Associated Banc Corp (NYSE:ASB) announced a quarterly dividend on Wednesday, February 7th, Wall Street Journal reports. Stockholders of record on Thursday, March 1st will be paid a dividend of 0.15 per share by the bank on Thursday, March 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Wednesday, February 28th. This is a positive change from Associated Banc’s previous quarterly dividend of $0.14.
Associated Banc has a payout ratio of 37.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Associated Banc to earn $1.93 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 29.0%.
Shares of Associated Banc (ASB) traded up $0.35 during mid-day trading on Wednesday, hitting $24.60. The stock had a trading volume of 2,609,368 shares, compared to its average volume of 1,210,000. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.10. The company has a market cap of $3,720.00, a PE ratio of 17.08, a PEG ratio of 1.99 and a beta of 1.08. Associated Banc has a one year low of $20.95 and a one year high of $26.70.
Several equities analysts recently issued reports on the company. SunTrust Banks set a $26.00 price objective on Associated Banc and gave the company a “hold” rating in a research report on Saturday, October 21st. Piper Jaffray Companies reiterated a “hold” rating and issued a $27.00 price objective on shares of Associated Banc in a research report on Tuesday, January 9th. Barclays boosted their price objective on Associated Banc from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, October 23rd. Zacks Investment Research upgraded Associated Banc from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research report on Tuesday, October 24th. Finally, Morgan Stanley boosted their price objective on Associated Banc from $25.50 to $28.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $26.30.
In other Associated Banc news, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $25.08, for a total transaction of $250,800.00. Following the completion of the transaction, the chief executive officer now owns 122,457 shares of the company’s stock, valued at approximately $3,071,221.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Breck F. Hanson sold 11,373 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $24.92, for a total value of $283,415.16. Following the transaction, the insider now directly owns 37,722 shares of the company’s stock, valued at approximately $940,032.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,644 shares of company stock valued at $1,840,922. Insiders own 1.80% of the company’s stock.
About Associated Banc
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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