Derek Meyer Sells 10,000 Shares of Associated Banc (NYSE:ASB) Stock

Associated Banc-Corp (NYSE:ASB) EVP Derek Meyer sold 10,000 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total transaction of $307,400.00. Following the transaction, the executive vice president directly owned 61,662 shares of the company’s stock, valued at $1,895,489.88. This represents a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Associated Banc Price Performance

Shares of NYSE:ASB opened at $30.88 on Friday. Associated Banc-Corp has a 52 week low of $23.63 and a 52 week high of $31.83. The company has a 50-day moving average price of $29.75 and a 200 day moving average price of $27.96. The company has a market cap of $5.82 billion, a P/E ratio of 10.80, a PEG ratio of 1.05 and a beta of 0.76. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.95.

Associated Banc (NYSE:ASB) last released its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.01. The company had revenue of $450.44 million for the quarter, compared to analysts’ expectations of $438.01 million. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.During the same quarter in the previous year, the firm posted $0.65 EPS. Research analysts predict that Associated Banc-Corp will post 2.9 earnings per share for the current year.

Associated Banc Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Associated Banc’s dividend payout ratio is currently 33.57%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wall Street Zen downgraded Associated Banc from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Associated Banc in a research note on Wednesday, June 24th. Barclays increased their price target on shares of Associated Banc from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Piper Sandler raised their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Finally, Raymond James Financial upped their target price on shares of Associated Banc from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Institutional Trading of Associated Banc

Institutional investors have recently bought and sold shares of the company. Wedge Capital Management L L P NC purchased a new position in shares of Associated Banc in the second quarter valued at $2,048,000. Gradient Investments LLC grew its stake in Associated Banc by 11.5% in the 2nd quarter. Gradient Investments LLC now owns 77,334 shares of the bank’s stock valued at $2,380,000 after acquiring an additional 8,003 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Associated Banc in the 2nd quarter valued at about $30,927,000. Prodigy Asset Management LLC purchased a new position in Associated Banc during the 2nd quarter valued at about $315,000. Finally, GAMMA Investing LLC increased its holdings in Associated Banc by 60.9% during the 2nd quarter. GAMMA Investing LLC now owns 13,775 shares of the bank’s stock valued at $424,000 after acquiring an additional 5,215 shares in the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

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.