$276.73 Million in Sales Expected for Associated Banc-Corp (ASB) This Quarter
Equities research analysts forecast that Associated Banc-Corp (NYSE:ASB) will post sales of $276.73 million for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Associated Banc-Corp’s earnings, with the lowest sales estimate coming in at $266.18 million and the highest estimate coming in at $281.00 million. Associated Banc-Corp reported sales of $273.77 million in the same quarter last year, which indicates a positive year-over-year growth rate of 1.1%. The business is scheduled to issue its next earnings report after the market closes 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 financial year, analysts anticipate that the firm will post 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 firms that that provide coverage for Associated Banc-Corp.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.36. The company 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 last year, the business posted $0.31 earnings per share.
A number of analysts have recently commented on ASB shares. Zacks Investment Research raised Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Wednesday, June 21st. Morgan Stanley reissued an “equal weight” rating and issued a $25.00 price target (up from $24.00) on shares of Associated Banc-Corp in a research report on Thursday, July 6th. Jefferies Group LLC reissued a “hold” rating and issued a $27.00 price target on shares of Associated Banc-Corp in a research report on Sunday, June 11th. Piper Jaffray Companies set a $25.00 price target on Associated Banc-Corp and gave the stock a “hold” rating in a research report on Saturday, July 22nd. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $26.00 price target on shares of Associated Banc-Corp in a research report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company’s stock. Associated Banc-Corp has an average rating of “Hold” and an average target price of $25.25.
In other news, insider John A. Utz sold 8,054 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $23.62, for a total value of $190,235.48. Following the completion of the sale, the insider now directly owns 44,405 shares in the company, valued at approximately $1,048,846.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher C. Piotrowski sold 16,218 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total value of $381,933.90. Following the completion of the sale, the insider now owns 30,479 shares of the company’s stock, valued at $717,780.45. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,772 shares of company stock valued at $914,334. Company insiders own 1.80% of the company’s stock.
Several large investors have recently bought and sold shares of ASB. Bank of New York Mellon Corp increased its stake in shares of Associated Banc-Corp by 43.0% in the 1st quarter. Bank of New York Mellon Corp now owns 3,723,047 shares of the bank’s stock worth $90,843,000 after purchasing an additional 1,118,865 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Associated Banc-Corp by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 12,490,743 shares of the bank’s stock worth $304,775,000 after purchasing an additional 707,633 shares in the last quarter. State Street Corp increased its stake in shares of Associated Banc-Corp by 10.4% in the 1st quarter. State Street Corp now owns 6,785,200 shares of the bank’s stock worth $165,559,000 after purchasing an additional 641,800 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Associated Banc-Corp in the 2nd quarter worth $581,000. Finally, Victory Capital Management Inc. increased its stake in shares of Associated Banc-Corp by 4.6% in the 1st quarter. Victory Capital Management Inc. now owns 5,176,832 shares of the bank’s stock worth $126,315,000 after purchasing an additional 228,539 shares in the last quarter. Hedge funds and other institutional investors own 77.49% of the company’s stock.
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Shares of Associated Banc-Corp (NYSE ASB) opened at 22.90 on Thursday. The company’s 50 day moving average price is $22.52 and its 200-day moving average price is $24.13. Associated Banc-Corp has a 12 month low of $18.85 and a 12 month high of $26.70. The stock has a market capitalization of $3.47 billion, a P/E ratio of 16.47 and a beta of 1.17.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 2.10%. Associated Banc-Corp’s dividend payout ratio is presently 34.53%.
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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