Associated Banc (NYSE:ASB) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Associated Banc (NYSE:ASB) announced its earnings results on Thursday. The bank reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.03, Briefing.com reports. Associated Banc had a net margin of 6.86% and a return on equity of 8.33%. The business had revenue of $322.84 million for the quarter, compared to the consensus estimate of $325.00 million. During the same quarter in the prior year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was down 3.9% on a year-over-year basis.

Associated Banc Stock Performance

ASB opened at $21.57 on Friday. Associated Banc has a 12-month low of $14.47 and a 12-month high of $22.16. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $3.25 billion, a PE ratio of 21.79, a P/E/G ratio of 1.26 and a beta of 1.00. The firm has a 50 day moving average of $20.79 and a two-hundred day moving average of $19.75.

Associated Banc Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend was Thursday, February 29th. Associated Banc’s dividend payout ratio is presently 88.89%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ASB. Royal Bank of Canada restated a “sector perform” rating and issued a $23.00 price target on shares of Associated Banc in a report on Tuesday, April 9th. Raymond James upped their price target on shares of Associated Banc from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Piper Sandler upped their price target on shares of Associated Banc from $21.50 to $23.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Stephens restated an “equal weight” rating and issued a $23.00 price target on shares of Associated Banc in a report on Friday. Finally, Wells Fargo & Company upped their price target on shares of Associated Banc from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $23.13.

Insider Transactions at Associated Banc

In related news, Director John B. Williams sold 2,700 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $19.55, for a total transaction of $52,785.00. Following the sale, the director now directly owns 62,876 shares of the company’s stock, valued at $1,229,225.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Associated Banc news, Director John B. Williams sold 2,700 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $19.55, for a total value of $52,785.00. Following the completion of the transaction, the director now owns 62,876 shares in the company, valued at $1,229,225.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John A. Utz sold 14,010 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $297,012.00. Following the completion of the transaction, the executive vice president now owns 89,880 shares of the company’s stock, valued at approximately $1,905,456. The disclosure for this sale can be found here. Insiders have sold 21,710 shares of company stock valued at $454,897 in the last 90 days. 1.45% of the stock is currently owned by company insiders.

Associated Banc Company Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.