Associated Banc (NYSE:ASB) Posts Earnings Results, Beats Expectations By $0.02 EPS

Associated Banc (NYSE:ASB) announced its quarterly earnings results on Thursday. The bank reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02, FiscalAI reports. The business had revenue of $387.21 million for 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 Stock Performance

ASB traded up $0.09 during trading hours on Thursday, hitting $27.94. The company’s stock had a trading volume of 2,208,504 shares, compared to its average volume of 2,433,336. The company has a 50-day simple moving average of $26.44 and a 200 day simple moving average of $26.28. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $4.62 billion, a PE ratio of 10.09, a PEG ratio of 1.45 and a beta of 0.77. Associated Banc has a fifty-two week low of $21.16 and a fifty-two week high of $29.51.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, March 2nd. Associated Banc’s dividend payout ratio (DPR) is currently 34.66%.

Associated Banc announced that its board has approved a stock repurchase plan on Tuesday, January 27th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, Director John B. Williams sold 2,325 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total transaction of $65,216.25. Following the completion of the transaction, the director directly owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. This trade represents a 3.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eileen A. Kamerick sold 6,600 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $28.02, for a total value of $184,932.00. Following the transaction, the director directly owned 49,264 shares of the company’s stock, valued at approximately $1,380,377.28. The trade was a 11.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 23,656 shares of company stock valued at $677,789. 0.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Associated Banc

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its stake in Associated Banc by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 154,933 shares of the bank’s stock valued at $3,779,000 after purchasing an additional 394 shares in the last quarter. LPL Financial LLC boosted its stake in shares of Associated Banc by 2.3% during the 4th quarter. LPL Financial LLC now owns 19,079 shares of the bank’s stock worth $491,000 after acquiring an additional 426 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Associated Banc by 2.0% during the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank’s stock worth $667,000 after acquiring an additional 549 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Associated Banc by 1.8% during the 4th quarter. Quadrant Capital Group LLC now owns 34,801 shares of the bank’s stock worth $896,000 after acquiring an additional 619 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its stake in shares of Associated Banc by 3.7% during the 2nd quarter. Osaic Holdings Inc. now owns 22,256 shares of the bank’s stock worth $543,000 after acquiring an additional 800 shares in the last quarter. 82.98% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ASB shares. Royal Bank Of Canada increased their price target on Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Friday, January 23rd. Piper Sandler increased their price target on Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Truist Financial dropped their price target on Associated Banc from $30.00 to $27.00 and set a “hold” rating on the stock in a research report on Monday, March 23rd. Keefe, Bruyette & Woods increased their price target on Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, January 23rd. Finally, Barclays upgraded Associated Banc from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $30.00 to $33.00 in a research report on Tuesday, April 7th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.60.

Associated Banc Company Profile

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.