Nicole M. Kitowski, Executive Vice President of Associated Banc-Corp (NYSE:ASB), recently sold shares of the company's common stock, according to the latest SEC filing. The transaction, which took place on April 30, involved the sale of 5,019 shares at a price of $21.235 per share. The total value of the shares sold by Kitowski amounted to approximately $106,578.
The sale represents a notable transaction from a key executive at Associated Banc-Corp, a financial institution headquartered in Green Bay, Wisconsin. The company, known for its services in the state commercial banks sector, has a significant presence in the Midwest with a variety of banking products and services.
Following the transaction, Kitowski's direct holdings in the company stood at 37,992.7151 shares. Additionally, the executive has indirect ownership through a 401(k) Plan, which includes 3,019.58 shares of common stock. It's worth noting that the indirect shares were not part of the recent sale.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. While the reasons behind Kitowski's sale have not been disclosed, such transactions are routine and can be influenced by a variety of factors including portfolio diversification or personal financial planning.
Nicole M. Kitowski's role as Executive Vice President places her in a position of significant responsibility within Associated Banc-Corp. As such, her trading activities are closely watched by the market and can sometimes be interpreted as a signal of the executive's confidence in the company's future performance.
The filing was signed by Lynn M. Floeter, attorney-in-fact for Nicole M. Kitowski, and was dated May 1, the day after the reported transaction. It is important for investors to consider the context of such transactions and to look at the broader picture of the company's performance and strategic direction when making investment decisions.
InvestingPro Insights
Amidst the news of Nicole M. Kitowski's recent stock sale, investors of Associated Banc-Corp (NYSE:ASB) might be looking for additional data points to assess the company's financial health and market position. According to InvestingPro, Associated Banc-Corp has demonstrated a strong commitment to returning value to shareholders, as evidenced by its track record of raising its dividend for 12 consecutive years and maintaining dividend payments for an impressive 50 years. This consistency in dividends is reflected in the company's current dividend yield of 4.18%, as of the last twelve months leading up to Q1 2024.
While some might see the insider sale as a lack of confidence, it's worth noting that analysts predict the company will be profitable this year, a sentiment supported by the fact that the company was profitable over the last twelve months. Moreover, the stock has experienced a significant price uptick, boasting a 33.35% total return over the past six months and trading near its 52-week high, with the price at 97.2% of the peak.
However, potential investors should be aware of the challenges the company faces. Five analysts have revised their earnings downwards for the upcoming period, and the company suffers from weak gross profit margins. These InvestingPro Tips, along with a comprehensive analysis of more than 20 additional tips available on the platform, could provide a nuanced perspective of Associated Banc-Corp's potential for growth and profitability.
For investors seeking to delve deeper into Associated Banc-Corp's financials, the company's P/E ratio stands at 21.79, with an adjusted P/E ratio for the last twelve months leading up to Q1 2024 at 21.41. The market cap is valued at 3180 million USD, indicating the size and scale of the company within the financial sector. These metrics, combined with the qualitative insights from InvestingPro Tips, may help investors make more informed decisions about their investment in Associated Banc-Corp.
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