) - a leading Midwest banking franchise - recently announced new
share repurchase authorization of up to $120.0 million. The
buyback program is subject to certain regulatory approvals.
ASSOC BANC CORP (ASBC): Free Stock Analysis
FIRST MERCHANTS (FRME): Free Stock Analysis
MERCANTILE BANK (MBWM): Free Stock Analysis
PRIVATEBANCORP (PVTB): Free Stock Analysis
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Earlier, in Nov 2012, Associated's board of directors authorized
share repurchases of up to $125.0 million. Notably, shares worth
$35.0 million are yet to be purchased under this share repurchase
Concurrent with the new share repurchase program, Associated
announced a regular quarterly cash dividend of 8 cents per share.
The dividend will be paid on Sep 16, 2013 to shareholders of
record as on Sep 3, 2013.
Further, the company declared a regular quarterly cash dividend
of 50 cents per depositary share on its 8.00% Series B Perpetual
Preferred Stock. This dividend will be paid on Sep 16, 2013 to
shareholders of record as on Sep 3, 2013.
Moreover, management authorized the redemption of all 9.250%
Subordinated Notes and purchase of 8.0% perpetual Preferred
Stock, Series B of up to $10.0 million.
Associated's robust second-quarter results enabled it to reward
shareholders with higher returns. Earnings came in at 28 cents
per share, beating the Zacks Consensus Estimate of 25 cents. This
also compared favorably with 24 cents earned in the year-ago
quarter. The quarter was marked by top-line growth, partially
marred by higher operating expenses.
Associated remains committed to its motive of returning maximum
income to stockholders. Its significant capital deployment
activities reinstate investors' confidence in the stock.
Associated currently carries a Zacks Rank #3 (Hold). Some better
performing banks include
First Merchants Corporation
Mercantile Bank Corp.
). All these stocks have a Zacks Rank #1 (Strong Buy).