Associated Banc (NYSE:ASB) Posts Quarterly Earnings Results

Associated Banc (NYSE:ASB) posted its quarterly earnings results on Thursday. The bank reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04, FiscalAI reports. The business had revenue of $464.38 million for the quarter, compared to analysts’ expectations of $463.69 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%.

Associated Banc Price Performance

Shares of ASB stock traded up $0.66 during trading hours on Thursday, hitting $29.84. The company had a trading volume of 3,397,377 shares, compared to its average volume of 2,147,154. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s fifty day moving average is $29.88 and its 200 day moving average is $29.41. Associated Banc has a 12 month low of $23.87 and a 12 month high of $32.46. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 10.43, a PEG ratio of 1.00 and a beta of 0.80.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend 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 (DPR) is 33.57%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ASB. Raymond James Financial lifted their price target on Associated Banc from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Barclays boosted their price target on Associated Banc from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, October 5th. Wells Fargo & Company dropped their price objective 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. Weiss Ratings restated a “buy (b)” rating on shares of Associated Banc in a report on Monday, September 21st. Finally, Piper Sandler reissued a “neutral” rating and set a $34.00 price target on shares of Associated Banc in a research report on Wednesday, August 26th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.00.

Insider Buying and Selling

In related news, EVP Gregory Warsek sold 16,300 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total value of $521,763.00. Following the completion of the sale, the executive vice president owned 13,809 shares of the company’s stock, valued at $442,026.09. This trade represents a 54.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Patrick Ahern sold 1,309 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $30.85, for a total value of $40,382.65. Following the transaction, the executive vice president owned 43,743 shares in the company, valued at approximately $1,349,471.55. This trade represents a 2.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 78,833 shares of company stock valued at $2,502,103. 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.