Associated Banc-Corp (ASB) Expected to Announce Quarterly Sales of $276.73 Million
Wall Street analysts predict that Associated Banc-Corp (NYSE:ASB) will post $276.73 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Associated Banc-Corp’s earnings, with estimates ranging from $266.18 million to $281.00 million. Associated Banc-Corp posted sales of $273.77 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 1.1%. The business is scheduled to issue its next quarterly earnings results on Thursday, October 19th.
On average, analysts expect that Associated Banc-Corp will report full-year sales of $276.73 million for the current year, with estimates ranging from $1.07 billion to $1.10 billion. For the next fiscal year, analysts expect that the business will report sales of $1.23 billion per share, with estimates ranging from $1.13 billion to $1.28 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Associated Banc-Corp.
Associated Banc-Corp (NYSE:ASB) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. The business had revenue of $266.23 million during the quarter, compared to the consensus estimate of $273.29 million. Associated Banc-Corp had a return on equity of 7.43% and a net margin of 18.78%. During the same period in the prior year, the company earned $0.31 earnings per share.
A number of research firms recently issued reports on ASB. Zacks Investment Research upgraded Associated Banc-Corp from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub lowered Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 30th. Piper Jaffray Companies set a $25.00 price objective on Associated Banc-Corp and gave the company a “hold” rating in a research report on Saturday, July 22nd. Keefe, Bruyette & Woods restated a “hold” rating and set a $26.00 price objective on shares of Associated Banc-Corp in a research report on Friday, July 21st. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $27.00 price target on shares of Associated Banc-Corp in a research report on Friday, July 14th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $25.00.
In other news, CEO Philip B. Flynn sold 10,000 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $23.61, for a total transaction of $236,100.00. Following the sale, the chief executive officer now directly owns 127,585 shares of the company’s stock, valued at $3,012,281.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eileen A. Kamerick sold 4,500 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $23.57, for a total value of $106,065.00. Following the sale, the director now directly owns 27,004 shares in the company, valued at $636,484.28. The disclosure for this sale can be found here. Insiders sold a total of 22,554 shares of company stock worth $532,400 in the last three months. Company insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Acrospire Investment Management LLC increased its position in shares of Associated Banc-Corp by 61.0% in the first quarter. Acrospire Investment Management LLC now owns 4,830 shares of the bank’s stock worth $118,000 after buying an additional 1,830 shares in the last quarter. Morgan Dempsey Capital Management LLC increased its position in shares of Associated Banc-Corp by 40.5% in the second quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock worth $140,000 after buying an additional 1,597 shares during the period. Chicago Partners Investment Group LLC increased its position in shares of Associated Banc-Corp by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 6,400 shares of the bank’s stock worth $156,000 after buying an additional 30 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Associated Banc-Corp during the first quarter worth approximately $210,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Associated Banc-Corp by 14.3% in the first quarter. Envestnet Asset Management Inc. now owns 9,195 shares of the bank’s stock worth $224,000 after buying an additional 1,147 shares during the period. Institutional investors and hedge funds own 78.54% of the company’s stock.
Shares of Associated Banc-Corp (ASB) opened at 23.30 on Tuesday. The stock has a 50 day moving average price of $24.67 and a 200 day moving average price of $24.79. The firm has a market capitalization of $3.53 billion, a P/E ratio of 16.76 and a beta of 1.16. Associated Banc-Corp has a 12-month low of $18.33 and a 12-month high of $26.70.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend is Wednesday, August 30th. Associated Banc-Corp’s dividend payout ratio is presently 34.53%.
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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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