David L. Stein, Executive Vice President of Associated Banc-Corp (NYSE:ASB), recently executed a significant transaction involving the company's common stock. On November 6, Stein sold 29,536 shares at an average price of $27.428 per share, totaling approximately $810,113. This sale follows an acquisition of the same number of shares through the exercise of stock options at a price of $17.38 per share, marking a strategic move in his stock portfolio. Following these transactions, Stein holds 81,021 shares directly.
In other recent news, Associated Banc-Corp has reported steady performance in its third-quarter earnings for 2024, with a diluted earnings per share (EPS) of $0.56 and a $6 million increase in net interest income (NII) to $253 million. The company has also seen a 2% increase in core customer deposits, resulting in a reduction in wholesale funding, and a 1% rise in total loans, primarily in the commercial and auto sectors. In addition to these developments, Associated Banc-Corp has raised its quarterly cash dividend for common shares from $0.22 to $0.23, reflecting its commitment to providing value to shareholders.
The bank has also added 16 commercial relationship managers since September 2023 and plans to add 26 more by early 2025. This, along with the anticipation of cumulative commercial loan growth of $750 million and deposit growth of $2.5 billion by the end of 2025, underscores the company's strategic planning. Associated Banc-Corp has also launched a new specialty deposit and payment solutions vertical, focusing on select short-term credits in the commercial real estate sector.
These recent developments highlight the company's resilience and strategic planning amid a challenging U.S. economic landscape. Despite careful attention to macroeconomic factors affecting credit quality, Associated Banc-Corp remains optimistic about its trajectory.
InvestingPro Insights
David L. Stein's recent stock transaction at Associated Banc-Corp (NYSE:ASB) aligns with the company's strong financial performance and market position. According to InvestingPro data, ASB's market capitalization stands at $3.99 billion, reflecting its substantial presence in the banking sector. The company's price-to-earnings ratio of 22.16 suggests investors are willing to pay a premium for its earnings, possibly due to its growth prospects and dividend history.
Speaking of dividends, InvestingPro Tips highlight that Associated Banc-Corp has raised its dividend for 13 consecutive years and has maintained dividend payments for an impressive 50 consecutive years. This consistent dividend growth, coupled with a current dividend yield of 3.43%, underscores the company's commitment to shareholder returns and financial stability.
The stock's recent performance has been particularly noteworthy. InvestingPro data shows a robust 1-year price total return of 63.81%, significantly outperforming the broader market. This strong performance is further emphasized by the stock trading at 94.93% of its 52-week high, indicating investor confidence in the company's prospects.
It's worth noting that Associated Banc-Corp has demonstrated profitability over the last twelve months, with analysts predicting continued profitability this year. This positive outlook is supported by 5 analysts revising their earnings estimates upward for the upcoming period, as noted in the InvestingPro Tips.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Associated Banc-Corp, providing deeper insights into the company's financial health and market position.
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