Associated Banc (NYSE:ASB) Announces Earnings Results, Beats Expectations By $0.01 EPS

Associated Banc (NYSE:ASB) announced its earnings results on Thursday. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.72 by $0.01, FiscalAI reports. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. The firm had revenue of $450.44 million for the quarter, compared to the consensus estimate of $438.01 million.

Associated Banc Price Performance

ASB traded down $0.42 on Thursday, hitting $30.28. 2,968,731 shares of the stock were exchanged, compared to its average volume of 2,268,089. The business has a 50-day moving average of $29.33 and a two-hundred day moving average of $27.76. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 1.14 and a beta of 0.76. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.90 and a quick ratio of 0.90. Associated Banc has a 12 month low of $23.63 and a 12 month high of $31.83.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, June 1st. Associated Banc’s dividend payout ratio is 33.33%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Robert W. Baird increased their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Keefe, Bruyette & Woods increased their target price on Associated Banc from $30.00 to $31.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Wells Fargo & Company lifted their price target on Associated Banc from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. Stephens upgraded Associated Banc from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $30.00 to $29.00 in a report on Friday, March 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Associated Banc in a research report on Wednesday, June 24th. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Insider Activity

In related news, EVP Dennis Deloye sold 14,299 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $28.26, for a total transaction of $404,089.74. Following the completion of the sale, the executive vice president directly owned 21,385 shares in the company, valued at $604,340.10. This represents a 40.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Williams sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total value of $112,720.00. Following the completion of the sale, the director directly owned 67,420 shares in the company, valued at $1,899,895.60. This trade represents a 5.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,299 shares of company stock valued at $801,760 in the last three months. Company insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

A number of hedge funds have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV increased its position in Associated Banc by 29.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 15,501 shares of the bank’s stock worth $399,000 after purchasing an additional 3,560 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Associated Banc during the fourth quarter worth $1,717,000. Voloridge Investment Management LLC increased its holdings in shares of Associated Banc by 327.4% during the fourth quarter. Voloridge Investment Management LLC now owns 807,808 shares of the bank’s stock worth $20,809,000 after buying an additional 618,789 shares in the last quarter. SummitTX Capital L.P. acquired a new position in shares of Associated Banc during the fourth quarter worth $387,000. Finally, Tudor Investment Corp ET AL bought a new position in shares of Associated Banc in the 4th quarter valued at $2,705,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

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.