Gregory Warsek, Executive Vice President at Associated Banc-Corp (NYSE:ASB), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Warsek disposed of 39,680 shares of common stock, generating approximately $1.09 million. The shares were sold at a weighted average price of $27.465, with individual transaction prices ranging from $27.410 to $27.465.
In addition to the sale, Warsek exercised stock options, acquiring 19,308 shares at $17.50 per share and 20,372 shares at $18.59 per share, totaling $716,605. These transactions reflect Warsek's ongoing management of his equity holdings in the company.
In other recent news, Associated Banc-Corp has announced an increase in its quarterly cash dividend from $0.22 to $0.23 per common share. Along with this, the company's Board of Directors declared regular quarterly cash dividends on its preferred stocks. In the company's recent earnings report, a steady performance was noted despite a challenging U.S. economic landscape. The company reported a diluted earnings per share (EPS) of $0.56 and an increase in core customer deposits by 2%, leading to a reduction in wholesale funding. Furthermore, Associated Banc-Corp saw a 1% rise in total loans, primarily in the commercial and auto sectors, along with a $6 million increase in net interest income (NII) to $253 million. The company 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 Associated Banc-Corp's strategic planning and resilience in the face of economic headwinds.
InvestingPro Insights
While Gregory Warsek's recent stock sale might raise eyebrows, Associated Banc-Corp's (NYSE:ASB) financial metrics and market performance paint a more nuanced picture. According to InvestingPro data, ASB's stock has shown remarkable strength, with a 63.81% total return over the past year and a 32.68% return in the last three months. This robust performance suggests investor confidence in the company's prospects.
Furthermore, ASB boasts a solid dividend history, which could be attractive to income-focused investors. An InvestingPro Tip reveals that the company has maintained dividend payments for 50 consecutive years, demonstrating a long-term commitment to shareholder returns. Currently, ASB offers a dividend yield of 3.43%, with a 9.52% dividend growth rate over the last twelve months.
Despite the recent insider sale, analysts remain optimistic about ASB's future. Another InvestingPro Tip indicates that 5 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for the company's financial performance.
For investors seeking a deeper understanding of Associated Banc-Corp's financial health and prospects, InvestingPro offers 8 additional tips and a wealth of real-time metrics to inform investment decisions.
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