Associated Banc (NYSE:ASB) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Associated Banc (NYSE:ASB) posted its earnings results on Thursday. The bank reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.06, Briefing.com reports. The company had revenue of $607.54 million for the quarter, compared to the consensus estimate 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.

Associated Banc Price Performance

Shares of NYSE:ASB traded up $0.49 during trading on Friday, hitting $23.17. 602,085 shares of the company’s stock were exchanged, compared to its average volume of 1,328,574. The business’s 50-day simple moving average is $21.76 and its 200 day simple moving average is $21.45. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.89 and a quick ratio of 0.89. Associated Banc has a 52-week low of $15.59 and a 52-week high of $24.21. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 1.66 and a beta of 0.93.

Associated Banc Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date was Tuesday, September 3rd. Associated Banc’s dividend payout ratio (DPR) is 88.89%.

Insider Buying and Selling

In other Associated Banc news, Director Lith Karen Van sold 8,061 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $20.48, for a total transaction of $165,089.28. Following the completion of the sale, the director now directly owns 54,114 shares of the company’s stock, valued at $1,108,254.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Randall J. Erickson sold 23,774 shares of Associated Banc stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total value of $546,564.26. Following the sale, the executive vice president now directly owns 128,680 shares of the company’s stock, valued at approximately $2,958,353.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lith Karen Van sold 8,061 shares of the business’s 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 completion of the sale, the director now owns 54,114 shares in the company, valued at $1,108,254.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,835 shares of company stock valued at $757,214. Corporate insiders own 1.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ASB shares. Barclays increased their price objective on shares of Associated Banc from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Piper Sandler lifted their price target on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Robert W. Baird reduced their price objective on Associated Banc from $27.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, July 26th. StockNews.com downgraded Associated Banc from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Baird R W cut Associated Banc from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Associated Banc has an average rating of “Hold” and a consensus target price of $23.78.

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.