Associated Banc-Corp (ASB) Stock Analysis

Why this analysis is different

• A sector-relative MoonshotScore — five pillars (business quality, financial safety, valuation, growth durability, momentum) re-ranked nightly against the full universe of US-listed common stocks.
• An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
• Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.

Associated Banc-Corp (ASB) Financial Services Profile

Associated Banc-Corp is a regional bank providing diverse financial services, including commercial lending, retail banking, and wealth management, primarily in the Wisconsin, Illinois, and Minnesota markets. With a history dating back to 1861, ASB focuses on building relationships within its communities while navigating the evolving financial landscape.

What Is the Investment Thesis for ASB?

With a market capitalization of $5.69B and a P/E ratio of 10.50, ASB demonstrates financial stability. The company's dividend yield of 3.29% offers an attractive income stream for investors. Growth catalysts include expansion of digital banking services and strategic acquisitions within its geographic footprint. However, potential risks include interest rate sensitivity and competition from larger national banks and fintech companies. The company's ability to maintain its profit margin of 19.9% amid changing economic conditions will be a key factor in its long-term success.

Based on FMP financials and quantitative analysis

ASB Key Highlights

Market Cap of $5.69B reflects Associated Banc-Corp's strong regional presence and investor confidence.

• P/E ratio of 10.50 indicates a potentially undervalued stock compared to its earnings.
• Profit Margin of 19.9% demonstrates efficient operations and profitability in the competitive banking sector.
• Dividend Yield of 3.29% provides an attractive income stream for investors.
• Beta of 0.79 suggests lower volatility compared to the overall market, making it a potentially stable investment.

Who Are ASB's Competitors?

ASB is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are ASB's Key Strengths?

Strong regional presence in Wisconsin, Illinois, and Minnesota.

• Diversified revenue streams from commercial lending, retail banking, and wealth management.
• Experienced management team with a proven track record.
• Solid capital base and financial performance.

What Are ASB's Weaknesses?

Limited geographic diversification compared to larger national banks.

• Exposure to interest rate risk and economic cycles.
• Increasing competition from fintech companies.
• Dependence on regional economic conditions.

What Could Drive ASB Stock Higher?

Continued expansion of digital banking platform to enhance customer experience and drive transaction growth.

• Strategic acquisitions of smaller community banks to expand market share and geographic reach.
• Focus on increasing commercial lending to small and medium-sized businesses.
• Growth in wealth management services targeting high-net-worth individuals.

What Are the Key Risks for ASB?

Financial-distress signal — its Altman Z-Score of 0.26 sits in the distress zone (elevated bankruptcy risk).

• Insider selling — insiders were net sellers of roughly $8.0M recently.
• Economic downturns impacting loan demand and credit quality.
• Regulatory changes increasing compliance costs.
• Cybersecurity threats and data breaches.
• Competition from larger national banks and fintech companies.
• Exposure to interest rate risk and economic cycles.

What Are the Growth Opportunities for ASB?

• Expansion of Digital Banking Services: Associated Banc-Corp can capitalize on the growing demand for digital banking by enhancing its online and mobile platforms. Investing in user-friendly interfaces and advanced features can attract and retain customers, increasing transaction volumes and fee income. The digital banking market is projected to reach $9 trillion by 2028, offering a significant growth opportunity for ASB. Timeline: Ongoing.
• Strategic Acquisitions: Acquiring smaller community banks and credit unions within its geographic footprint can expand Associated Banc-Corp's market share and customer base. Strategic acquisitions can also provide access to new markets and specialized services, enhancing the company's competitive position. The regional banking M&A market is expected to remain active, presenting opportunities for ASB to grow through acquisitions. Timeline: Ongoing.
• Increased Commercial Lending: Focusing on expanding its commercial lending portfolio, particularly to small and medium-sized businesses (SMBs), can drive revenue growth. Offering tailored financing solutions and building strong relationships with local businesses can increase loan volumes and interest income. The SMB lending market is estimated at $800 billion annually, providing a substantial growth opportunity. Timeline: Ongoing.
• Wealth Management Services: Expanding its wealth management services, including investment advisory and trust services, can generate additional fee income and diversify revenue streams. Targeting high-net-worth individuals and families in its regional markets can increase assets under management and drive profitability. The wealth management market is projected to grow at 7% annually, offering a significant growth opportunity for ASB. Timeline: Ongoing.
• Cross-Selling Opportunities: Leveraging its existing customer base to cross-sell additional products and services can increase revenue per customer and improve customer retention. Promoting bundled offerings, such as checking accounts with credit cards and investment services, can enhance customer relationships and drive profitability. Studies show that cross-selling can increase revenue by 20-30%. Timeline: Ongoing.

What Are ASB's Competitive Advantages?

• Established Regional Presence: Strong brand recognition and customer loyalty in Wisconsin, Illinois, and Minnesota.
• Diversified Service Offerings: Comprehensive suite of banking and financial services caters to a wide range of customer needs.
• Relationship-Based Banking: Focus on building strong relationships with local businesses and communities.
• Experienced Management Team: Leadership with deep industry knowledge and a proven track record.

What Does ASB Do?

Founded in 1861 and headquartered in Green Bay, Wisconsin, Associated Banc-Corp has evolved from a local bank into a regional financial services provider. The company operates as a bank holding company, delivering a wide array of banking and nonbanking products to individuals and businesses across Wisconsin, Illinois, and Minnesota. Associated Banc-Corp operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The Corporate and Commercial Specialty segment provides lending solutions such as commercial loans, real estate financing, and asset-based lending, along with deposit and cash management services. This segment also offers specialized financial services, including interest rate risk management and foreign exchange solutions, as well as fiduciary services and institutional asset management. The Community, Consumer, and Business segment focuses on retail banking, offering residential mortgages, home equity loans, personal loans, and auto loans. It also provides deposit and transactional solutions like checking accounts, credit cards, and online banking. As of December 31, 2021, Associated Banc-Corp operated 215 banking branches, emphasizing its commitment to local communities and customer relationships.

What Products and Services Does ASB Offer?

• Provides commercial loans and lines of credit to businesses.
• Offers commercial real estate financing and construction loans.
• Provides residential mortgages, home equity loans, and personal loans.
• Offers deposit and cash management solutions to businesses.
• Provides checking, credit, and debit cards to consumers.
• Offers online and mobile banking services.
• Provides wealth management and investment advisory services.
• Offers fiduciary services such as trust and estate planning.

How Does ASB Make Money?

• Generates revenue through interest income from loans.
• Earns fees from deposit accounts, cash management services, and wealth management.
• Provides investment advisory services for a fee.
• Offers fiduciary services for a fee.

What Industry Does ASB Operate In?

Associated Banc-Corp operates in the regional banking sector, which is characterized by increasing competition from both larger national banks and emerging fintech companies. The industry is also subject to regulatory changes and interest rate fluctuations, impacting profitability and growth. Market trends include a shift towards digital banking and increased demand for personalized financial services. Associated Banc-Corp's focus on community banking and diversified service offerings positions it to capitalize on regional growth opportunities while navigating the competitive landscape.

Who Are ASB's Key Customers?

• Small and medium-sized businesses (SMBs) seeking commercial loans and banking services.
• Individuals seeking residential mortgages, personal loans, and deposit accounts.
• High-net-worth individuals seeking wealth management and investment advisory services.
• Corporations seeking cash management and treasury services.

Over the past six months, Associated Banc-Corp insiders filed 97 SEC Form 4 transactions — 26 sales and 71 purchases. On net that is roughly 273K shares disposed (about $8.0M), a signal worth weighing alongside the fundamentals.

Wall Street analysts project Associated Banc-Corp revenue of about $1.77B for fiscal 2026, with EPS near $2.98. The estimate reflects 6 contributing analysts.

Associated Banc-Corp has beaten Wall Street's EPS estimate in 7 of its last 8 reported quarters — a consistent record of delivering on expectations. Reported results have landed about 5.4% above estimates on average.

Associated Banc-Corp's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 0.26 places it in the distress zone, a signal of elevated financial risk.

Return on equity for Associated Banc-Corp stands at 10.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 1.1%, showing how much profit it generates from its asset base. ASB trades at a trailing price-to-earnings ratio of 10.50, below the Financial Services sector average of ~17.50x. Its free cash flow yield is 13.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 15.52 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 10.4%, the inverse of the P/E and a quick read on earnings relative to price.

Associated Banc-Corp (ASB) Valuation Context

Valued at $5.69B, ASB is classified as a mid-cap stock. Analyst price targets span from $29.00 to $35.00, with a consensus of $32.50. At the current price of $30.13, that implies approximately 8% upside potential. Relative to its peer group, ASB's quantitative score of 91/100 is roughly in line with the peer average of 90/100.

ASB Revenue & Earnings Trend

In Jun 2026, ASB generated $703.7M in top-line revenue, marking a sequential increase of 16.5%. The company recorded net income of $123.6M, with diluted EPS of $0.65. Quarter-over-quarter revenue has been mixed, typical for a mid-cap company operating in Financial Services. Across the four most recent quarters, ASB averaged $0.73 in diluted EPS.

Company Profile

Associated Banc-Corp operates in the Banks - Regional industry within the Financial Services sector. It is headquartered in Green Bay, United States.

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Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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