Executive Vice President of Associated Banc-Corp (NYSE:ASB), Randall J. Erickson, has sold a total of 23,774 shares of the company's common stock, with the transactions amounting to over $546,000. The sales occurred on July 31, with the share prices ranging from $22.98 to $23.015.
The reported average price for the shares sold by Erickson was $22.99, which represents a weighted average across multiple transactions within the stated price range. Following the sale, Erickson still retains 128,680 shares of Associated Banc-Corp's common stock, indicating continued investment in the company.
Associated Banc-Corp, headquartered in Green Bay, Wisconsin, is a financial institution that operates primarily within the State Commercial Banks sector.
Investors and shareholders may be interested in the details of the transactions, which Erickson has agreed to provide upon request. These details will include the exact number of shares sold at each specific price within the provided range.
The sale was formalized in a document signed by Lynn M. Floeter, attorney-in-fact for Randall J. Erickson, and filed on August 1, as per the requirements for executives' securities transactions.
In other recent news, Associated Banc-Corp reported a Q2 earnings per share (EPS) of $0.74, surpassing both Piper Sandler's estimate of $0.54 and the consensus estimate of $0.52. After removing one-time items, the core EPS was $0.52. The company also reported a loan growth of $211 million, primarily driven by commercial and prime/super prime auto loans. Analyst firms Piper Sandler, RBC Capital, and Baird have adjusted their price targets for Associated Banc-Corp, with Piper Sandler increasing it to $24, while RBC Capital and Baird have raised their targets to $25. Despite some adjustments due to weaker-than-expected Q2 results and softer net interest income (NII) guidance, all three firms have maintained their ratings on the stock. 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 recent developments within Associated Banc-Corp.
InvestingPro Insights
As Associated Banc-Corp's Executive Vice President Randall J. Erickson sells a significant portion of his shares, investors might be curious about the company's financial health and future prospects. According to InvestingPro data, Associated Banc-Corp currently has a market capitalization of $3.27 billion and a trailing twelve-month P/E ratio of 18.53, indicating a valuation that reflects investors' expectations of future earnings.
While the company's revenue has seen a decrease of 21.33% over the last twelve months as of Q2 2024, the dividend yield stands at an attractive 3.83%, which is particularly noteworthy in the current market environment. This could signal a commitment to returning value to shareholders, a sentiment echoed by the fact that Associated Banc-Corp has maintained dividend payments for an impressive 50 consecutive years, a detail highlighted in one of the InvestingPro Tips.
Moreover, the company's operating income margin is robust at 25.62%, suggesting efficient management and profitability. Despite some analysts revising their earnings expectations downwards for the upcoming period, Associated Banc-Corp remains profitable with a positive basic EPS (Continuing Operations) of $1.18.
For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available that delve deeper into the company's performance and projections. These include observations on shareholder yield and gross profit margins, which can be critical in making informed investment decisions. In total, there are six more InvestingPro Tips listed for Associated Banc-Corp, which can be found at InvestingPro's dedicated page for the company.
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