Nicole M. Kitowski, Executive Vice President at Associated Banc-Corp (NYSE:ASB), sold a significant portion of her holdings on November 7. The transaction involved the sale of 72,971 shares of common stock at an average price of $27.427, amounting to approximately $2,001,375.
In addition to the sale, Kitowski exercised options to acquire a total of 73,971 shares at prices ranging from $20.32 to $26.00, totaling about $1,640,661. Following these transactions, Kitowski retains direct ownership of 38,188.9782 shares in the company.
These transactions reflect a strategic financial decision by Kitowski, who continues to hold a significant stake in Associated Banc-Corp.
In other recent news, Associated Banc-Corp has reported a steady performance in its third-quarter earnings for 2024, with a diluted earnings per share (EPS) of $0.56 and a $6 million increase in net interest income (NII) to $253 million. The bank also noted a 2% increase in core customer deposits and a 1% rise in total loans, primarily in the commercial and auto sectors. The company's board has also raised its quarterly cash dividend for common shares from $0.22 to $0.23.
In addition to the common stock dividend, regular quarterly cash dividends were declared on its preferred stocks, with holders of the 5.875% Series E Perpetual Preferred Stock and the 5.625% Series F Perpetual Preferred Stock set to receive $0.3671875 and $0.3515625 per depositary share respectively.
Associated Banc-Corp also announced plans to add 26 commercial relationship managers by early 2025, following the addition of 16 since September 2023. The company anticipates cumulative commercial loan growth of $750 million and deposit growth of $2.5 billion by the end of 2025.
Furthermore, 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 expects modest cash flow growth in its securities portfolio and positive operating leverage for 2025, contingent on rate cuts and overall revenue growth. These recent developments highlight the strategic planning and resilience of Associated Banc-Corp in the face of economic challenges.
InvestingPro Insights
Associated Banc-Corp (NYSE:ASB) has been demonstrating strong performance in recent times, which may provide context for Nicole M. Kitowski's recent stock transactions. According to InvestingPro data, the company has seen impressive returns, with a 63.81% price total return over the past year and a 32.68% return in the last three months. This positive momentum is further supported by an InvestingPro Tip indicating that ASB has shown a significant return over the last week.
The company's financial health appears robust, with a market capitalization of $4 billion and a P/E ratio of 22.34. Notably, Associated Banc-Corp has maintained a strong dividend track record. An InvestingPro Tip highlights that the company has raised its dividend for 13 consecutive years and has maintained dividend payments for an impressive 50 consecutive years. This commitment to shareholder returns is reflected in the current dividend yield of 3.43%.
While Kitowski's sale of shares 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 outlook, combined with the company's strong recent performance, suggests that the executive's decision may be part of personal financial planning rather than a lack of confidence in the bank's prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Associated Banc-Corp, providing deeper insights into the company's financial health and market position.
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