Zacks Research Weighs in on Associated Banc-Corp’s Q1 2024 Earnings (NYSE:ASB)

Posted by Defense World Staff on Jun 5th, 2023

Associated Banc-Corp (NYSE:ASB – Get Rating) – Equities research analysts at Zacks Research lowered their Q1 2024 EPS estimates for shares of Associated Banc in a report released on Friday, June 2nd. Zacks Research analyst S. Shah now expects that the bank will post earnings per share of $0.54 for the quarter, down from their prior forecast of $0.55. The consensus estimate for Associated Banc’s current full-year earnings is $2.40 per share. Zacks Research also issued estimates for Associated Banc’s Q2 2024 earnings at $0.57 EPS, Q4 2024 earnings at $0.55 EPS, FY2024 earnings at $2.20 EPS, Q1 2025 earnings at $0.63 EPS and FY2025 earnings at $2.68 EPS.

A number of other analysts have also recently issued reports on ASB. StockNews.com began coverage on Associated Banc in a research note on Thursday, May 18th. They set a “sell” rating for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $21.00 price target on shares of Associated Banc in a research note on Friday, April 21st. Wells Fargo & Company decreased their price target on shares of Associated Banc from $28.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods decreased their price target on shares of Associated Banc from $26.00 to $21.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. Finally, UBS Group started coverage on shares of Associated Banc in a research note on Wednesday, March 15th. They issued a “neutral” rating and a $22.00 target price for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.29.

Associated Banc Price Performance

NYSE ASB opened at $16.06 on Monday. The business has a 50 day simple moving average of $16.63 and a 200 day simple moving average of $20.53. Associated Banc has a 52-week low of $14.47 and a 52-week high of $25.50. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 6.32, a PEG ratio of 0.84 and a beta of 0.99.

Associated Banc (NYSE:ASB – Get Rating) last announced its quarterly earnings results on Thursday, April 20th. The bank reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.03. Associated Banc had a net margin of 23.87% and a return on equity of 10.35%. The business had revenue of $504.89 million for the quarter, compared to the consensus estimate of $349.71 million. During the same period last year, the company posted $0.47 EPS.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date of this dividend is Wednesday, May 31st. Associated Banc’s dividend payout ratio is currently 33.07%.

Insider Transactions at Associated Banc

In other news, Director R Jay Gerken acquired 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was acquired at an average price of $16.07 per share, with a total value of $48,210.00. Following the completion of the transaction, the director now directly owns 42,036 shares of the company’s stock, valued at approximately $675,518.52. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director R Jay Gerken acquired 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was acquired at an average price of $16.07 per share, with a total value of $48,210.00. Following the completion of the transaction, the director now directly owns 42,036 shares of the company’s stock, valued at approximately $675,518.52. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael J. Haddad bought 5,750 shares of the stock in a transaction on Wednesday, April 26th. The shares were acquired at an average cost of $17.35 per share, with a total value of $99,762.50. Following the purchase, the director now owns 5,750 shares of the company’s stock, valued at approximately $99,762.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 13,600 shares of company stock valued at $247,737. 1.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ASB. ProShare Advisors LLC increased its stake in shares of Associated Banc by 7.4% in the first quarter. ProShare Advisors LLC now owns 431,421 shares of the bank’s stock valued at $7,757,000 after buying an additional 29,590 shares during the period. Putnam Investments LLC increased its stake in shares of Associated Banc by 18.9% in the first quarter. Putnam Investments LLC now owns 18,276 shares of the bank’s stock valued at $329,000 after buying an additional 2,906 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Associated Banc by 19.1% in the first quarter. Ameriprise Financial Inc. now owns 772,626 shares of the bank’s stock valued at $13,892,000 after buying an additional 123,640 shares during the period. Rockefeller Capital Management L.P. increased its stake in shares of Associated Banc by 59.0% in the first quarter. Rockefeller Capital Management L.P. now owns 20,917 shares of the bank’s stock valued at $375,000 after buying an additional 7,761 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in shares of Associated Banc by 299.1% in the first quarter. Thrivent Financial for Lutherans now owns 159,840 shares of the bank’s stock valued at $2,874,000 after buying an additional 119,790 shares during the period. Institutional investors and hedge funds own 78.95% of the company’s stock.

Associated Banc Company Profile

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Associated Banc-Corp. is a holding company, which engages in banking and non-banking financial services to individuals and businesses through its subsidiaries. It operates through the following segments: Corporate and Commercial Specialty, Community, Consumer and Business, and Risk Management and Shared Services.