57%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ASB. Zacks Research downgraded shares of Associated Banc from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Raymond James Financial raised their target price on shares of Associated Banc from $31.00 to $35.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods upped their price target on Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. Barclays raised their price objective on Associated Banc from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Finally, Piper Sandler upped their target price on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Associated Banc currently has a consensus rating of "Moderate Buy" and an average target price of $31.00.

Institutional Investors Weigh In On Associated Banc

Large investors have recently made changes to their positions in the stock. IAG Wealth Partners LLC lifted its position in Associated Banc by 4,250.0% during the 1st quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank's stock worth $31,000 after acquiring an additional 1,190 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in Associated Banc in the 4th quarter worth approximately $33,000. EverSource Wealth Advisors LLC raised its position in Associated Banc by 345.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock worth $33,000 after buying an additional 1,047 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in Associated Banc during the 3rd quarter valued at approximately $51,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of Associated Banc in the 4th quarter valued at $56,000. 82.98% of the stock is owned by hedge funds and other 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.