Angie DeWitt, Executive Vice President at Associated Banc-Corp (NYSE:ASB), recently sold 1,886 shares of the company's common stock. The shares were sold at an average price of $27.85, totaling approximately $52,525. This transaction, which took place on November 6, 2024, reduced DeWitt's direct ownership to 45,542.6259 shares.
On the same day, DeWitt also exercised stock options to acquire 1,886 shares at a price of $24.70 per share, resulting in a transaction value of $46,584. These options were part of a non-qualified stock option plan that vested in four equal installments beginning in 2019.
Additionally, DeWitt holds 221.79 shares indirectly through a 401(k) plan.
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 company also saw a 2% increase in core customer deposits and a 1% rise in total loans, primarily in the commercial and auto sectors. Notably, 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.
In addition to these financial results, Associated Banc-Corp has made significant strides in its growth strategy. The company has added 16 commercial relationship managers since September 2023 and plans to add 26 more by early 2025. It also anticipates cumulative commercial loan growth of $750 million and deposit growth of $2.5 billion by the end of 2025.
Among other recent developments, 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 anticipates positive operating leverage for 2025. These developments demonstrate Associated Banc-Corp's strategic planning and resilience amid economic challenges.
InvestingPro Insights
Following Angie DeWitt's recent stock transactions at Associated Banc-Corp (NYSE:ASB), it's worth examining some key financial metrics and insights provided by InvestingPro.
Associated Banc-Corp currently has a market capitalization of $4 billion and a P/E ratio of 22.17, suggesting a moderate valuation relative to earnings. The company's dividend yield stands at 3.43%, which may be attractive to income-focused investors. Notably, ASB has maintained dividend payments for an impressive 50 consecutive years, demonstrating a strong commitment to shareholder returns. This is further underscored by an InvestingPro Tip indicating that the company has raised its dividend for 13 consecutive years.
The stock has shown significant momentum recently, with a 14.01% return over the past week and a robust 27.18% return over the last month. This short-term performance aligns with an InvestingPro Tip highlighting the stock's "significant return over the last week." The positive trend extends to longer timeframes, with a 63.81% total return over the past year.
Despite these strong returns, investors should note that Associated Banc-Corp's revenue growth has been negative, with a 19.32% decline in the last twelve months. However, the company remains profitable, with an operating income margin of 25.89% for the same period.
For those interested in a deeper analysis, InvestingPro offers additional tips and metrics beyond what's presented here. In fact, there are 10 more InvestingPro Tips available for Associated Banc-Corp, providing a more comprehensive view of the company's financial health and market position.
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