Intraday Movers: Associated Banc-Corp (NYSE: ASB) Bank announces changes to overdraft fees

On Thursday, Shares of Associated Banc-Corp (NYSE: ASB) lost -2.41% to $21.87. The stock opened its trade at $22.64 and after floating in a price range of $21.76 to $22.67. The stock grabbed the investor’s attention and traded 2,202,304 shares as compared to its average daily volume of 1.30M shares. The stock’s institutional ownership stands at 79.50%.  Associated Banc-Corp (NYSE: ASB), the largest bank headquartered in Wisconsin, declared plans to eliminate non-sufficient funds (NSF) fees and overdraft protection transfer fees early in the third quarter of 2022. Additionally, to continue to support customers with their financial needs and reduce the burden of overdrafts, other modifications to the overdraft program are being made.

Associated Bank will change consumer and small business account fees as follows:

  • Elimination of the NSF fee charged when an item is returned
  • Elimination of the overdraft protection transfer fee
  • Elimination of the continuous overdraft fee
  • Reduction of daily limit of overdraft fee occurrences from 4 to 2

“At Associated Bank, we are focused on helping our customers in their day-to-day financial lives and committed to providing the choices, fairness and transparency they deserve,” said Andy Harmening, president and CEO, Associated Bank. “These overdraft changes are in response to listening to our customers and their immediate needs in this ever-changing environment.”

The planned changes in the third quarter are expected to reduce the total burden of overdrafts to our customers by approximately 30%.

ASB has a market value of $3.28B while its EPS was booked as $2.18 in the last 12 months. The stock has 148.67M shares outstanding. In the profitability analysis, the company has gross profit margin of 0 while net profit margin was 41.50%. Beta value of the company was 1.03; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 3.00.

About Brad Watson

This is Brad Watson and I like to introduce myself as an adviser, in the Financial Stocks Sector. I worked independently as a self motivator and with the financial institute as financial adviser to invest in the financial sector for over 7 years in the developing countries by introducing new phases and ways to improve in the Financial sector. I analyze trading strategy, individual stocks, asset classes, market sectors, and risk to reward parameters in order to provide valuable insight to the community. I like to travel all over the globe to get new experience and provide by best services to the companies. As an adviser I like to work with new people to share and explore new ideas keeping in view minimizing the operating cost and giving the best final product through new Financial and minimizing the time of development.

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