Associated Banc (NYSE:ASB) Releases Earnings Results, Beats Estimates By $0.06 EPS

Associated Banc (NYSE:ASB - Get Free Report) released its quarterly earnings results on Thursday. The bank reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.06, Briefing.com reports. The firm had revenue of $607.54 million for the quarter, compared to the consensus estimate of $336.52 million. Associated Banc had a net margin of 7.93% and a return on equity of 8.14%. During the same quarter in the previous year, the firm posted $0.53 EPS.

Associated Banc Stock Performance

Shares of NYSE ASB traded up $0.23 during midday trading on Friday, hitting $22.91. The company's stock had a trading volume of 2,196,911 shares, compared to its average volume of 1,336,446. The firm has a market cap of $3.45 billion, a P/E ratio of 23.24, a P/E/G ratio of 1.66 and a beta of 0.93. Associated Banc has a 1-year low of $15.59 and a 1-year high of $24.21. The firm's fifty day moving average price is $21.76 and its 200-day moving average price is $21.45. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.89 and a current ratio of 0.89.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.84%. Associated Banc's payout ratio is currently 88.89%.

Wall Street Analysts Forecast Growth

ASB has been the topic of a number of analyst reports. Robert W. Baird dropped their target price on Associated Banc from $27.00 to $25.00 and set a "neutral" rating on the stock in a research report on Friday, July 26th. Piper Sandler upped their target price on Associated Banc from $23.00 to $24.00 and gave the company a "neutral" rating in a research report on Friday, July 26th. Baird R W downgraded shares of Associated Banc from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 17th. Stephens restated an "equal weight" rating and issued a $24.00 price target on shares of Associated Banc in a research note on Tuesday, July 30th. Finally, Barclays increased their price objective on shares of Associated Banc from $23.00 to $24.00 and gave the company an "equal weight" rating in a research note on Friday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $23.89.

Insiders Place Their Bets

In other news, Director Lith Karen Van sold 8,061 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $20.48, for a total transaction of $165,089.28. Following the completion of the transaction, the director now directly owns 54,114 shares of the company's stock, valued at approximately $1,108,254.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Associated Banc news, Director Lith Karen Van sold 8,061 shares of the firm's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $20.48, for a total value of $165,089.28. Following the sale, the director now directly owns 54,114 shares in the company, valued at approximately $1,108,254.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John A. Utz sold 2,000 shares of the company's stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $22.78, for a total transaction of $45,560.00. Following the transaction, the executive vice president now owns 99,637 shares of the company's stock, valued at $2,269,730.86. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,835 shares of company stock valued at $757,214 over the last quarter. Insiders own 1.45% of the company's stock.

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.