Patrick Edward Ahern Sells 3,342 Shares of Associated Banc (NYSE:ASB) Stock

Key Points

• Patrick Edward Ahern, EVP of Associated Banc-Corp, sold 3,342 shares at $26.20 each, reducing his holdings by 7.46% to 41,472 shares.
• The bank reported a quarterly EPS of $0.65, surpassing estimates, with revenues of $366.98 million, which also exceeded predictions.
• Associated Banc recently announced a quarterly dividend of $0.23, representing a yield of 3.5%, with a high dividend payout ratio of 119.48%.

Associated Banc-Corp (NYSE:ASB - Get Free Report) EVP Patrick Edward Ahern sold 3,342 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $26.20, for a total value of $87,560.40. Following the completion of the transaction, the executive vice president owned 41,472 shares in the company, valued at $1,086,566.40. The trade was a 7.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Associated Banc Trading Down 1.0%

ASB traded down $0.28 on Friday, reaching $26.15. 168,690 shares of the company traded hands, compared to its average volume of 1,511,539. Associated Banc-Corp has a one year low of $18.32 and a one year high of $28.18. The firm has a fifty day simple moving average of $25.58 and a two-hundred day simple moving average of $23.66. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.98. The company has a market cap of $4.34 billion, a P/E ratio of 33.95, a price-to-earnings-growth ratio of 1.01 and a beta of 0.84.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%.The business had revenue of $366.98 million for the quarter, compared to analyst estimates of $362.78 million. During the same quarter in the prior year, the firm posted $0.52 EPS. As a group, equities research analysts expect that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.23 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.5%. Associated Banc's dividend payout ratio (DPR) is currently 119.48%.

Hedge Funds Weigh In On Associated Banc

Hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. lifted its holdings in shares of Associated Banc by 2,033.9% in the second quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank's stock valued at $29,000 after purchasing an additional 1,139 shares in the last quarter. EverSource Wealth Advisors LLC boosted 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 acquiring an additional 1,047 shares during the last quarter. Bayforest Capital Ltd bought a new position in Associated Banc during the 2nd quarter worth $34,000. Versant Capital Management Inc grew its position in Associated Banc by 385.5% in the first quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock valued at $36,000 after acquiring an additional 1,280 shares during the last quarter. Finally, Quarry LP increased its holdings in Associated Banc by 77.7% in the first quarter. Quarry LP now owns 1,907 shares of the bank's stock worth $43,000 after purchasing an additional 834 shares in the last quarter. Hedge funds and other institutional investors own 82.98% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Robert W. Baird increased their price objective on Associated Banc from $27.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Royal Bank Of Canada lifted their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Piper Sandler increased their price target on shares of Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Truist Financial upped their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Monday, July 28th. Finally, Barclays increased their target price on Associated Banc from $28.00 to $30.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $27.78.

Associated Banc Company Profile

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.

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