In a recent transaction disclosed to the public, Paul Gregory Schmidt, Executive Vice President of Associated Banc-Corp (NYSE:ASB), sold a total of 23,673 shares of the company's common stock. The sale, which took place on July 30, 2024, netted Schmidt over $548,976.
The shares were disposed of at a weighted average price of $23.19, with individual sales occurring in a price range from $23.168 to $23.24. Following the sale, Schmidt's ownership in the company stands at 49,578 shares of common stock.
Investors often monitor insider transactions as they provide insights into executives' perspectives on the company's current valuation and future prospects. Sales of this nature are routinely disclosed in compliance with SEC regulations to ensure transparency and maintain fair market practices.
Associated Banc-Corp, headquartered in Green Bay, Wisconsin, operates as a commercial bank and provides various banking and financial services to individuals and businesses. The company has a history dating back to its former name, Associated Bank Services Inc, and has been incorporated in Wisconsin.
The transaction was signed off by Lynn M. Floeter, attorney-in-fact for Paul G. Schmidt, indicating that the necessary legal procedures were followed in the execution of these trades. The details provided in the disclosure are intended to give shareholders and the market a clear view of the executive's trading activities and current stake in the company.
In other recent news, Associated Banc-Corp reported Q2 earnings per share (EPS) of $0.74, including a one-time $33 million tax benefit, and an adjusted EPS of $0.52, surpassing estimates. The company also announced a loan growth of $211 million, primarily driven by commercial and prime/super prime auto loans. Despite a slight decrease in core customer deposits, Associated Banc-Corp remains optimistic about deposit growth in the upcoming months. Piper Sandler, RBC Capital, and Baird have all adjusted their price targets for Associated Banc-Corp, with Piper Sandler raising it to $24, and both RBC Capital and Baird adjusting it to $25. All firms maintained their respective ratings on the stock. These adjustments came after Associated Banc-Corp's Q2 earnings and are based on the company's financial trends and growth expectations. The company is also progressing with its strategic plan focusing on customer growth, profitability, and digital transformation. The bank has hired 10 out of a planned 26 commercial relationship managers to drive future growth. These are the latest developments within Associated Banc-Corp.
InvestingPro Insights
As investors digest the news of Executive Vice President Paul Gregory Schmidt's recent stock sale of Associated Banc-Corp, it's valuable to consider the company's financial health and market performance through the lens of InvestingPro data. Associated Banc-Corp, with a market capitalization of $3.27 billion, maintains a Price-to-Earnings (P/E) Ratio of 18.63, reflecting investor sentiment about its earnings potential. Notably, the company's P/E Ratio has remained fairly consistent in recent times, with the last twelve months as of Q2 2024 showing a slightly adjusted P/E Ratio of 18.53.
In terms of shareholder returns, Associated Banc-Corp boasts a strong track record, highlighted by an impressive dividend yield of 3.83% as of mid-2024. This is supported by the company's long history of dividend payments, having maintained them for 50 consecutive years—an InvestingPro Tip that underscores the bank's commitment to returning value to its shareholders. Additionally, the dividend has continued to grow, with a 4.76% increase in the last twelve months as of Q2 2024.
While the company's revenue growth has experienced a decline of 21.33% over the last twelve months as of Q2 2024, it's important to note that analysts predict Associated Banc-Corp will remain profitable this year, as per another InvestingPro Tip. This forecast is backed by the company's positive operating income margin of 25.62% and its profitability over the last twelve months. For investors seeking further insights, there are 6 additional InvestingPro Tips available at https://www.investing.com/pro/ASB, offering a more comprehensive analysis of Associated Banc-Corp's financial outlook.
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