David L. Stein, the Executive Vice President of Associated Banc-Corp (NYSE:ASB), has recently sold a total of 32,107 shares of the company's common stock, with the transactions valued at approximately $743,277. The sales took place on July 30, 2024, at weighted average prices ranging from $23.04 to $23.24 per share.
The sale was disclosed in a regulatory filing with the Securities and Exchange Commission. According to the details provided, the transactions were executed in multiple parts within the specified price range. The exact number of shares sold at each price point within this range is available upon request from the company, its security holders, or the SEC staff.
On the same date, Stein also acquired 32,107 shares of Associated Banc-Corp's common stock at a price of $17.24 per share, amounting to a total of $553,524. This transaction was classified as an exercise of options, which are set to vest in four equal annual installments starting from February 8, 2016.
Following the reported transactions, Stein's direct holdings in the company decreased to 80,798 shares. Additionally, the filing revealed indirect holdings of 10,665.84 shares through a 401(k) plan and 55,528 shares held by a trust.
Investors and the market typically monitor insider transactions like these for insights into executives' perspectives on the company's stock value and future performance. The transactions by Stein at Associated Banc-Corp, a state commercial bank headquartered in Green Bay, Wisconsin, are part of the regular disclosure requirements for company insiders.
In other recent news, Associated Banc-Corp has reported second-quarter earnings per share (EPS) of $0.74, surpassing estimates, and an adjusted EPS of $0.52. The company also reported a loan growth of $211 million, primarily driven by commercial and prime/super prime auto loans. Despite a minor decrease in core customer deposits, the bank remains optimistic about deposit growth in the upcoming months.
Piper Sandler and RBC Capital have raised their price targets for Associated Banc-Corp to $24 and $25 respectively, while Baird has adjusted its price target to $25. All these revisions are based on the company's recent financial performance and growth expectations.
Associated Banc-Corp 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
Amid the recent insider transactions at Associated Banc-Corp (NYSE:ASB), investors might find the company's financial health and performance metrics provided by InvestingPro to be of particular interest. With a market capitalization of approximately $3.26 billion, Associated Banc-Corp maintains a stable presence in the financial sector. The company's P/E ratio stands at 18.63, reflecting investor sentiment and market expectations about its earnings potential.
InvestingPro Tips highlight that Associated Banc-Corp has a history of rewarding its shareholders, having raised its dividend for 12 consecutive years and maintaining dividend payments for 50 consecutive years. This consistent return to shareholders is complemented by a dividend yield of 3.83%, which is attractive in the current market environment. Additionally, analysts predict that the company will remain profitable this year, a sentiment supported by the fact that the company was profitable over the last twelve months.
However, it's important to note that seven analysts have revised their earnings estimates downwards for the upcoming period, which could indicate potential headwinds or a conservative outlook on the company's future earnings. Also, the company's gross profit margins have been identified as a weak point, which may be a concern for investors looking for robust profitability.
For those interested in delving deeper into the financial metrics and strategic insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/ASB. These tips could provide further context to the insider transactions and offer a more comprehensive understanding of Associated Banc-Corp's current financial landscape and future prospects.
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