In a recent move, Karen Van Lith, a director at Associated Banc-Corp (NYSE:ASB), has sold a total of 8,061 shares of the company's common stock. The transaction took place on September 12, 2024, with the shares being sold at a weighted average price of $20.4802, resulting in a total value of $165,090.
The sale was executed in multiple transactions at prices ranging from $20.48 to $20.54. Following this sale, Van Lith still owns a total of 54,114 shares of Associated Banc-Corp, indicating continued investment in the company's future.
Associated Banc-Corp, headquartered in Green Bay, Wisconsin, operates as a state commercial bank. This transaction was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through the SEC's website.
Investors and stakeholders in Associated Banc-Corp can request more detailed information about the exact number of shares sold at each price point within the range stated above, as noted in the footnotes of the SEC filing.
The sale by a company insider is often closely watched by investors as it can indicate the executive's confidence in the company's current status and future prospects. However, it is also not uncommon for executives to sell shares for personal financial planning purposes, unrelated to their outlook on the company.
Shares of Associated Banc-Corp closed at $XX.XX on the last trading session, with a XX% change from the previous close. The company has a market capitalization of $XX billion and a P/E ratio of XX.XX.
In other recent news, Associated Banc-Corp reported second-quarter earnings per share (EPS) of $0.74, aided by a one-time $33 million tax benefit, and an adjusted EPS of $0.52. The financial institution also disclosed a loan growth of $211 million, primarily driven by commercial and prime/super prime auto loans. However, the company's full-year 2024 earnings guidance was adjusted downward, indicating a need for improved performance in the latter half of 2024.
Piper Sandler, maintaining a neutral stance, reiterated its price target of $24.00 for Associated Banc-Corp, while RBC Capital and Baird adjusted their targets to $25, all citing the company's Q2 performance and financial trends. Associated Banc-Corp is also progressing with its strategic plan focusing on customer growth, profitability, and digital transformation.
In addition, the company has hired 10 out of a planned 26 commercial relationship managers to drive future growth. These recent developments within Associated Banc-Corp underline the company's strategic efforts to meet its revised financial objectives amidst the challenges outlined in its second-quarter earnings report.
InvestingPro Insights
Amid the insider trading activity, Associated Banc-Corp (NYSE:ASB) presents a mix of financial metrics and InvestingPro Tips that provide a broader context for investors. With a market capitalization of $3.04 billion, the company has displayed a commitment to returning value to shareholders, as evidenced by its impressive track record of raising its dividend for 12 consecutive years. This dedication is further underscored by the fact that Associated Banc-Corp has maintained dividend payments for an astonishing 50 consecutive years, showcasing a stable financial policy.
The company's P/E ratio stands at 17.36, with an adjusted P/E ratio of 17.2 over the last twelve months as of Q2 2024, which could suggest that the stock is reasonably valued in the context of its earnings. However, investors should note that analysts have recently revised their earnings expectations downwards for the upcoming period, which may need to be factored into valuation considerations.
Despite a revenue decline of 21.33% over the last twelve months as of Q2 2024, the company has managed to maintain a solid operating income margin of 25.62%. While concerns have been raised about weak gross profit margins, the company's dividend yield stands at 4.28%, which is attractive to income-focused investors. Analysts forecast that Associated Banc-Corp will remain profitable this year, a sentiment supported by the company's profitability over the last twelve months.
For those seeking a deeper dive into Associated Banc-Corp's financial health and future prospects, InvestingPro offers additional insights, including a total of 7 InvestingPro Tips for ASB, available at https://www.investing.com/pro/ASB. These tips provide valuable information that can help investors make more informed decisions.
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