Associated Banc (NYSE:ASB) Posts Earnings Results, Hits Expectations

Associated Banc (NYSE:ASB) announced its earnings results on Thursday. The bank reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52, Briefing.com reports. Associated Banc had a net margin of 6.86% and a return on equity of 8.31%. The company had revenue of $321.75 million during the quarter, compared to analyst estimates of $330.69 million. During the same period in the previous year, the business earned $0.56 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year.

Associated Banc Trading Up 0.1 %

Shares of Associated Banc stock traded up $0.03 during midday trading on Friday, reaching $23.96. 2,803,406 shares of the company’s stock traded hands, compared to its average volume of 1,342,832. The stock has a 50 day moving average of $21.21 and a 200-day moving average of $21.10. Associated Banc has a 12 month low of $15.16 and a 12 month high of $24.21. The company has a market cap of $3.61 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.86 and a current ratio of 0.86.

Associated Banc Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.67%. Associated Banc’s dividend payout ratio is currently 88.89%.

Analyst Upgrades and Downgrades

ASB has been the subject of a number of research reports. Keefe, Bruyette & Woods upped their price objective on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday. Wells Fargo & Company lifted their price target on shares of Associated Banc from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Piper Sandler upped their price objective on shares of Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday. Robert W. Baird reduced their target price on shares of Associated Banc from $27.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Royal Bank of Canada upped 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. Ten investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $23.56.

Insider Activity at Associated Banc

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