Associated Banc (NYSE:ASB) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Associated Banc (NYSE:ASB) posted its quarterly earnings results on Thursday. The bank reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.04, FiscalAI reports. The company had revenue of $464.38 million for the quarter, compared to analyst estimates 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

NYSE ASB traded up $0.66 on Thursday, reaching $29.84. 3,399,410 shares of the company’s stock traded hands, compared to its average volume of 2,156,568. The stock has a market cap of $5.64 billion, a PE ratio of 10.43, a P/E/G ratio of 1.00 and a beta of 0.80. Associated Banc has a 12 month low of $23.87 and a 12 month high of $32.46. The stock has a 50-day simple moving average of $29.88 and a 200 day simple moving average of $29.41. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.96 annualized dividend and a yield of 3.2%. Associated Banc’s dividend payout ratio is currently 33.57%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Associated Banc in a research note on Monday, September 21st. Wells Fargo & Company decreased their price target on Associated Banc from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 29th. Piper Sandler reissued a “neutral” rating and issued a $34.00 price target on shares of Associated Banc in a report on Wednesday, August 26th. Truist Financial lifted their price objective on Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a research note on Tuesday, August 4th. Finally, Raymond James Financial lifted their price target on Associated Banc from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Insider Transactions at Associated Banc

In other news, EVP Derek Meyer sold 10,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $30.74, for a total value of $307,400.00. Following the completion of the sale, the executive vice president owned 61,662 shares of the company’s stock, valued at approximately $1,895,489.88. This represents a 13.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gregory Warsek sold 16,300 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total transaction of $521,763.00. Following the transaction, the executive vice president directly owned 13,809 shares in the company, valued at approximately $442,026.09. This represents a 54.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 78,833 shares of company stock worth $2,502,103. Corporate insiders own 0.71% of the company’s stock.

About Associated Banc

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.