Associated Banc (NYSE:ASB) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Associated Banc (NYSE:ASBGet Rating) announced its quarterly earnings data on Thursday. The bank reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.09, Briefing.com reports. Associated Banc had a return on equity of 9.22% and a net margin of 31.05%. During the same period last year, the company posted $0.58 earnings per share.

Shares of ASB traded down $0.24 during trading hours on Friday, reaching $21.63. 26,557 shares of the company’s stock traded hands, compared to its average volume of 1,284,361. The stock has a market cap of $3.25 billion, a PE ratio of 9.99, a price-to-earnings-growth ratio of 1.52 and a beta of 1.02. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.49. The firm’s 50 day simple moving average is $23.24 and its 200-day simple moving average is $23.26. Associated Banc has a 12 month low of $18.40 and a 12 month high of $25.78.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Tuesday, March 1st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, February 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.70%. Associated Banc’s dividend payout ratio (DPR) is presently 36.53%.

In other Associated Banc news, Director Eileen A. Kamerick sold 4,500 shares of the business’s stock in a transaction dated Monday, March 14th. The shares were sold at an average price of $23.55, for a total value of $105,975.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Matthew R. Braeger sold 10,994 shares of the business’s stock in a transaction dated Tuesday, February 15th. The shares were sold at an average price of $25.47, for a total transaction of $280,017.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,394 shares of company stock valued at $623,240. Corporate insiders own 3.04% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG boosted its stake in shares of Associated Banc by 2.8% during the 4th quarter. Deutsche Bank AG now owns 96,791 shares of the bank’s stock valued at $2,187,000 after purchasing an additional 2,678 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of Associated Banc by 1.6% during the 4th quarter. California State Teachers Retirement System now owns 210,174 shares of the bank’s stock valued at $4,748,000 after purchasing an additional 3,378 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of Associated Banc by 157.2% during the 4th quarter. Stifel Financial Corp now owns 25,931 shares of the bank’s stock valued at $586,000 after purchasing an additional 15,850 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Associated Banc during the 4th quarter valued at about $428,000. Finally, Marshall Wace LLP bought a new stake in shares of Associated Banc during the 4th quarter valued at about $454,000. Hedge funds and other institutional investors own 77.86% of the company’s stock.

Several research analysts have commented on ASB shares. StockNews.com started coverage on Associated Banc in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Bank of America restated an “underperform” rating and issued a $23.00 target price on shares of Associated Banc in a research note on Tuesday, January 18th. Wells Fargo & Company upgraded Associated Banc from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $26.00 to $28.00 in a research note on Monday, March 21st. Finally, Piper Sandler cut their target price on Associated Banc from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $24.60.

Associated Banc Company Profile (Get Rating)

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services.

Recommended Stories

Earnings History for Associated Banc (NYSE:ASB)

Receive News & Ratings for Associated Banc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Associated Banc and related companies with MarketBeat.com's FREE daily email newsletter.