John A. Utz, Executive Vice President of Associated Banc-Corp (NYSE:ASB), recently executed a series of stock transactions, according to a recent SEC filing. On October 29 and 30, Utz exercised options to acquire 39,543 shares of common stock at $17.24 per share. Subsequently, he sold the same number of shares over the two days, achieving a weighted average sale price that ranged from $23.616 to $24.187 per share. These sales amounted to a total value of approximately $944,721.
Following these transactions, Utz's direct ownership of Associated Banc-Corp common stock stands at 100,203.5001 shares. Additionally, he holds 14,969.08 shares indirectly through a 401(k) plan.
In other recent news, Associated Banc-Corp has announced an increase in its quarterly cash dividend for common shares from $0.22 to $0.23. This development, along with the company's steady performance in its third-quarter earnings for 2024, highlights its commitment to providing value to its shareholders. 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. A 1% rise in total loans, primarily in the commercial and auto sectors, was observed along with a $6 million increase in net interest income (NII) to $253 million.
Associated Banc-Corp recently launched a new specialty deposit and payment solutions vertical, and the company 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. These recent developments indicate the company's strategic planning and resilience amid economic challenges.
InvestingPro Insights
As John A. Utz's recent stock transactions reflect ongoing executive activity within Associated Banc-Corp (NYSE:ASB), it's worth noting some key financial metrics and insights provided by InvestingPro that paint a broader picture of the company's performance and outlook.
Associated Banc-Corp currently boasts a market capitalization of $3.54 billion, with a price-to-earnings ratio of 19.6. This valuation comes as the company's stock has shown remarkable strength, with InvestingPro data indicating a robust 54.71% total return over the past year. The stock is currently trading near its 52-week high, at 97.57% of that peak, which aligns with an InvestingPro Tip highlighting the company's high return over the last year.
Dividend investors may find Associated Banc-Corp particularly attractive. An InvestingPro Tip reveals that the company has maintained dividend payments for an impressive 50 consecutive years, demonstrating a strong commitment to shareholder returns. The current dividend yield stands at 3.66%, with a dividend growth rate of 4.76% over the last twelve months.
While the company's revenue growth has faced challenges, with a 19.32% decline in the last twelve months, there are positive signs on the profitability front. The operating income margin is a healthy 25.89%, and InvestingPro Tips indicate that analysts predict the company will be profitable this year, continuing its trend of profitability over the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights, with 8 more tips available for Associated Banc-Corp. These tips could provide valuable context for understanding the recent executive stock transactions and the company's overall financial health.
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