Associated Banc-Corp (NYSE:ASB) Declares Quarterly Dividend of $0.23

Associated Banc-Corp (NYSE:ASB) announced a quarterly dividend on Tuesday, October 29th, Zacks reports. Stockholders of record on Monday, December 2nd will be given a dividend of 0.23 per share by the bank on Monday, December 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Associated Banc’s previous quarterly dividend of $0.22.

Associated Banc has raised its dividend by an average of 5.7% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Associated Banc has a dividend payout ratio of 38.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Associated Banc to earn $2.26 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 38.9%.

Associated Banc Price Performance

ASB opened at $24.06 on Thursday. The stock has a fifty day moving average of $21.88 and a 200-day moving average of $21.52. The firm has a market capitalization of $3.63 billion, a P/E ratio of 24.30, a PEG ratio of 1.66 and a beta of 0.93. Associated Banc has a 12-month low of $15.94 and a 12-month high of $24.31. 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 (NYSE:ASB) last released its earnings results on Thursday, October 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.06. The company had revenue of $607.54 million during the quarter, compared to analyst estimates of $336.52 million. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. During the same quarter in the prior year, the company earned $0.53 earnings per share. Equities analysts forecast that Associated Banc will post 2.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ASB. Barclays increased their target price on Associated Banc from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Royal Bank of Canada increased their price objective on Associated Banc from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Jefferies Financial Group cut their price objective on Associated Banc from $24.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Stephens reiterated an “equal weight” rating and set a $24.00 price objective on shares of Associated Banc in a report on Tuesday, July 30th. Finally, Piper Sandler increased their price objective on Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Ten analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $23.89.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, EVP John A. Utz sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $22.78, for a total transaction of $45,560.00. Following the transaction, the executive vice president now directly owns 99,637 shares in the company, valued at $2,269,730.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP John A. Utz sold 2,000 shares of Associated Banc stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $22.78, for a total transaction of $45,560.00. Following the sale, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at $2,269,730.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lith Karen Van sold 8,061 shares of Associated Banc stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $20.48, for a total value of $165,089.28. Following the sale, the director now directly owns 54,114 shares in the company, valued at approximately $1,108,254.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.45% of the company’s stock.

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.