Associated Banc (NYSE:ASB) Issues Quarterly Earnings Results

Associated Banc (NYSE:ASB) announced its quarterly earnings data on Thursday. The bank reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02, FiscalAI reports. The firm had revenue of $387.21 million during the quarter, compared to analysts’ expectations of $384.20 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.

Associated Banc Trading Up 0.3%

Shares of NYSE:ASB traded up $0.09 during midday trading on Thursday, hitting $27.94. 2,204,360 shares of the stock were exchanged, compared to its average volume of 2,426,807. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 10.09, a P/E/G ratio of 1.45 and a beta of 0.77. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The business’s 50-day moving average price is $26.44 and its 200 day moving average price is $26.28. Associated Banc has a 12 month low of $21.16 and a 12 month high of $29.51.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, March 2nd. Associated Banc’s dividend payout ratio is presently 34.66%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ASB shares. Stephens raised Associated Banc from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $30.00 to $29.00 in a report on Friday, March 27th. Keefe, Bruyette & Woods lifted their price objective on Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, January 23rd. Royal Bank Of Canada boosted their price target on Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. Wells Fargo & Company boosted their price target on Associated Banc from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, March 30th. Finally, Piper Sandler boosted their price target on Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.60.

Associated Banc announced that its Board of Directors has approved a share buyback plan on Tuesday, January 27th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 2.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Associated Banc

In other news, Director John B. Williams sold 2,325 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total value of $65,216.25. Following the completion of the sale, the director owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. This represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Patrick Edward Ahern sold 14,731 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total value of $427,640.93. Following the completion of the sale, the executive vice president directly owned 39,401 shares of the company’s stock, valued at approximately $1,143,811.03. The trade was a 27.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 23,656 shares of company stock worth $677,789. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake in shares of Associated Banc by 345.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after buying an additional 1,047 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in shares of Associated Banc in the third quarter valued at about $51,000. Global Retirement Partners LLC acquired a new stake in Associated Banc during the fourth quarter worth approximately $56,000. Quarry LP grew its stake in Associated Banc by 62.6% during the third quarter. Quarry LP now owns 2,226 shares of the bank’s stock worth $57,000 after purchasing an additional 857 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in Associated Banc by 144.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,128 shares of the bank’s stock worth $81,000 after purchasing an additional 1,849 shares during the period. Institutional investors and hedge funds own 82.98% of the company’s stock.

About Associated Banc

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.