Associated Banc-Corp (ASB) Expected to Post Earnings of $0.36 Per Share
Analysts forecast that Associated Banc-Corp (NYSE:ASB) will announce earnings per share (EPS) of $0.36 for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Associated Banc-Corp’s earnings, with the highest EPS estimate coming in at $0.38 and the lowest estimate coming in at $0.34. Associated Banc-Corp posted earnings of $0.34 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.9%. The business is expected to report its next quarterly earnings results after the market closes on Thursday, October 19th.
On average, analysts expect that Associated Banc-Corp will report full-year earnings of $1.44 per share for the current year, with EPS estimates ranging from $1.41 to $1.46. For the next financial year, analysts expect that the business will report earnings of $1.56 per share, with EPS estimates ranging from $1.51 to $1.60. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that that provide coverage for Associated Banc-Corp.
Associated Banc-Corp (NYSE:ASB) last announced its earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.36. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. The business had revenue of $266.23 million for the quarter, compared to analyst estimates of $273.29 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share.
Several brokerages have issued reports on ASB. Keefe, Bruyette & Woods reaffirmed a “neutral” rating on shares of Associated Banc-Corp in a report on Friday, September 22nd. BidaskClub downgraded Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a report on Sunday, July 30th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $26.00 price target on shares of Associated Banc-Corp in a report on Friday, July 7th. Piper Jaffray Companies set a $25.00 price target on Associated Banc-Corp and gave the company a “hold” rating in a report on Saturday, July 22nd. Finally, Zacks Investment Research raised Associated Banc-Corp from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $25.25.
In other Associated Banc-Corp news, insider John A. Utz sold 8,054 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $23.62, for a total transaction of $190,235.48. Following the transaction, the insider now owns 44,405 shares in the company, valued at approximately $1,048,846.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Philip B. Flynn sold 10,000 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $23.61, for a total value of $236,100.00. Following the transaction, the chief executive officer now owns 127,585 shares in the company, valued at approximately $3,012,281.85. The disclosure for this sale can be found here. Insiders have sold a total of 38,772 shares of company stock worth $914,334 in the last quarter. Company insiders own 1.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of ASB. Morgan Dempsey Capital Management LLC increased its position in Associated Banc-Corp by 40.5% during the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock worth $140,000 after buying an additional 1,597 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Associated Banc-Corp by 10.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock worth $149,000 after buying an additional 549 shares during the period. Flinton Capital Management LLC increased its position in Associated Banc-Corp by 73.4% during the 2nd quarter. Flinton Capital Management LLC now owns 7,936 shares of the bank’s stock worth $200,000 after buying an additional 3,360 shares during the period. Nomura Holdings Inc. bought a new position in Associated Banc-Corp during the 1st quarter worth $210,000. Finally, Riverhead Capital Management LLC increased its position in Associated Banc-Corp by 73.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 8,854 shares of the bank’s stock worth $223,000 after buying an additional 3,754 shares during the period. Hedge funds and other institutional investors own 77.47% of the company’s stock.
Associated Banc-Corp (ASB) opened at 24.25 on Friday. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 17.45 and a beta of 1.17. The company’s 50-day moving average is $22.44 and its 200-day moving average is $24.03. Associated Banc-Corp has a 12 month low of $18.85 and a 12 month high of $26.70.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.98%. The ex-dividend date was Wednesday, August 30th. Associated Banc-Corp’s payout ratio is 34.53%.
About Associated Banc-Corp
Associated Banc-Corp is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a range of banking and non-banking products and services to individuals. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business, and Risk Management and Shared Services.
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