Associated Banc (NYSE:ASB) Announces Quarterly Earnings Results, Hits Estimates

Associated Banc (NYSE:ASB) announced its earnings results on Thursday. The bank reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52, Briefing.com reports. The company had revenue of $321.75 million during the quarter, compared to analysts’ expectations of $330.69 million. Associated Banc had a return on equity of 8.31% and a net margin of 6.86%. Associated Banc’s revenue for the quarter was down .5% on a year-over-year basis. During the same period last year, the business posted $0.56 EPS.

Associated Banc Stock Up 0.1 %

Associated Banc stock traded up $0.03 during mid-day trading on Friday, hitting $23.96. The company had a trading volume of 2,803,406 shares, compared to its average volume of 1,342,832. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. Associated Banc has a 1 year low of $15.16 and a 1 year high of $24.21. The business has a fifty day moving average of $21.21 and a 200 day moving average of $21.10. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 2.21 and a beta of 0.95.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.67%. The ex-dividend date was Monday, June 3rd. Associated Banc’s payout ratio is 88.89%.

Insider Transactions at Associated Banc

In related news, EVP John A. Utz sold 2,500 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $22.18, for a total value of $55,450.00. Following the transaction, the executive vice president now directly owns 100,922 shares of the company’s stock, valued at approximately $2,238,449.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP John A. Utz sold 2,500 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $22.18, for a total value of $55,450.00. Following the completion of the sale, the executive vice president now directly owns 100,922 shares of the company’s stock, valued at approximately $2,238,449.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nicole M. Kitowski sold 5,019 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $21.23, for a total value of $106,553.37. Following the transaction, the executive vice president now owns 37,993 shares in the company, valued at approximately $806,591.39. The disclosure for this sale can be found here. Insiders own 1.45% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on ASB shares. Barclays lowered their price objective on shares of Associated Banc from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. Royal Bank of Canada raised their price target on shares of Associated Banc from $23.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday. Jefferies Financial Group cut their price objective on Associated Banc from $24.00 to $22.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Piper Sandler lifted their target price on Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday. Finally, Keefe, Bruyette & Woods upped their price target on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Associated Banc presently has a consensus rating of “Hold” and an average price target of $23.56.

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.