Associated Banc (NYSE:ASB) Shares Up 3.9% After Better-Than-Expected Earnings

Associated Banc-Corp (NYSE:ASB - Get Free Report)'s share price was up 3.9% during trading on Friday following a stronger than expected earnings report. The company traded as high as $22.71 and last traded at $22.88. Approximately 344,828 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 1,522,559 shares. The stock had previously closed at $22.02.

The bank reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. The business had revenue of $348.97 million during the quarter, compared to analysts' expectations of $347.86 million. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. The firm's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS.

Associated Banc Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date was Monday, March 3rd. Associated Banc's dividend payout ratio is 106.98%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Stephens reduced their target price on shares of Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a report on Friday. Royal Bank of Canada boosted their target price on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a report on Friday, January 24th. Barclays reduced their price objective on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Raymond James reaffirmed an "outperform" rating and issued a $27.00 price objective on shares of Associated Banc in a research note on Monday. Finally, Wells Fargo & Company raised shares of Associated Banc from an "equal weight" rating to an "overweight" rating and reduced their price objective for the company from $27.00 to $26.00 in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $26.00.

Insider Activity at Associated Banc

In related news, Director Eileen A. Kamerick sold 7,000 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $24.71, for a total value of $172,970.00. Following the sale, the director now owns 49,495 shares in the company, valued at $1,223,021.45. This represents a 12.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John B. Williams sold 2,830 shares of Associated Banc stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $25.09, for a total value of $71,004.70. Following the transaction, the director now owns 66,915 shares of the company's stock, valued at $1,678,897.35. This trade represents a 4.06 % decrease in their position. The disclosure for this sale can be found here. 1.45% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ASB. Vanguard Group Inc. lifted its stake in Associated Banc by 8.7% during the 4th quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank's stock valued at $431,798,000 after acquiring an additional 1,444,068 shares in the last quarter. FMR LLC lifted its position in shares of Associated Banc by 9.4% during the fourth quarter. FMR LLC now owns 14,838,422 shares of the bank's stock valued at $354,638,000 after purchasing an additional 1,272,441 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Associated Banc by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 3,849,649 shares of the bank's stock valued at $92,026,000 after purchasing an additional 265,378 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Associated Banc by 5.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,248,435 shares of the bank's stock worth $53,738,000 after purchasing an additional 111,310 shares during the last quarter. Finally, Northern Trust Corp grew its position in Associated Banc by 19.9% in the 4th quarter. Northern Trust Corp now owns 2,182,882 shares of the bank's stock worth $52,171,000 after purchasing an additional 362,267 shares in the last quarter. Institutional investors own 82.98% of the company's stock.

Associated Banc Stock Performance

The company's 50 day simple moving average is $21.89 and its 200 day simple moving average is $23.89. The stock has a market cap of $3.72 billion, a PE ratio of 28.44, a price-to-earnings-growth ratio of 1.52 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.88.

About Associated Banc

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.