In recent transactions disclosed by Associated Banc-Corp (NYSE:ASB), Executive Vice President Matthew R. Braeger reported significant stock activities. On November 8, 2024, Braeger sold 25,923 shares of common stock at an average price of $26.643, amounting to a total of $690,666.
Additionally, Braeger exercised options to acquire 25,923 shares of common stock across various transactions on the same day. These exercises were completed at prices ranging from $20.32 to $24.25, resulting in a total transaction value of $561,960. Following these transactions, Braeger holds 12,939 shares directly.
In other recent news, Associated Banc-Corp has revealed key developments in its financial performance. The company raised its quarterly cash dividend for common shares from $0.22 to $0.23, reflecting its commitment to shareholder value. Additionally, it reported a steady performance in its third-quarter earnings for 2024, announcing a diluted earnings per share (EPS) of $0.56. Core customer deposits increased by 2%, leading to a reduction in wholesale funding, and a 1% rise in total loans was observed, mainly in the commercial and auto sectors. Net interest income also saw a $6 million increase to $253 million.
In terms of strategic initiatives, Associated Banc-Corp has added 16 commercial relationship managers since September 2023, with plans to add 26 more by early 2025. The company anticipates cumulative commercial loan growth of $750 million and deposit growth of $2.5 billion by the end of 2025. Lastly, a new specialty deposit and payment solutions vertical has been launched, focusing on select short-term credits in the commercial real estate sector, demonstrating the company's resilience and strategic planning in the face of economic challenges.
InvestingPro Insights
Associated Banc-Corp (NYSE:ASB) has been showing strong performance in the market, which aligns with the recent insider transactions. According to InvestingPro data, the company's stock has seen a significant 15.21% return in the past week and an impressive 70.25% return over the last year. This upward trend is further supported by the fact that ASB is trading near its 52-week high, with its current price at 97.3% of that peak.
The company's financial health appears robust, with a market capitalization of $4.09 billion and a P/E ratio of 22.69. Associated Banc-Corp has also demonstrated a commitment to shareholder value, maintaining dividend payments for 50 consecutive years and raising its dividend for 13 consecutive years. The current dividend yield stands at 3.33%, with a notable dividend growth of 9.52% in the last twelve months.
InvestingPro Tips highlight that 5 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for the company's financial performance. This optimism is further reinforced by the company's profitability over the last twelve months and analysts' predictions of continued profitability this year.
For investors seeking more comprehensive insights, InvestingPro offers 12 additional tips for Associated Banc-Corp, providing a deeper analysis of the company's financial position and market outlook.
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