In an effort to further boost stockholder value, Associated Banc-Corp (ASBC) has announced an 11.1% hike in its quarterly cash dividend. Further, the company authorized additional share repurchases.
Associated Banc-Corp declared a dividend of 10 cents per share to be paid on Dec 15 to shareholders of record as of Dec 1. Prior to this, the company had increased its quarterly dividend thrice since the financial crisis.
In Oct 2013, the dividend was raised 12.5% to 9 cents per share. Before that, a 60% dividend hike was announced to 8 cents in Nov 2012, while in Feb 2012, the dividend had been raised by a whopping 400% to 5 cents.
Concurrently, Associated Banc-Corp declared a cash dividend of 50 cents per depositary share on 8.00% Series B Perpetual Preferred Stock. The dividend will be paid on Dec 15 to shareholders of record as of Dec 1.
Moreover, Associated Banc-Corp announced an additional repurchase program authorizing the buy back of shares worth $120 million. The company already has nearly $55 million remaining under its previous share repurchase plan announced in Mar 2014.
Notably, over the three months ended Sep 30, 2014, Associated Banc-Corp bought back roughly 5 million shares worth $91 million. The company’s steady capital deployment program reflects its capital strength.
Associated Banc-Corp currently carries a Zacks Rank #2 (Buy). Other banking stocks worth considering in the Midwest region include Private Bancorp Inc. (PVTB), First Citizens Banc Corp. (FCZA) and Heartland Financial USA, Inc. (HTLF). All these sport a Zacks Rank #1 (Strong Buy).
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