Associated Banc-Corp (NYSE:ASB) EVP Sells $546,564.26 in Stock

Associated Banc-Corp (NYSE:ASB) EVP Randall J. Erickson sold 23,774 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $22.99, for a total transaction of $546,564.26. Following the completion of the sale, the executive vice president now owns 128,680 shares in the company, valued at $2,958,353.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Associated Banc Price Performance

Shares of ASB opened at $21.16 on Friday. Associated Banc-Corp has a fifty-two week low of $15.16 and a fifty-two week high of $24.21. The firm has a market capitalization of $3.19 billion, a PE ratio of 21.37, a PEG ratio of 2.39 and a beta of 0.95. The company’s 50-day moving average is $21.35 and its 200-day moving average is $21.16. 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 (NYSE:ASB) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $0.52 earnings per share for the quarter, hitting the consensus estimate of $0.52. The business had revenue of $321.75 million during the quarter, compared to the consensus estimate of $330.69 million. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. Associated Banc’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the prior year, the company earned $0.56 EPS. Equities analysts forecast that Associated Banc-Corp will post 2.09 EPS for the current year.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Tuesday, September 3rd. Associated Banc’s payout ratio is presently 88.89%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in Associated Banc during the 2nd quarter worth approximately $140,000. Commonwealth Equity Services LLC lifted its holdings in Associated Banc by 4.9% during the second quarter. Commonwealth Equity Services LLC now owns 32,830 shares of the bank’s stock worth $694,000 after acquiring an additional 1,548 shares during the period. Rothschild Investment LLC purchased a new position in shares of Associated Banc in the 2nd quarter worth about $384,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Associated Banc by 14.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,497 shares of the bank’s stock valued at $687,000 after acquiring an additional 4,003 shares during the period. Finally, Miller Howard Investments Inc. NY increased its position in Associated Banc by 1.4% in the second quarter. Miller Howard Investments Inc. NY now owns 57,831 shares of the bank’s stock worth $1,223,000 after buying an additional 786 shares during the last quarter. Institutional investors own 82.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ASB. Barclays reduced their price target on shares of Associated Banc from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, June 24th. Stephens reaffirmed an “equal weight” rating and set a $24.00 price target on shares of Associated Banc in a research report on Tuesday, July 30th. Royal Bank of Canada boosted their price objective on Associated Banc from $23.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Piper Sandler raised their target price on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Finally, StockNews.com raised shares of Associated Banc from a “sell” rating to a “hold” rating in a research report on Tuesday, July 2nd. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $23.67.

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.