Associated Banc-Corp (ASB)
NYSE:ASB
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Associated Banc-Corp
(NYSE:ASB)
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Rating:75Outperform
Price Target:
$31.00
▲(10.16% Upside)
Action:Reiterated
Date:05/06/26
ASB scores well on attractive valuation (low P/E and solid yield) and improving operating performance (margin rebound and strong cash conversion). Technicals are supportive with a positive trend and neutral-to-positive momentum. The main offset is execution and credit-cycle risk, including higher leverage versus recent years and near-term NIM/NII pressure plus purchase-accounting uncertainty related to the ANB integration.
Positive Factors
Cash Generation
Consistent TTM cash generation where FCF covers nearly all reported earnings indicates durable ability to fund dividend, repurchases and organic growth without relying on volatile capital markets. Strong cash conversion provides a buffer through lending cycles and supports reinvestment in deposits, digital and branches.
Negative Factors
Rising Leverage
Higher total debt and creeping leverage reduce financial flexibility and increase sensitivity to credit stress or funding shocks. In an economic downturn this elevated leverage can force higher provisions or constrain lending, making capital management and buffer maintenance a longer-term priority.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistent TTM cash generation where FCF covers nearly all reported earnings indicates durable ability to fund dividend, repurchases and organic growth without relying on volatile capital markets. Strong cash conversion provides a buffer through lending cycles and supports reinvestment in deposits, digital and branches.
Read all positive factors
Associated Banc-Corp (ASB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.63B
Dividend Yield3.51%
Average Volume (3M)2.48M
Price to Earnings (P/E)8.9
Beta (1Y)1.17
Revenue Growth16.97%
EPS Growth234.25%
CountryUS
Employees4,006
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.91
Shares Outstanding165,941,640
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 Cap1.87
Enterprise Value/Revenue3.51
Enterprise Value/Gross Profit5.91
Enterprise Value/Ebitda13.11
Forecast
1Y Price Target
$31.00Price Target Upside10.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)2.94
Revenue Forecast (FY)$1.74B
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:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive tone driven by clear momentum in loan and deposit growth, successful close and smooth early integration of the American National Bank acquisition, improving tangible book value and solid credit metrics (low charge-offs, stable ACL). Near-term headwinds include slight NII and NIM compression from accelerated funding, modest increases in delinquencies/nonaccruals tied to a small number of managed credits, and temporary uncertainty pending final purchase accounting marks. Overall, the company emphasized disciplined growth, on-track integration, and confidence in meeting or exceeding legacy guidance—indicating that positive operational and growth drivers significantly outweigh the manageable challenges highlighted.Positive Updates
Earnings Per Share
Reported EPS of $0.70 for Q1 2026.
Negative Updates
Quarterly NII and Margin Compression
Net interest income dipped $3 million versus Q4 and net interest margin compressed to 3.03% (down 3 bps QoQ) due to accelerated funding to support rapid loan growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Earnings Per Share
Reported EPS of $0.70 for Q1 2026.
Read all positive updates
Company Guidance
The company reiterated a bullish 2026 outlook while updating near-term guidance: following the April 1 close of American National Bank, management now expects period‑end loan growth of 17%–19% and period‑end total deposit growth of 17%–19% (customer deposit growth 19%–21%) versus Associated stand‑alone 2025, and projected 2026 net interest income growth of roughly 8%–10% (management also noted legacy NII guidance of 5.5%–6.5% could trend to ~7%–8% given asset sensitivity and a no‑cuts rate path); they also flagged a potential ~5–10 bps margin lift from purchase accounting marks. Those targets were presented against Q1 results of $0.70 EPS, $307M NII (NIM 3.03%), total period‑end loans up ~$635M (2%) with C&I up ~$540M (≈4.6–5% quarter‑to‑quarter), period‑end deposits +$179M and core customer deposits +$820M (3% QoQ; +$1.3B or 4.5% YoY), total noninterest income $76M, noninterest expense $219M (adjusted efficiency ratio 55.8%), ACL up $6M to $425M (1.34% of loans), provision $11M, net charge‑offs $5M (≈7 bps annualized), nonaccruals $111M, CET1 10.47%, TCE 8.27% and tangible book value $22.23 per share; marketing acquisition spend was up 23% in Q1 and management said they remain on track to hit household and C&I growth targets for 2026.Associated Banc-Corp Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.47B | 2.46B | 2.10B | 2.02B | 1.42B | 1.12B |
| Gross Profit | 1.47B | 1.43B | 944.38M | 1.01B | 1.20B | 1.14B |
| EBITDA | 662.27M | 577.91M | 236.97M | 300.36M | 528.51M | 506.75M |
| Net Income | 492.73M | 474.78M | 123.14M | 182.96M | 366.12M | 350.99M |
Balance Sheet | ||||||
| Total Assets | 45.59B | 45.20B | 43.02B | 41.02B | 39.41B | 35.10B |
| Cash, Cash Equivalents and Short-Term Investments | 5.98B | 5.97B | 5.57B | 4.52B | 3.34B | 5.36B |
| Total Debt | 4.41B | 4.17B | 3.16B | 2.81B | 5.17B | 2.22B |
| Total Liabilities | 40.60B | 40.23B | 38.42B | 36.84B | 35.39B | 31.08B |
| Stockholders Equity | 5.00B | 4.98B | 4.61B | 4.17B | 4.02B | 4.02B |
Cash Flow | ||||||
| Free Cash Flow | 615.79M | 579.32M | 535.26M | 380.93M | 783.86M | 477.27M |
| Operating Cash Flow | 653.39M | 615.69M | 580.25M | 442.74M | 846.57M | 529.55M |
| Investing Cash Flow | -2.32B | -1.62B | -2.22B | -1.44B | -5.25B | -1.58B |
| Financing Cash Flow | 1.82B | 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.50B | 10.29 | 13.16% | 2.03% | 2.00% | 2.22% | |
78 Outperform | $5.65B | 11.96 | 10.81% | 1.02% | 0.32% | 17.91% | |
77 Outperform | $4.26B | 14.47 | 9.93% | ― | 3.26% | 329.26% | |
76 Outperform | $4.20B | 12.00 | 16.32% | 1.82% | 2.58% | 23.10% | |
75 Outperform | $4.63B | 8.92 | 10.04% | 3.51% | 16.97% | 234.25% | |
72 Outperform | $3.69B | 14.45 | 13.62% | 1.70% | 4.32% | 10.56% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
ASB
Associated Banc-Corp
27.44
3.94
16.78%
ABCB
Ameris Bancorp
82.87
20.52
32.92%
BANF
BancFirst
108.40
-17.36
-13.80%
IBOC
International Bancshares
71.27
7.31
11.43%
TCBI
Texas Capital Bancshares
95.99
19.80
25.99%
SFBS
ServisFirst Bancshares
75.49
-0.76
-1.00%
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...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsShareholder Meetings
Associated Banc-Corp Holds 2026 Meeting, Boosts Capital Returns
Positive
Apr 28, 2026
On April 28, 2026, Associated Banc-Corp held its 2026 annual meeting of shareholders, where investors elected the full slate of board nominees, including new director Wende L. Kotouc, approved the compensation of named executive officers and ratif...
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.