Associated Banc (NYSE:ASB) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Associated Banc (NYSE:ASB) issued its quarterly earnings data on Thursday. The bank reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.06, Briefing.com reports. The firm had revenue of $607.54 million for the quarter, compared to analysts’ expectations of $336.52 million. Associated Banc had a net margin of 7.93% and a return on equity of 8.14%. During the same period in the prior year, the firm earned $0.53 earnings per share.

Associated Banc Stock Up 1.0 %

Shares of Associated Banc stock opened at $22.91 on Friday. The business has a fifty day simple moving average of $21.79 and a 200 day simple moving average of $21.46. The stock has a market cap of $3.45 billion, a PE ratio of 23.14, a price-to-earnings-growth ratio of 1.66 and a beta of 0.93. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.79. Associated Banc has a 12 month low of $15.59 and a 12 month high of $24.21.

Associated Banc Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date was Tuesday, September 3rd. Associated Banc’s dividend payout ratio (DPR) is currently 88.89%.

Analyst Ratings Changes

ASB has been the subject of a number of research reports. Piper Sandler raised their target price on Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Barclays raised their price objective on shares of Associated Banc from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Friday. Stephens reiterated an “equal weight” rating and set a $24.00 target price on shares of Associated Banc in a research report on Tuesday, July 30th. Baird R W lowered shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Jefferies Financial Group reduced their price objective on Associated Banc from $24.00 to $22.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.89.

Insider Buying and Selling at Associated Banc

In other news, EVP Randall J. Erickson sold 23,774 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total transaction of $546,564.26. Following the completion of the transaction, the executive vice president now directly owns 128,680 shares in the company, valued at approximately $2,958,353.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Randall J. Erickson sold 23,774 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $22.99, for a total value of $546,564.26. Following the completion of the transaction, the executive vice president now owns 128,680 shares of the company’s stock, valued at $2,958,353.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lith Karen Van sold 8,061 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $20.48, for a total transaction of $165,089.28. Following the completion of the sale, the director now owns 54,114 shares of the company’s stock, valued at approximately $1,108,254.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,835 shares of company stock valued at $757,214. 1.45% of the stock is currently owned by company insiders.

About Associated Banc

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.