Associated Banc-Corp (ASB) to Issue Quarterly Dividend of $0.22 on June 17th

Associated Banc-Corp (NYSE:ASB) announced a quarterly dividend on Tuesday, April 30th, Wall Street Journal reports. Stockholders of record on Monday, June 3rd will be paid a dividend of 0.22 per share by the bank on Monday, June 17th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Monday, June 3rd.

Associated Banc has increased its dividend by an average of 5.7% per year over the last three years and has raised its dividend every year for the last 12 years. Associated Banc has a payout ratio of 37.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Associated Banc to earn $2.34 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 37.6%.

Associated Banc Stock Up 2.4 %

Shares of ASB stock opened at $21.57 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s 50-day moving average is $20.84 and its 200-day moving average is $19.91. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 21.79, a PEG ratio of 1.25 and a beta of 0.99. Associated Banc has a 52-week low of $14.47 and a 52-week high of $22.16.

Associated Banc (NYSE:ASB) last issued its earnings results on Tuesday, April 30th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. The company had revenue of $322.84 million for the quarter, compared to analysts’ expectations of $325.00 million. Associated Banc had a net margin of 6.86% and a return on equity of 8.31%. Associated Banc’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.66 EPS. Sell-side analysts predict that Associated Banc will post 2.11 EPS for the current year.

Wall Street Analysts Forecast Growth

ASB has been the topic of several research analyst reports. Barclays increased their price target on shares of Associated Banc from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. Stephens reissued an “equal weight” rating and issued a $23.00 price target on shares of Associated Banc in a report on Friday, April 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $23.00 price target on shares of Associated Banc in a report on Tuesday, April 9th. Piper Sandler increased their price target on shares of Associated Banc from $21.50 to $23.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Finally, Wells Fargo & Company increased their price target on shares of Associated Banc from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $23.13.

Insiders Place Their Bets

In other Associated Banc news, Director John B. Williams sold 2,700 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $19.55, for a total transaction of $52,785.00. Following the transaction, the director now owns 62,876 shares in the company, valued at approximately $1,229,225.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Nicole M. Kitowski sold 5,019 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $21.23, for a total transaction of $106,553.37. Following the sale, the executive vice president now owns 37,993 shares in the company, valued at approximately $806,591.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Williams sold 2,700 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $19.55, for a total transaction of $52,785.00. Following the sale, the director now owns 62,876 shares in the company, valued at approximately $1,229,225.80. The disclosure for this sale can be found here. Insiders have sold a total of 26,729 shares of company stock worth $561,450 in the last quarter. Corporate insiders own 1.45% of the company’s stock.

About Associated Banc

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.