Associated Banc Corp (NYSE:ASB) posted its quarterly earnings results on Thursday. The bank reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The business had revenue of $260.11 million during the quarter, compared to analyst estimates of $266.24 million. Associated Banc Corp had a return on equity of 6.81% and a net margin of 17.31%. During the same period in the prior year, the business earned $0.27 earnings per share.
Associated Banc Corp (NYSE:ASB) opened at 24.30 on Friday. The company has a 50-day moving average price of $24.57 and a 200 day moving average price of $24.40. Associated Banc Corp has a 12 month low of $15.72 and a 12 month high of $26.70. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 18.13 and a beta of 1.18.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be given a $0.12 dividend. The ex-dividend date is Tuesday, May 30th. This represents a $0.48 annualized dividend and a yield of 1.98%. Associated Banc Corp’s payout ratio is 38.10%.
In other Associated Banc Corp news, insider Breck F. Hanson sold 30,913 shares of the firm’s stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $25.13, for a total value of $776,843.69. Following the completion of the sale, the insider now owns 57,262 shares in the company, valued at approximately $1,438,994.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Philip B. Flynn sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $24.81, for a total transaction of $248,100.00. Following the completion of the sale, the chief executive officer now owns 127,585 shares of the company’s stock, valued at approximately $3,165,383.85. The disclosure for this sale can be found here. Insiders sold a total of 75,367 shares of company stock valued at $1,914,852 in the last 90 days. Corporate insiders own 2.09% of the company’s stock.
A number of equities research analysts have recently issued reports on the company. Barclays PLC upped their price target on Associated Banc Corp to $26.00 and gave the company an “equal weight” rating in a research report on Friday, January 20th. Jefferies Group LLC restated a “hold” rating and issued a $27.00 price target on shares of Associated Banc Corp in a research report on Tuesday, April 4th. SunTrust Banks, Inc. upgraded Associated Banc Corp from a “hold” rating to a “buy” rating in a research report on Wednesday, March 29th. Zacks Investment Research lowered Associated Banc Corp from a “buy” rating to a “hold” rating in a research report on Friday, April 7th. Finally, JMP Securities started coverage on Associated Banc Corp in a research report on Thursday, February 2nd. They issued a “market perform” rating for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $24.72.
About Associated Banc Corp
Associated Banc-Corp is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a range of banking and non-banking products and services to individuals. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business, and Risk Management and Shared Services.
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