Associated Banc-Corp (ASB)
NYSE:ASB
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Associated Banc-Corp
(NYSE:ASB)
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Rating:73Outperform
Price Target:
$29.00
▲(3.06% Upside)
Action:UpgradedDate:04/02/26
The score is driven primarily by improving financial performance and constructive earnings guidance, alongside an attractive valuation (low P/E and solid dividend yield). Offsetting these positives are mixed technical signals (negative MACD and trading below intermediate-term averages) and the risk of higher leverage and acquisition integration affecting results.
Positive Factors
Strong NII and NIM expansion
Sustained net interest income growth and a >3% NIM materially strengthen the bank’s core earnings capacity. Higher and stable margins support durable cash generation, fund reinvestment and dividend coverage, and provide a buffer versus cyclical fee volatility over the next 2–6 months.
Negative Factors
Rising balance-sheet leverage
Material increase in borrowings elevates financial leverage and reduces flexibility if earnings weaken. Higher debt amplifies sensitivity to funding costs and constrains capital actions during stress, making the bank more exposed to rate or credit shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong NII and NIM expansion
Sustained net interest income growth and a >3% NIM materially strengthen the bank’s core earnings capacity. Higher and stable margins support durable cash generation, fund reinvestment and dividend coverage, and provide a buffer versus cyclical fee volatility over the next 2–6 months.
Read all positive factors
Associated Banc-Corp (ASB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.58B
Dividend Yield3.51%
Average Volume (3M)2.48M
Price to Earnings (P/E)9.0
Beta (1Y)1.18
Revenue Growth-1.44%
EPS Growth-21.65%
CountryUS
Employees4,006
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.81
Shares Outstanding165,975,080
10 Day Avg. Volume2,148,450
30 Day Avg. Volume2,484,581
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.85
Price to Sales (P/S)1.73
P/FCF Ratio7.27
Enterprise Value/Market Cap1.80
Enterprise Value/Revenue3.37
Enterprise Value/Gross Profit5.79
Enterprise Value/Ebitda12.66
Forecast
1Y Price Target
$30.22Price Target Upside7.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)2.87
Revenue Forecast (FY)$1.73B
Associated Banc-Corp Business Overview & Revenue Model
Company Description
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company operates through three segments: Corporate and Commercial Specialty; Co...
How the Company Makes Money
ASB makes money primarily through (1) net interest income and (2) noninterest (fee-based) income. Net interest income is generated by earning interest and fees on interest-earning assets—most notably commercial loans (including commercial real est...
Associated Banc-Corp Earnings Call Summary
Earnings Call Date:Jan 22, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operating and financial achievements — record quarterly NII, robust C&I growth (>$1.2B in 2025) and meaningful deposit gains, improved profitability and capital metrics, and a clear organic growth plan supplemented by the American National acquisition. Headwinds noted include yield compression in some loan categories, elevated CRE payoffs, near‑term deposit seasonality, planned investment‑driven expense growth and the usual execution and integration risks tied to the acquisition. Management guidance is constructive for 2026 (NII +5.5%–6.5%, C&I +9%–10%, core deposits +5%–6%) excluding the acquisition, and the balance of positive operational momentum and disciplined credit/expense management outweighs the noted risks.Positive Updates
Record Net Interest Income and Margin Expansion
Q4 net interest income (NII) was a company record at $310M; NII rose 15% for 2025. Quarterly NIM was 3.06% in Q4 and the bank reported a full‑year NIM north of 3%, ~50 bps higher than 2020.
Negative Updates
Yield Pressure in Some Asset Categories
Yields on largely floating‑rate CRE and commercial books decreased by ~24 bps and ~27 bps respectively in Q4; total earning asset yield fell 16 bps to 5.34% in Q4, indicating some compression in lending yields.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Net Interest Income and Margin Expansion
Q4 net interest income (NII) was a company record at $310M; NII rose 15% for 2025. Quarterly NIM was 3.06% in Q4 and the bank reported a full‑year NIM north of 3%, ~50 bps higher than 2020.
Read all positive updates
Company Guidance
Management’s 2026 guidance (all figures exclude the pending American National deal) targets C&I loan growth of 9%–10% and total loan growth of 5%–6%, core customer deposit growth of 5%–6%, net interest income up 5.5%–6.5% (assumes two Fed cuts), non‑interest income up 4%–5%, and non‑interest expense up about 3%; they expect to add roughly 11 RMs (five Twin Cities, two Kansas City, four Dallas — ~10% more RMs) to drive ~ $1.2B of relationship C&I growth, increase acquisition marketing (Twin Cities + Omaha >100% combined; total marketing +25%), maintain securities+cash to assets around 22%–24% (24.3% at year‑end), hold ~ $2.45B of received fixed swaps and a $3.1B fixed‑rate auto book, and plan to preserve a relatively neutral rate posture (a 100bp down ramp is <1% impact to NII) while pursuing positive operating leverage (Q4 efficiency ratio ~55%).Associated Banc-Corp Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.46B | 2.10B | 2.02B | 1.42B | 1.12B |
| Gross Profit | 1.43B | 944.38M | 1.01B | 1.20B | 1.14B |
| EBITDA | 577.91M | 236.97M | 300.36M | 528.51M | 506.75M |
| Net Income | 474.78M | 123.14M | 182.96M | 366.12M | 350.99M |
Balance Sheet | |||||
| Total Assets | 45.20B | 43.02B | 41.02B | 39.41B | 35.10B |
| Cash, Cash Equivalents and Short-Term Investments | 5.97B | 5.57B | 4.52B | 3.34B | 5.36B |
| Total Debt | 4.17B | 3.16B | 2.81B | 5.17B | 2.22B |
| Total Liabilities | 40.23B | 38.42B | 36.84B | 35.39B | 31.08B |
| Stockholders Equity | 4.98B | 4.61B | 4.17B | 4.02B | 4.02B |
Cash Flow | |||||
| Free Cash Flow | 584.73M | 535.26M | 380.93M | 783.86M | 477.27M |
| Operating Cash Flow | 621.10M | 580.25M | 442.74M | 846.57M | 529.55M |
| Investing Cash Flow | -1.63B | -2.22B | -1.44B | -5.25B | -1.58B |
| Financing Cash Flow | 1.71B | 1.73B | 1.30B | 4.00B | 1.36B |
Associated Banc-Corp Technical Analysis
Positive
28.14
Price Trends
26.50
Positive
26.39
Positive
25.68
Positive
Market Momentum
0.56
Negative
68.11
Neutral
81.04
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASB, the sentiment is Positive. The current price of 28.14 is above the 20-day moving average (MA) of 26.31, above the 50-day MA of 26.50, and above the 200-day MA of 25.68, indicating a bullish trend. The MACD of 0.56 indicates Negative momentum. The RSI at 68.11 is Neutral, neither overbought nor oversold. The STOCH value of 81.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ASB.
Associated Banc-Corp Risk Analysis
Associated Banc-Corp disclosed 67 risk factors in its most recent earnings report. Associated Banc-Corp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Associated Banc-Corp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $4.43B | 10.04 | 13.41% | 2.03% | 0.99% | 4.94% | |
73 Outperform | $4.58B | 8.96 | 9.83% | 3.51% | -1.44% | -21.65% | |
71 Outperform | $5.61B | 12.33 | 10.41% | 1.02% | 2.20% | 20.88% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $3.79B | 14.73 | 13.85% | 1.70% | 6.55% | 12.94% | |
65 Neutral | $4.56B | 12.34 | 9.30% | ― | 5.19% | 3454.95% | |
65 Neutral | $4.20B | 14.19 | 15.76% | 1.82% | 3.97% | 24.91% |
* Financial Sector Average
ASB
Associated Banc-Corp
28.14
8.85
45.91%
ABCB
Ameris Bancorp
85.28
33.48
64.62%
BANF
BancFirst
116.72
5.50
4.95%
IBOC
International Bancshares
72.31
14.79
25.71%
TCBI
Texas Capital Bancshares
104.58
40.37
62.87%
SFBS
ServisFirst Bancshares
77.86
9.67
14.18%
Associated Banc-Corp Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Associated Banc-Corp Completes Merger With American National
Positive
Apr 1, 2026
Associated Banc-Corp announced that on April 1, 2026, it completed its merger with American National Corporation and its subsidiary American National Bank, issuing 22,975,382 shares of Associated common stock to American National shareholders as c...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Associated Banc-Corp Secures Approvals for American National Acquisition
Positive
Mar 12, 2026
On March 12, 2026, Associated Banc-Corp announced it had secured all required regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve for its previously disclosed acquisition of American National Corporation...
Business Operations and StrategyFinancial Disclosures
Associated Banc-Corp Posts Record 2025 Profit, Plans Expansion
Positive
Feb 9, 2026
Associated Banc-Corp reported record net income available to common shareholders of $463 million for full-year 2025, driven by 4.7% total loan growth, 11.6% commercial and industrial loan growth, 2.6% deposit growth, and 14.7% net interest income ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.