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Associated Banc-corp (ASB) stock

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NYSE: ASB NYSE Regional Banks Next results ~January 21, 2027

C+ Fundamentals grade

Associated Banc-corp is a US-listed company in the regional banks industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$26

Valuation models combined (6)

Base case. Range ~$20–$34. Weighted average of 6 models (residual income, justified price-to-book, price-to-book vs return on equity (peers), price-to-book vs peers, forward price-to-earnings vs peers, dividend discount (two-stage)), the residual income counting double.

Price vs value

Modestly overvalued

The price is inside our value range, 21% above our base value.

Price used: $31.13, November 2, 2026

Associated Banc-corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 28 sales by directors and officers, last 12 monthsInsider trades
  • Funds216 adding, 138 cuttingOf 51 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Associated Banc-corp files

10-Q filed October 27: Associated Banc-corp

Revenue for the twelve months to September 2026 was $1.69bn, up 45.2% on a year earlier, about the same pace as a quarter earlier. That growth ranks 14 of 231 among the regional banks companies we cover. The diluted share count is up 8.0% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from C to C+. Our cash-flow model value is $26.18 a share, against a share price of $30.60. The rating stays Hold.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed August 4: Associated Banc-corp

Revenue for the twelve months to June 2026 reached $1.69bn, a gain of 45.2% on the year. That pace held roughly steady from the prior quarter. Among the 50 regional banks we cover, this growth ranks fourth, placing Associated Banc-corp near the top on the top line. Set against that, the diluted share count rose 8.0% over the same period, spreading ownership across more shares and diluting existing holders. The combination leaves the picture mixed. Its fundamentals grade slips one notch, moving from C+ to C.

10-Q on SEC EDGAR

Where Associated Banc-corp stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.61bn, up 45.6% on a year earlier, faster than the 44.0% growth a quarter earlier. That growth ranks 4 of 50 among the regional banks companies we cover. The diluted share count is up 7.2% on a year earlier, which dilutes existing holders.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Associated Banc-corp's trailing-twelve-month revenue grew 45.2% year on year, with a free-cash-flow margin of 49.8%. Where it stands out: revenue growth of 45.2% ranks 13 of 245 regional banks companies we cover. Where it lags: change in share count of 8.0% ranks 187 of 230 regional banks companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 51.7% while net income grew 199.3%: a 148pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 45.2% over the last 12 months, against a median of 12.5% for regional banks companies we cover.
  • Strong cash generation. 49.8% of revenue turned into free cash flow.
  • Net cash. Cash exceeds long-term debt by $1.0bn.

Things to watch

  • Share dilution. Diluted shares rose 8.0% in a year.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$0.76 against an average estimate of $0.76: beat by 0.1%
Revenue
$464m, up 20.2% on a year earlier
Share reaction
+3.5% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
period end loan growth growth 18% to 20% (2026); period end total deposit growth growth 17% to 19% (2026)
Next report
January 21, 2027; average EPS estimate $0.80

Associated Banc-corp's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.7%
  • 1 week+3.0%
  • 1 month+7.3%
  • This year+24.0%
  • 1 year+30.1%
  • 5 years+64.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.7B
Net margin
31.2%
EPS (TTM, diluted)
$2.96

Growth

Revenue growth
+45.2%
Change in growth rate
−0.4 pts
Share count change
+8.0%

Earnings

Last results
October 22, 2026
Next results (est.)
January 21, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Dividend
  3. Results
  4. Guidance
  5. Leadership
  6. Announcement
  7. Announcement
  8. Announcement
  9. Leadership
  10. Insider trade
  11. Insider trade
  12. Insider trade
  13. Announcement
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Associated Banc-corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$26
Price used
$31.02close November 3, 2026
Implied change
▼ 17%
Uncertainty
Medium

How we got here: the combined value of 6 valuation models built for a business like Associated Banc-corp (see the models table below and how they are combined) , with a 8.91% cost of equity. The models span ~$20–~$34; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Associated Banc-corp as a bank or lender, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.88 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$24 ~$17–$34 Primary model, counts double
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$20 ~$17–$24 Included
Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. ~$34 ~$18–$50 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$24 ~$31–$46 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$33 ~$31–$40 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$22 ~$18–$26 Included
Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$26 ~$20–$34 6 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Associated Banc-corp with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

58 /100

Moderate moat

How hard Associated Banc-corp's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Net income has been a median 0.9% of total assets over 10 years.

  • Durability 17 / 20

    Net margin has been a median 26.2%; its worst year was 15.2%.

  • Discipline 11 / 20

    The diluted share count rose 16.5% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 21, 2027, after the close. Analysts expect revenue of $472m and EPS of $0.80 (range $0.76 to $0.88) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.03 +8% $1.8bn +20%
Next $3.39 +12% $1.9bn +9%

Next year's EPS estimate has moved +2.6% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.9% on 90 days ago. In the last 30 days, 6 analysts raised Associated Banc-corp's forecast and 0 cut it.

Consensus EPS forecast Associated Banc-corp, last 90 days
$2.80 $3.00 $3.20 $3.40 $3.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.95 Current fiscal year, 60 days ago: $2.96 Current fiscal year, 30 days ago: $2.96 Current fiscal year, 7 days ago: $3.03 Current fiscal year, Now: $3.03 $3.03 Next fiscal year, 90 days ago: $3.31 Next fiscal year, 60 days ago: $3.34 Next fiscal year, 30 days ago: $3.34 Next fiscal year, 7 days ago: $3.40 Next fiscal year, Now: $3.39 $3.39

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.95$3.31
60 days ago $2.96$3.34
30 days ago $2.96$3.34
7 days ago $3.03$3.40
Now $3.03$3.39

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.76 $0.76 +0.1%
Jun 2026 $0.72 $0.63 −12.4%
Mar 2026 $0.69 $0.70 +2.1%
Dec 2025 $0.70 $0.80 +14.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • period end loan growth 2026 18% growth to 20% growth Maintained
    “We continue to expect 2026 period end loan growth of 18% to 20% as compared to Associated's standalone results for the year ended December 31, 2025.” source
  • period end total deposit growth 2026 17% growth to 19% growth Maintained
    “We continue to expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.” source
  • period end core customer deposit growth 2026 19% growth to 21% growth Non-GAAP Maintained
    “We continue to expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.” source
  • net interest income growth 2026 19% growth to 21% growth Maintained
    “We continue to expect 2026 net interest income growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.” source
  • total noninterest income growth 2026 12% growth to 14% growth
    “We now expect total noninterest income growth of 12% to 14% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.” source
  • noninterest expense growth 2026 19% growth to 20% growth
    “We now expect 2026 noninterest expense growth of 19% to 20% as compared to Associated's standalone results for the year ended December 31, 2025.” source
Show 1 more item
  • annual effective tax rate 2026 20% to 22%
    “We now expect the annual effective tax rate to be between 20% and 22% in 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

10 analysts, Nov 2026
Buy440%
Hold660%
Sell00%

Monthly trend

  1. Nov 202622610
  2. Oct 202622610
  3. Sep 202622610

Counts of recommendations published by analysts covering Associated Banc-corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0
at average volume
Short interest, 1 month
−100%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
12.7%
of shares
Employees
4,173
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +30.1%

$23.92 on October 31, 2025 to $31.13

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.6bn +45.6%
Net margin 12.6% 31.4% +148.9%
P/E multiple 27.6x 10.6x −61.5%
Share count 161m 172m −6.7%

Biggest factor: p/e multiple.

Last 3 years +97.9%

$15.73 on November 3, 2023 to $31.13

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.6bn +19.6%
Net margin 29.4% 31.4% +6.7%
P/E multiple 6.0x 10.6x +77.2%
Share count 151m 172m −12.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ASB+37%+6%−3%+16%+12%+24%
Industry peers (median)+34%−4%−2%+16%+10%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ASB75%67%42%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ASB−20%−30%−40%−16%−26%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from June 8, 2018 to March 23, 2020. Getting back needed a 151% gain, reached on January 14, 2022, 662 days after the low.

Price behaviour

52-week range
$23.30 – $32.08
From 52-week high
−3.0%
vs 50-day average
+5.0%
vs 200-day average
+9.7%
Volatility (1 year)
23%
Beta vs S&P 500
0.66

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±2.4%
After a week
6 up, 6 down
typical move ±3.1%
After a month
6 up, 5 down
typical move ±5.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +3.5% −1.7% +4.6% —
July 23, 2026 +0.4% −1.1% +0.2% +0.5%
January 22, 2026 −3.2% +0.6% +0.2% −0.4%
October 23, 2025 +1.5% +1.4% −1.9% +1.6%
July 24, 2025 −1.2% +0.5% −4.5% +2.3%
April 24, 2025 +4.3% +2.8% +5.0% +7.4%
January 23, 2025 −1.6% +0.3% −1.5% −5.3%
October 24, 2024 +2.0% +0.2% +5.7% +21.6%
July 25, 2024 +3.5% +0.6% −4.7% −2.6%
April 25, 2024 +1.1% +0.6% +2.5% −0.5%
January 25, 2024 −1.0% +0.4% −4.7% −6.4%
October 19, 2023 −6.1% −2.1% −1.5% +10.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Associated Banc-corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Associated Banc-corp in five measures

Fundamentals grade C+
Growth Profitability Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Associated Banc-corp
$1B $1.2B $1.4B $1.6B $1.8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.5B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.6B Revenue (TTM), FY26 Q3: $1.7B $1.7B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.2B
FY25 Q4 $1.5B
FY26 Q1 $1.5B
FY26 Q2 $1.6B
FY26 Q3 $1.7B
Revenue growth, TTM YoY Associated Banc-corp
-20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -11.0% Revenue growth, TTM YoY, FY24 Q1: -17.1% Revenue growth, TTM YoY, FY24 Q2: -19.1% Revenue growth, TTM YoY, FY24 Q3: -17.6% Revenue growth, TTM YoY, FY24 Q4: -5.9% Revenue growth, TTM YoY, FY25 Q1: -2.7% Revenue growth, TTM YoY, FY25 Q2: 1.6% Revenue growth, TTM YoY, FY25 Q3: 5.9% Revenue growth, TTM YoY, FY25 Q4: 43.3% Revenue growth, TTM YoY, FY26 Q1: 44.0% Revenue growth, TTM YoY, FY26 Q2: 45.6% Revenue growth, TTM YoY, FY26 Q3: 45.2% 45.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -11.0%
FY24 Q1 -17.1%
FY24 Q2 -19.1%
FY24 Q3 -17.6%
FY24 Q4 -5.9%
FY25 Q1 -2.7%
FY25 Q2 1.6%
FY25 Q3 5.9%
FY25 Q4 43.3%
FY26 Q1 44.0%
FY26 Q2 45.6%
FY26 Q3 45.2%
FCF margin (TTM) Associated Banc-corp
35% 40% 45% 50% 55% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 35.9% FCF margin (TTM), FY24 Q1: 46.1% FCF margin (TTM), FY24 Q2: 44.4% FCF margin (TTM), FY24 Q3: 35.5% FCF margin (TTM), FY24 Q4: 51.2% FCF margin (TTM), FY25 Q1: 44.7% FCF margin (TTM), FY25 Q2: 45.4% FCF margin (TTM), FY25 Q3: 47.7% FCF margin (TTM), FY25 Q4: 38.0% FCF margin (TTM), FY26 Q1: 39.6% FCF margin (TTM), FY26 Q2: 41.6% FCF margin (TTM), FY26 Q3: 49.8% 49.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 35.9%
FY24 Q1 46.1%
FY24 Q2 44.4%
FY24 Q3 35.5%
FY24 Q4 51.2%
FY25 Q1 44.7%
FY25 Q2 45.4%
FY25 Q3 47.7%
FY25 Q4 38.0%
FY26 Q1 39.6%
FY26 Q2 41.6%
FY26 Q3 49.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

What Associated Banc-corp earned on its loans and securities in FY2025, what it paid depositors and lenders, and how its revenue split between running costs, credit losses, tax and profit.

  1. Interest income $2.2B
  2. Fee and other income $286M · 19.3%
  3. Interest paid $972M
  4. Net interest income $1.2B · 80.7%
  5. Revenue $1.5B
  6. Non-interest expense $856M · 57.5%
  7. Credit-loss provisions $54M · 3.6%
  8. Pre-tax profit $578M · 38.8%
  9. Income tax $103M · 6.9%
  10. Net income $475M · 31.9%

Shares of revenue. Source: Associated Banc-corp's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,097 969 886 939 959 972 1,006 1,060 1,074 1,235 1,216 1,277 1,058 1,240 1,103 1,038 1,488 1,687
Net income −132 −1 140 179 189 191 188 200 229 334 327 307 351 366 183 123 475 527
Diluted EPS −$1.26 −$0.18 $0.66 $1.00 $1.10 $1.16 $1.19 $1.26 $1.42 $1.89 $1.91 $1.86 $2.18 $2.34 $1.13 $0.72 $2.77 $2.96
Growth (year on year)
Revenue +11.7% −11.6% −8.6% +6.0% +2.1% +1.4% +3.5% +5.4% +1.3% +15.0% −1.5% +5.0% −17.1% +17.1% −11.0% −5.9% +43.3% +45.2%
Net income −178.3% — — +28.1% +5.4% +1.0% −1.2% +6.4% +14.5% +45.5% −2.0% −6.1% +14.4% +4.3% −50.0% −32.7% +285.5% +199.3%
Diluted EPS −197.7% — — +51.5% +10.0% +5.5% +2.6% +5.9% +12.7% +33.1% +1.1% −2.6% +17.2% +7.3% −51.7% −36.3% +284.7% +177.1%
Margins
Net margin −12.0% −0.1% 15.8% 19.1% 19.7% 19.6% 18.7% 18.9% 21.3% 27.0% 26.9% 24.0% 33.2% 29.5% 16.6% 11.9% 31.9% 31.2%
Cash flow
Cash from operations 122 509 310 350 478 200 301 641 458 497 574 550 530 847 443 580 616 890
Stock-based pay 8 9 11 16 15 16 18 22 21 17 25 22 16 16 17 18 18 —
Balance sheet
Cash 821 868 617 738 602 1,032 474 642 716 877 589 716 1,026 621 924 1,020 1,720 1,627
Total debt 3,181 3,161 3,692 3,342 3,828 4,998 3,511 3,854 4,074 4,527 4,195 2,435 2,225 5,174 2,808 3,162 4,170 4,817
Net debt (negative = net cash) 2,360 2,293 3,075 2,604 3,226 3,966 3,037 3,212 3,358 3,650 3,607 1,718 1,199 4,552 1,884 2,142 2,450 3,189
Diluted shares 128m 171m 173m 172m 166m 158m 151m 150m 154m 170m 162m 154m 152m 150m 151m 153m 167m 178m
Returned to shareholders
Dividends 60 7 7 40 55 59 62 68 76 106 112 112 116 123 130 139 156 171
Buybacks 1 1 1 62 123 109 0 0 — — — — — — — — — —
Total returned 61 8 8 101 178 167 62 68 76 106 112 112 116 123 130 139 156 171

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$171M
Diluted share count
+8.0%
year over year
Total shareholder yield
3.0%
dividends 3.0% + buybacks 0.0% of market value
Dividend payout ratio
33%
of net income paid out

Competitors: side by side with peers

Closest by revenue in regional banks
Last 12 months unless stated ASB FNB AX BANC AUB CBSH Median
Revenue, last 12 months $1.7bn $1.8bn $1.6bn $1.5bn $1.5bn $1.9bn $255m
Revenue growth, last 12 months 45.2% 11.8% 23.0% −12.9% 46.5% 8.6% 12.5%
Revenue growth, 3-year average 8.2% 4.1% 18.1% −15.8% 29.8% 6.1% 6.0%
Revenue growth, latest quarter 20.2% 5.5% 22.2% −60.2% 3.1% 11.9% 10.7%
Net margin 31.2% 33.0% 32.7% −1.4% 31.6% 31.3% 28.7%
Cash from operations / revenue 52.8% 38.5% 47.3% 25.1% 35.6% 67.7% 34.3%
Free-cash-flow margin 49.8% 34.0% 26.9% 23.5% 34.3% 65.1% 31.4%
Free-cash-flow margin, 3-year average 44.3% 29.8% 29.8% 12.6% 90.8% 41.6% 29.9%
Stock pay / revenue 2.1% 1.0% 2.9% 0.5% 1.7% 1.2% 1.2%
Change in share count 8.0% −0.7% −0.1% −4.6% 36.1% — 0.4%

Median of all 245 companies we cover in regional banks. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

245 regional banks companies
Measure Company Peer median Rank
Revenue growth Growth 45.2% 12.5% 13 of 245
Change in growth rate Growth -0.4pp +0.0pp 133 of 244
Net margin Profitability 31.2% 28.7% 87 of 245
Change in share count Balance sheet 8.0% 0.4% 187 of 230

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Credit and Debit Card $46.6M ▼ 0.6%
Financial Service Other $21.2M ▲ 8.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Associated Banc-corp's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.7B
Institutions reporting
394
Shares held vs prior quarter
▲ 4.0%
Positions opened / closed
61 / 35

Top buyers and sellers, Q2 2026: 216 institutions bought and 138 sold ; the biggest buyer was Assenagon Asset Management S.A (+2.0M shares) and the biggest seller Citadel Advisors LLC (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $716M 23.3M 15.3% ▲ 3.8%
Vanguard Portfolio Management LLC $319M 10.4M 6.8% ▼ 4.7%
Dimensional Fund Advisors LP $309M 10.0M 6.6% ▲ 2.3%
State Street Corp $272M 8.8M 5.8% ▼ 1.3%
First Trust Advisors LP $232M 7.5M 5.0% ▲ 26.2%
Vanguard Capital Management LLC $205M 6.7M 4.4% ▼ 6.3%
Geode Capital Management, LLC $132M 4.3M 2.8% ▼ 1.7%
American Century Companies Inc $131M 4.2M 2.8% ▲ 30.0%
LSV Asset Management $116M 3.8M 2.5% ▼ 1.4%
Nomura Asset Management International Inc. $94.9M 3.1M 2.0% ▼ 7.6%
AQR Capital Management LLC $94.6M 3.1M 2.0% ▲ 120.6%
FMR LLC $89M 2.9M 1.9% ▲ 40.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Associated Banc-corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.9M 28 trades by 10 insiders · 0% under pre-set plans
Net ▼ $9.9M net selling
Insider Date Trade Shares Price Value
Ahern Patrick Edward Executive Vice President September 3, 2026 Sell 100 $30.85 $3,085
Ahern Patrick Edward Executive Vice President September 3, 2026 Sell 1,209 $30.85 $37,298
Erickson Randall J. Executive Vice President August 12, 2026 Sell 43,561 $32.04 $1.4M
Warsek Gregory EVP August 12, 2026 Sell 3,282 $32.00 $105,024
Warsek Gregory EVP August 12, 2026 Sell 13,018 $32.01 $416,706
Utz John A. Executive Vice President August 4, 2026 Sell 44,465 $31.73 $1.4M
Erickson Randall J. Executive Vice President July 30, 2026 Sell 90,573 $30.76 $2.8M
Meyer Derek S. EVP, Chief Financial Officer July 29, 2026 Sell 10,000 $30.74 $307,400
Kitowski Nicole M Executive Vice President July 28, 2026 Sell 6,255 $30.91 $193,342
Kitowski Nicole M Executive Vice President July 28, 2026 Sell 1,408 $30.92 $43,535
Utz John A. Executive Vice President June 10, 2026 Sell 5,000 $28.83 $144,150
Braeger Matthew R Executive Vice President June 9, 2026 Sell 4,000 $28.17 $112,680

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Associated Banc-corp disclosed in the last 12 months; 4 earlier trades on record.

  • Chris Jacobs(R-NY 27):Sale (full), $1,001 - $15,000, traded July 18, 2022, filed September 9, 2022
  • Chris Jacobs(R-NY 27):Purchase, $1,001 - $15,000, traded June 16, 2022, filed July 28, 2022
  • Bryan Steil(R-WI 1):Sale (full), $1,001 - $15,000, traded July 22, 2019, filed July 22, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • January 22, 2026
  • October 23, 2025
  • July 24, 2025
  • April 24, 2025

Recent SEC filings

Data status

When each part of this page on Associated Banc-corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Associated Banc-corp in brief

What does Associated Banc-corp do?
Associated Banc-corp is a US-listed company in the regional banks industry. Its financial year ends in December.
What is Associated Banc-corp's stock ticker?
Associated Banc-corp trades under the ticker ASB on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Associated Banc-corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Associated Banc-corp reported revenue of $1.7B, 45.2% higher than a year earlier, according to its SEC filings.
What is Associated Banc-corp's free cash flow?
Associated Banc-corp's free-cash-flow margin is 49.8% of revenue over the trailing twelve months.
Who are Associated Banc-corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Associated Banc-corp's market cap?
On November 2, 2026, Associated Banc-corp's market capitalisation was about $5.5B, with a price-to-earnings ratio of 10.5 and net debt of $3.2B. Market figures come from third-party market data and may be delayed.
Does Associated Banc-corp pay a dividend?
Yes: Associated Banc-corp paid $171M in dividends over the trailing twelve months, a dividend yield of 2.96% and a payout ratio of 32.5%.
Who are Associated Banc-corp's competitors?
In our Regional Banks peer group, the companies closest to Associated Banc-corp are FNB Corp, Axos Financial, Inc., Banc Of California, Inc., Atlantic Union Bankshares Corp and Commerce Bancshares Inc. The side-by-side comparison below sets their revenue, margins and growth against Associated Banc-corp's.
Are insiders buying or selling Associated Banc-corp stock?
Over the last 12 months, Associated Banc-corp's directors and officers reported 0 open-market purchases and 28 sales on Form 4. The insider trading page charts every trade.
When is Associated Banc-corp's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Associated Banc-corp announces its own schedule.