Brokerages forecast that Associated Banc-Corp (NYSE:ASB) will post sales of $263.27 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Associated Banc’s earnings, with the lowest sales estimate coming in at $259.30 million and the highest estimate coming in at $265.50 million. Associated Banc reported sales of $257.70 million in the same quarter last year, which would suggest a positive year over year growth rate of 2.2%. The business is expected to announce its next quarterly earnings report on Thursday, October 28th.
According to Zacks, analysts expect that Associated Banc will report full year sales of $1.07 billion for the current financial year, with estimates ranging from $1.06 billion to $1.07 billion. For the next financial year, analysts anticipate that the business will post sales of $1.08 billion, with estimates ranging from $1.07 billion to $1.09 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Associated Banc.
Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Wednesday, July 21st. The bank reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.08. The business had revenue of $253.00 million during the quarter, compared to analysts’ expectations of $258.24 million. Associated Banc had a return on equity of 7.84% and a net margin of 25.85%. The company’s revenue for the quarter was down 43.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.26 EPS.
Shares of Associated Banc stock traded down $0.43 on Thursday, hitting $20.47. The company’s stock had a trading volume of 1,326,964 shares, compared to its average volume of 1,515,163. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.92 and a current ratio of 0.92. Associated Banc has a 1 year low of $12.03 and a 1 year high of $23.94. The firm has a fifty day moving average price of $20.20 and a 200-day moving average price of $21.34. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of 11.37 and a beta of 1.22.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 15th. Shareholders of record on Wednesday, September 1st will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.91%. This is a boost from Associated Banc’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Tuesday, August 31st. Associated Banc’s dividend payout ratio is 43.01%.
In other news, EVP David L. Stein sold 16,302 shares of the company’s stock in a transaction on Monday, August 9th. The stock was sold at an average price of $20.56, for a total transaction of $335,169.12. Following the sale, the executive vice president now owns 80,251 shares of the company’s stock, valued at $1,649,960.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eileen A. Kamerick sold 4,500 shares of the stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $20.63, for a total value of $92,835.00. The disclosure for this sale can be found here. 3.25% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Harbour Investments Inc. purchased a new position in shares of Associated Banc during the first quarter worth about $34,000. Toronto Dominion Bank grew its holdings in shares of Associated Banc by 30.5% during the second quarter. Toronto Dominion Bank now owns 4,361 shares of the bank’s stock worth $89,000 after purchasing an additional 1,020 shares during the last quarter. Maverick Capital Ltd. purchased a new position in shares of Associated Banc during the first quarter worth about $109,000. Captrust Financial Advisors grew its holdings in shares of Associated Banc by 464.6% during the first quarter. Captrust Financial Advisors now owns 7,667 shares of the bank’s stock worth $164,000 after purchasing an additional 6,309 shares during the last quarter. Finally, Blueshift Asset Management LLC purchased a new position in shares of Associated Banc during the first quarter worth about $200,000. 79.15% of the stock is currently owned by institutional investors.
About Associated Banc
Associated Banc-Corp. operates as a bank holding company, which offers various banking and non-banking financial services to individuals and businesses through its subsidiaries. It operates through the following segments: Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services.
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