John A. Utz, Executive Vice President at Associated Banc-Corp (NYSE:ASB), recently executed a significant stock transaction. On November 6, 2024, Utz sold 30,000 shares of Associated Banc-Corp stock, fetching approximately $804,570. The shares were sold at an average price of $26.819, although the price varied slightly between $26.75 and $26.895.
In a related move, Utz also exercised options to acquire 30,000 shares at a price of $17.38 each, totaling about $521,399. Following these transactions, Utz holds 100,203.5001 shares directly and an additional 14,969.08 shares indirectly through a 401(k) plan.
In other recent news, Associated Banc-Corp has announced significant financial developments. The company has raised its quarterly cash dividend from $0.22 to $0.23 per common share, a move that underscores its commitment to shareholder value. On the earnings front, Associated Banc-Corp reported a steady third-quarter performance 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 has also seen a 2% increase in core customer deposits, which led to a reduction in wholesale funding. Other recent developments include the addition of 16 commercial relationship managers, 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.
In addition, Associated Banc-Corp has launched a new specialty deposit and payment solutions vertical, focusing 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 developments highlight Associated Banc-Corp's strategic planning and resilience in navigating the economic landscape.
InvestingPro Insights
Recent data from InvestingPro sheds light on Associated Banc-Corp's (NYSE:ASB) financial performance and market position, providing context to John A. Utz's recent stock transactions. The company's market capitalization stands at $3.99 billion, with a P/E ratio of 22.17, suggesting investors are willing to pay a premium for the bank's earnings.
Notably, Associated Banc-Corp has demonstrated strong shareholder value, as highlighted by two key InvestingPro Tips. The company has raised its dividend for 13 consecutive years and has maintained dividend payments for an impressive 50 consecutive years. This consistent dividend policy aligns with the current dividend yield of 3.43%, which may be attractive to income-focused investors.
The bank's recent stock performance has been particularly robust, with a 14.01% return over the last week and a substantial 63.81% return over the past year. This positive momentum could have influenced Utz's decision to exercise options and subsequently sell shares at the current price levels.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide further insights into Associated Banc-Corp's financial health and future prospects.
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