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Associated Banc-Corp
(NYSE:ASB)
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Rating:74Outperform
Price Target:
$36.00
▲(16.85% Upside)
Action:Reiterated
Date:08/05/26
ASB scores well primarily due to improving financial performance (sharp profitability recovery and strong cash generation), supported by constructive technical momentum (price above key moving averages) and reasonable valuation (low P/E with a solid dividend). The score is tempered by rising leverage and earnings sensitivity to the cycle, plus integration-related costs and some acquisition-driven credit noise highlighted on the latest earnings call.
Positive Factors
Margin recovery & NII growth
Sustained NII and margin expansion reflect durable improvement in core lending and investment yields, supporting recurring earnings power. Higher NIM widens the bank’s spread-based revenue base, strengthening cash generation and cushioning profitability versus cyclical loan loss volatility.
Negative Factors
Rising leverage
Higher leverage increases sensitivity to funding stress and credit losses and reduces balance-sheet flexibility. A rising debt-to-equity ratio limits capacity for risk-taking, heightens regulatory and market scrutiny, and amplifies earnings volatility if economic or interest-rate conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin recovery & NII growth
Sustained NII and margin expansion reflect durable improvement in core lending and investment yields, supporting recurring earnings power. Higher NIM widens the bank’s spread-based revenue base, strengthening cash generation and cushioning profitability versus cyclical loan loss volatility.
Read all positive factors
Associated Banc-Corp (ASB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.92B
Dividend Yield2.98%
Average Volume (3M)2.48M
Price to Earnings (P/E)11.0
Beta (1Y)1.11
Revenue Growth20.11%
EPS Growth273.05%
CountryUS
Employees4,129
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.90
Shares Outstanding188,849,660
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 Ratio7.34
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$34.29Price Target Upside11.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.94
Revenue Forecast (FY)$1.77B
Associated Banc-Corp Business Overview & Revenue Model
Company Description
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, and Minnesota. It offers lending solutions, including commercial loans and ...
How the Company Makes Money
Associated Banc-Corp primarily makes money through a traditional bank revenue model centered on (1) net interest income and (2) noninterest income. Net interest income is generated from the spread between interest earned on interest-earning assets...
Associated Banc-Corp Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial picture: strong organic commercial loan growth, margin expansion (NIM +14 bps to 3.17%), robust year-over-year core deposit gains (core customer deposits +6% YoY), successful initial integration of American National with purchase accounting completed and an improved cost-savings outlook (from 25% to ~30%), and stable credit metrics overall. Near-term challenges include higher-than-expected one-time merger costs and elevated noninterest expense growth, some AN-related charge-offs and increases in criticized/nonaccrual balances in dollar terms, fair value/mark impacts from rate shifts, and normal Q2 deposit seasonality that temporarily offsets total deposit growth when excluding AN balances. On balance, the positives (organic growth, margin improvement, integration progress and stable credit) outweigh the manageable near-term headwinds.Positive Updates
Organic C&I Loan Growth Target Achieved
Management hit its January target of 9%–10% organic C&I loan growth as of June 30, driven by over $600M of additions in Q2; organic C&I growth was $644M in Q2 and ~ $1.2B YTD (≈10% through June 30), meeting a four-year growth target within six months.
Negative Updates
Higher-than-Expected Merger and Operating Costs
Q2 noninterest expense rose to $272M (up $53M QoQ) following AN acquisition and included $24M of one-time acquisition costs. Management now expects noninterest expense to increase 20%–21% in 2026 (vs. ASB stand-alone 2025); nonrecurring merger expenses came in slightly above prior expectations.
Read all updates
Q2-2026 Updates
Positive
Negative
Organic C&I Loan Growth Target Achieved
Management hit its January target of 9%–10% organic C&I loan growth as of June 30, driven by over $600M of additions in Q2; organic C&I growth was $644M in Q2 and ~ $1.2B YTD (≈10% through June 30), meeting a four-year growth target within six months.
Read all positive updates
Company Guidance
The company reiterated a constructive 2026 outlook while updating transaction assumptions: it expects period‑end total loan growth of 18–20% and C&I loan growth of 20–22% (vs. ASB stand‑alone 2025), period‑end total deposit growth of 17–19% and period‑end core customer deposit growth of 19–21% (vs. stand‑alone 2025), net interest income growth of 19–21%, noninterest income growth of 8–10% and noninterest expense growth of 20–21%; management also confirmed an expected systems/branch conversion in October, buyback capacity, earn‑back of ~2.25 years, and increased expected cost saves to ~30% of American National’s expense base (from 25%). Key Q2 metrics anchoring the guidance included GAAP EPS $0.63 ($0.73 adj. for $24M one‑time acquisition costs), NII $370M and NIM 3.17% (up 14 bps), total loans up 15% QoQ after adding nearly $4B of American National balances (organic period‑end loan growth ex‑acquisition +3% or $940M; organic C&I +$644M Q2, +~$1.2B YTD), total deposits up 12% Q2 (organic core customer deposits +6% YoY or ~$1.7B), ACLL $494M (1.36% of loans, +2 bps), Q2 provision $19M and net charge‑offs $23M (including ~$7M from AN), CET1 10.47%, TCE 8.27%, tangible book $22.15, securities+cash 23.3% of assets (target 22–24%), purchased securities reinvested ~$1B at ~4.6% and portfolio protections including ~$2.45B fixed‑received swaps and a $4B fixed‑rate auto book (up100 → NII −1.9%, down100 → NII +1.2%).Associated Banc-Corp Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.57B | 2.46B | 2.10B | 2.02B | 1.42B | 1.12B |
| Gross Profit | 1.55B | 1.43B | 944.38M | 1.01B | 1.20B | 1.14B |
| EBITDA | 709.37M | 680.05M | 236.97M | 300.36M | 528.51M | 506.75M |
| Net Income | 505.06M | 474.78M | 123.14M | 182.96M | 366.12M | 350.99M |
Balance Sheet | ||||||
| Total Assets | 51.81B | 45.20B | 43.02B | 41.02B | 39.41B | 35.10B |
| Cash, Cash Equivalents and Short-Term Investments | 6.91B | 5.97B | 5.57B | 4.52B | 3.34B | 5.36B |
| Total Debt | 5.70B | 4.17B | 3.16B | 2.81B | 5.17B | 2.22B |
| Total Liabilities | 46.17B | 40.23B | 38.42B | 36.84B | 35.39B | 31.08B |
| Stockholders Equity | 5.64B | 4.98B | 4.61B | 4.17B | 4.02B | 4.02B |
Cash Flow | ||||||
| Free Cash Flow | 679.64M | 579.32M | 535.26M | 380.93M | 783.86M | 477.27M |
| Operating Cash Flow | 719.01M | 615.69M | 580.25M | 442.74M | 846.57M | 529.55M |
| Investing Cash Flow | -2.29B | -1.62B | -2.22B | -1.44B | -5.25B | -1.58B |
| Financing Cash Flow | 2.14B | 1.71B | 1.73B | 1.30B | 4.00B | 1.36B |
Associated Banc-Corp Technical Analysis
Positive
30.81
Price Trends
30.17
Positive
28.59
Positive
27.21
Positive
Market Momentum
0.36
Negative
62.27
Neutral
65.44
Neutral
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 30.81 is below the 20-day moving average (MA) of 31.11, above the 50-day MA of 30.17, and above the 200-day MA of 27.21, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 62.27 is Neutral, neither overbought nor oversold. The STOCH value of 65.44 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $5.85B | 8.55 | 11.21% | 3.70% | -0.40% | -1.91% | |
74 Outperform | $5.92B | 11.03 | 9.86% | 3.08% | 20.11% | 273.05% | |
74 Outperform | $6.69B | 11.31 | 8.94% | 2.57% | 2.88% | 30.47% | |
70 Outperform | $5.88B | 15.93 | 9.25% | 0.91% | 2.30% | -2.55% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $6.35B | 19.88 | 7.61% | 2.63% | 20.01% | 26.97% | |
51 Neutral | $5.82B | 416.13 | 0.59% | 0.29% | -21.42% | ― |
* Financial Sector Average
ASB
Associated Banc-Corp
31.88
7.41
30.31%
ABCB
Ameris Bancorp
88.23
17.33
24.44%
OZK
Bank OZK
51.87
3.12
6.40%
FNB
F.N.B.
19.11
3.70
24.04%
GBCI
Glacier Bancorp
49.11
3.56
7.82%
FLG
Flagstar Financial
14.19
2.25
18.81%
Associated Banc-Corp Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Associated Banc-Corp Highlights Q1 2026 Credit Strength
Positive
May 5, 2026
Associated Banc-Corp disclosed that executives will use a new fixed income investor presentation, dated May 5, 2026, in meetings with investors and analysts, providing an update on its financial profile and risk management. The materials outline s...
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.