Patrick Edward Ahern, Executive Vice President of Associated Banc-Corp (NYSE:ASB), recently sold a significant portion of company stock. On November 8, Ahern sold 30,777 shares at an average price of $26.853, resulting in a total transaction value of approximately $826,454. This sale follows an exercise of options to acquire the same number of shares at a price of $20.32 each. After these transactions, Ahern holds 37,087 shares directly. Additionally, he maintains an indirect ownership of approximately 5,274 shares through a 401(k) plan.
In other recent news, Associated Banc-Corp has reported solid third-quarter earnings for 2024, despite the challenging U.S. economic landscape. The company announced a diluted earnings per share (EPS) of $0.56 and a 2% increase in core customer deposits, which led to a reduction in wholesale funding. The firm also experienced a 1% rise in total loans, primarily in the commercial and auto sectors, and a $6 million increase in net interest income (NII) to $253 million.
Furthermore, Associated Banc-Corp has increased its quarterly cash dividend for common shares from $0.22 to $0.23, reflecting the company's commitment to its shareholders. The company has also added 16 commercial relationship managers since September 2023 and plans to add 26 more by early 2025.
In addition to these developments, Associated Banc-Corp has launched a new specialty deposit and payment solutions vertical, with a focus on select short-term credits in the commercial real estate sector. The company anticipates positive operating leverage for 2025, contingent on rate cuts and overall revenue growth. These recent developments highlight Associated Banc-Corp's strategic planning and resilience in the face of economic headwinds.
InvestingPro Insights
Following Patrick Edward Ahern's significant stock sale, investors might be interested in a broader perspective on Associated Banc-Corp's (NYSE:ASB) current financial standing and market performance. According to InvestingPro data, ASB's market capitalization stands at $4.11 billion, with a P/E ratio of 22.79, suggesting a moderate valuation compared to industry peers.
The company's stock has shown remarkable strength recently, with InvestingPro Tips highlighting a significant 15.21% return over the last week and an impressive 70.25% return over the past year. This robust performance has brought the stock price to 98.01% of its 52-week high, indicating strong investor confidence.
ASB's financial health appears solid, with the company maintaining a dividend yield of 3.33% and a dividend growth rate of 9.52% over the last twelve months. An InvestingPro Tip notes that ASB has raised its dividend for 13 consecutive years, demonstrating a commitment to shareholder returns. This consistency in dividend payments could be particularly appealing to income-focused investors.
While the recent insider sale might raise questions, it's worth noting that 5 analysts have revised their earnings upwards for the upcoming period, according to another InvestingPro Tip. This positive analyst sentiment, combined with the company's profitability over the last twelve months, suggests a potentially optimistic outlook for ASB's near-term performance.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Associated Banc-Corp, providing a deeper dive into the company's financial health and market position.
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