Associated Banc (NYSE:ASB) Announces Earnings Results, Beats Estimates By $0.03 EPS

Associated Banc (NYSE:ASB) released its quarterly earnings data on Thursday. The bank reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.03, Briefing.com reports. Associated Banc had a return on equity of 8.90% and a net margin of 8.12%. The firm had revenue of $322.84 million during the quarter, compared to analysts’ expectations of $325.00 million. During the same quarter in the prior year, the business posted $0.66 earnings per share. Associated Banc’s revenue was down 3.9% compared to the same quarter last year.

Associated Banc Trading Up 0.9 %

Associated Banc stock traded up $0.20 during trading on Friday, reaching $21.57. The company had a trading volume of 2,239,466 shares, compared to its average volume of 1,442,059. Associated Banc has a 12-month low of $14.47 and a 12-month high of $22.16. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.87 and a current ratio of 0.88. The stock’s 50 day moving average price is $20.79 and its two-hundred day moving average price is $19.75. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 1.25 and a beta of 1.00.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.88 annualized dividend and a dividend yield of 4.08%. Associated Banc’s payout ratio is currently 77.88%.

Insiders Place Their Bets

In other news, Director Eileen A. Kamerick sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $21.02, for a total transaction of $105,100.00. Following the completion of the sale, the director now directly owns 50,126 shares of the company’s stock, valued at approximately $1,053,648.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP John A. Utz sold 14,010 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $21.20, for a total value of $297,012.00. Following the transaction, the executive vice president now owns 89,880 shares in the company, valued at $1,905,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eileen A. Kamerick sold 5,000 shares of Associated Banc stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $21.02, for a total transaction of $105,100.00. Following the transaction, the director now directly owns 50,126 shares in the company, valued at $1,053,648.52. The disclosure for this sale can be found here. Insiders have sold a total of 21,710 shares of company stock valued at $454,897 over the last quarter. Company insiders own 1.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Piper Sandler upped their price target on Associated Banc from $21.50 to $23.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Raymond James upped their target price on Associated Banc from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Stephens reaffirmed an “equal weight” rating and set a $23.00 price target on shares of Associated Banc in a research note on Friday. Wells Fargo & Company increased their price objective on shares of Associated Banc from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $23.00 price target on shares of Associated Banc in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Associated Banc has an average rating of “Hold” and an average target price of $23.13.

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.