Associated Banc (NYSE:ASB) Shares Gap Up on Better-Than-Expected Earnings

Shares of Associated Banc-Corp (NYSE:ASB) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $22.68, but opened at $24.03. Associated Banc shares last traded at $23.39, with a volume of 150,306 shares.

The bank reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.06. The company had revenue of $607.54 million during the quarter, compared to the consensus estimate of $336.52 million. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. During the same quarter in the previous year, the company posted $0.53 earnings per share.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Tuesday, September 3rd. Associated Banc’s dividend payout ratio (DPR) is presently 88.89%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ASB. Keefe, Bruyette & Woods boosted their price target on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Stephens reiterated an “equal weight” rating and set a $24.00 target price on shares of Associated Banc in a research report on Tuesday, July 30th. Piper Sandler raised their price target on Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. StockNews.com downgraded Associated Banc from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Baird R W cut Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $23.89.

Insiders Place Their Bets

In other Associated Banc news, EVP Randall J. Erickson sold 23,774 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total value of $546,564.26. Following the completion of the sale, the executive vice president now directly owns 128,680 shares in the company, valued at $2,958,353.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Lith Karen Van sold 8,061 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $20.48, for a total transaction of $165,089.28. Following the sale, the director now directly owns 54,114 shares in the company, valued at $1,108,254.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Randall J. Erickson sold 23,774 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total transaction of $546,564.26. Following the completion of the transaction, the executive vice president now directly owns 128,680 shares of the company’s stock, valued at approximately $2,958,353.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,835 shares of company stock worth $757,214. Corporate insiders own 1.45% of the company’s stock.

Institutional Trading of Associated Banc

Several hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue grew its holdings in shares of Associated Banc by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 17,220 shares of the bank’s stock worth $370,000 after buying an additional 1,170 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Associated Banc by 2.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,461 shares of the bank’s stock worth $419,000 after acquiring an additional 525 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Associated Banc by 134.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 129,939 shares of the bank’s stock worth $2,799,000 after acquiring an additional 74,574 shares in the last quarter. Greenleaf Trust raised its holdings in shares of Associated Banc by 7.9% in the third quarter. Greenleaf Trust now owns 11,596 shares of the bank’s stock valued at $250,000 after purchasing an additional 853 shares during the last quarter. Finally, nVerses Capital LLC lifted its position in shares of Associated Banc by 124.2% in the third quarter. nVerses Capital LLC now owns 14,800 shares of the bank’s stock worth $319,000 after purchasing an additional 8,200 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.

Associated Banc Stock Performance

The firm has a market cap of $3.45 billion, a P/E ratio of 23.14, a price-to-earnings-growth ratio of 1.66 and a beta of 0.93. The stock’s 50-day moving average price is $21.79 and its 200 day moving average price is $21.46. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.89 and a quick ratio of 0.89.

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.