Brokerages expect that Associated Banc Corp (NYSE:ASB) will post sales of $313.25 million for the current quarter, Zacks reports. Seven analysts have provided estimates for Associated Banc’s earnings, with estimates ranging from $307.53 million to $328.00 million. Associated Banc posted sales of $271.55 million during the same quarter last year, which suggests a positive year over year growth rate of 15.4%. The firm is scheduled to announce its next quarterly earnings results on Thursday, January 24th.
According to Zacks, analysts expect that Associated Banc will report full year sales of $1.25 billion for the current financial year, with estimates ranging from $1.23 billion to $1.25 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.28 billion, with estimates ranging from $1.25 billion to $1.31 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Associated Banc.
Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, October 18th. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. The company had revenue of $307.69 million for the quarter, compared to analysts’ expectations of $321.04 million. Associated Banc had a return on equity of 9.44% and a net margin of 20.53%. During the same quarter in the previous year, the firm earned $0.34 earnings per share.
ASB has been the topic of several analyst reports. ValuEngine cut Associated Banc from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Zacks Investment Research reiterated a “hold” rating on shares of Associated Banc in a report on Monday, November 12th. Morgan Stanley reiterated a “hold” rating and set a $29.50 price target (down from $30.00) on shares of Associated Banc in a report on Tuesday, September 18th. Sandler O’Neill lowered Associated Banc from a “buy” rating to a “hold” rating and set a $27.00 price target on the stock. in a report on Friday, October 19th. Finally, Robert W. Baird dropped their price target on Associated Banc from $30.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, October 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $28.15.
Shares of NYSE:ASB opened at $21.63 on Friday. The company has a market cap of $3.58 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.55 and a beta of 0.99. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.91 and a current ratio of 0.92. Associated Banc has a 12-month low of $21.10 and a 12-month high of $29.02.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be issued a dividend of $0.17 per share. This is a positive change from Associated Banc’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Friday, November 30th. Associated Banc’s dividend payout ratio (DPR) is 44.74%.
In other news, CEO Philip B. Flynn bought 115,000 shares of the stock in a transaction on Wednesday, September 19th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $2,875,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John A. Utz sold 2,341 shares of the business’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $27.81, for a total value of $65,103.21. Following the completion of the sale, the insider now owns 44,725 shares in the company, valued at $1,243,802.25. The disclosure for this sale can be found here. Insiders have purchased 121,107 shares of company stock worth $3,027,442 over the last quarter. 2.13% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. WoodTrust Financial Corp raised its stake in shares of Associated Banc by 78.2% in the third quarter. WoodTrust Financial Corp now owns 14,892 shares of the bank’s stock valued at $388,000 after buying an additional 6,537 shares during the period. Macquarie Group Ltd. bought a new stake in shares of Associated Banc in the second quarter valued at $317,000. PNC Financial Services Group Inc. raised its stake in shares of Associated Banc by 6.2% in the second quarter. PNC Financial Services Group Inc. now owns 45,489 shares of the bank’s stock valued at $1,241,000 after buying an additional 2,662 shares during the period. Breogan Capital LP raised its stake in shares of Associated Banc by 42.8% in the second quarter. Breogan Capital LP now owns 85,700 shares of the bank’s stock valued at $2,340,000 after buying an additional 25,700 shares during the period. Finally, Bailard Inc. bought a new stake in shares of Associated Banc in the second quarter valued at $456,000. Hedge funds and other institutional investors own 76.56% of the company’s stock.
Associated Banc Company Profile
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses primarily in Wisconsin, Illinois, and Minnesota. Its Corporate and Commercial Specialty segment offers deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; and lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications.
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