Associated Banc-Corp (NYSE:ASB) executive vice president David L. Stein recently sold 6,231 shares of the company's common stock, according to the latest SEC filings. The transactions, which occurred on August 30, 2024, totaled approximately $141,635 at an average weighted price of $22.7308 per share.
The reported sales took place in multiple transactions with prices ranging from $22.7301 to $22.735 per share. Following the sale, Stein's direct and indirect holdings in the company's common stock include 49,297 shares held by trust and 80,798 shares held directly.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on their company's current valuation and future prospects. However, such transactions can be motivated by a variety of personal financial considerations and do not necessarily reflect a change in the executive's outlook on the company's performance.
The reported sale represents a significant transaction by an executive of Associated Banc-Corp, a company with a standard industrial classification as a state commercial bank. The company, headquartered in Green Bay, Wisconsin, has a history that includes a name change from Associated Bank Services Inc in 1977.
For further details on the transaction, Associated Banc-Corp and David L. Stein have committed to providing full information regarding the number of shares sold at each separate price within the reported range upon request to the company, its security holders, or the SEC staff.
Associated Banc-Corp's shares are traded on the New York Stock Exchange under the ticker symbol ASB. Investors and stakeholders can continue to follow the company's filings and announcements for more updates on insider transactions and other financial news.
In other recent news, Associated Banc-Corp has reported a second-quarter earnings per share (EPS) of $0.74, boosted by a one-time $33 million tax benefit, with an adjusted EPS of $0.52. The company also revealed a loan growth of $211 million, mainly driven by commercial and prime/super prime auto loans. Despite a slight decrease in core customer deposits, the bank remains optimistic about future deposit growth. Piper Sandler, RBC Capital, and Baird have all adjusted their price targets for Associated Banc-Corp, with Piper Sandler raising it to $24, while RBC Capital and Baird both increased it to $25. These adjustments come after the bank's Q2 earnings and are based on the company's financial trends and growth expectations. Associated Banc-Corp is also progressing with its strategic plan focusing on customer growth, profitability, and digital transformation, having already 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
Associated Banc-Corp (NYSE:ASB) has recently been the subject of insider transactions, which can serve as a bellwether for investor sentiment. In light of executive vice president David L. Stein's sale of company shares, it's worth noting that Associated Banc-Corp has demonstrated a commitment to rewarding its shareholders. According to InvestingPro Tips, the company has raised its dividend for 12 consecutive years and has maintained dividend payments for an impressive 50 years. This could signal confidence in the company's ability to generate profits, which is reinforced by analysts' predictions that the company will be profitable this year.
Looking at the real-time metrics from InvestingPro Data, Associated Banc-Corp's market capitalization stands at $3.39 billion, with a Price/Earnings (P/E) ratio of 19.18. The company's revenue for the last twelve months as of Q2 2024 was reported at $997.85 million, although it experienced a revenue decline of 21.33% during the same period. Despite the revenue contraction, the company demonstrated a robust operating income margin of 25.62%, which reflects efficient management of its operations.
Investors considering Associated Banc-Corp's stock will find additional insights with the 7 InvestingPro Tips available, which include further analysis of earnings revisions and gross profit margins. These tips can provide a deeper understanding of the company's financial health and future outlook. For those interested in exploring these additional tips, they can be found at: https://www.investing.com/pro/ASB
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.