State Commercial Banks · SIC 6022

ASSOCIATED BANC-CORP

ASB

Watch

Latest revenue

$79.5M

as of 2026-03-31

Latest net income

$119.6M

as of 2026-03-31

Net margin

150.5%

as of 2026-03-31

6.7
of 10

ActaClear Score

Above avg
#60 of 212 in State Commercial Banks
+0.0 · 2d
Profitability·25%
5.2
Growth·15%
4.6
Value·20%
8.5
Quality·20%
8.1
Momentum·20%
6.7

Computed from 5 years of SEC fundamentals + latest market data, ranked within State Commercial Banks (212 peers). 10 = best in industry, 5 = median, 0 = worst. Refreshed Jun 7, 2026.

0.32
Price / FV

Fair value · DCF

Deeply undervalued
~211% upside at this growth
11.5% / yr
-5%30%
Terminal growthWACC 9.2% · 10y forecast
Current price
$27.76
DCF fair value
$86.20
FCF base (last FY)
$474.78M
Net debt
$19.58M

DCF: 10-year forecast of free cash flow, discounted at the company's WACC, with a Gordon-growth terminal at year 10. FCF is proxied by last fiscal-year net income (proper FCF needs CFO − CapEx by year, which we don't store yet). Drag the slider to test your own growth thesis — the dominant assumption in any DCF is what comes next, not what the math does with it. Beta defaults to 1.0 when not reported.

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Price · 5Y

+9.7% / yr 10.0 pts / yr vs S&P 500 44.7% total
Compare:

Live market

delayed ≤15 min
$27.75
0.05%
Market cap
$4.59B
Enterprise value
$5.11B
P/E (trailing)
9.7×
Forward P/E
P/B
0.92×
Dividend yield
3.4%
52-wk high
$29.52
52-wk low
$22.48
Beta
Shares out
165.4M

5-year trend

What this company does

AI

ITEM 1.Business General Associated Banc-Corp is a bank holding company registered pursuant to the BHC Act. Our bank subsidiary, Associated Bank, traces its history back to the founding of the Bank of Neenah in 1861. We were incorporated in Wisconsin in 1964 and were inactive until 1969 when permission was received from the Federal Reserve to acquire three banks. At December 31, 2025, we owned one nationally chartered commercial bank headquartered in Green Bay, Wisconsin, which serves local communities across the upper Midwest, one nationally chartered trust company headquartered in Milwaukee, Wisconsin, and 12 limited purpose banking and nonbanking subsidiaries either located in or…

AI summary unavailable — showing raw filing excerpt

Generated from ASB's filing dated 2026-02-12

Key risks

AI

ITEM 1A.Risk Factors An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference herein. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that management is not aware of or focused on or that management currently deems immaterial may impair our business operations. This report is qualified in its entirety by these risk factors.…

AI summary unavailable — showing raw filing excerpt

Generated from ASB's filing dated 2026-02-12

Profitability

Net margin

19.3%

234.9%

Return on equity

9.5%

256.9%

Return on assets

1.1%

267.0%

Leverage

Debt / equity

8.09×

3.1%

Long-term debt / equity

0.12×

34.3%

Debt / assets

89.0%

0.3%

Earnings tracker

QuarterRevenueYoYNet incomeYoYNet margin

Q1 2026

2026-03-31

$79.5M+6.1%$119.6M+17.7%150.5%

Q4 2025

2025-12-31

$2.29B+14.9%$137.1M+184.8%6.0%

Q3 2025

2025-09-30

$55.1M-0.2%$124.7M+41.7%226.2%

Q2 2025

2025-06-30

$37.2M+1.6%$111.2M-3.8%299.0%

Q1 2025

2025-03-31

$74.9M+52.5%$101.7M+25.3%135.8%

Q4 2024

2024-12-31

$2.00B$-161.6M-8.1%

Q3 2024

2024-09-30

$55.3M+22.5%$88.0M+5.7%159.3%

Q2 2024

2024-06-30

$36.6M-0.7%$115.6M+32.6%315.8%

Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.

Industry trend

State Commercial Banks · SIC 6022

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Insider activity

Insider buying

$0

Insider selling

$3.6M

Net activity

−$3.6M

Distinct insiders

8

Open-market trades over the last 365 days.

Recent transactions

DateInsiderTypeSharesPriceValue
2026-05-26

Dennis Deloye

Executive Vice President

Sale5,000$28.26$141.3K
2026-05-26

Dennis Deloye

Executive Vice President

Sale9,299$28.26$262.8K
2026-05-04

Randall J. Erickson

Executive Vice President

Sale28,311$27.84$788.0K
2026-05-01

Randall J. Erickson

Executive Vice President

Sale2,000$28.30$56.6K
2026-04-28

John B Williams

Director

Sale4,000$28.18$112.7K

Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.

Who owns ASB

Institutional value

$2.10B

Total shares held

86.7M

Distinct holders

229

-108 vs prior

As of

2026-03-31

Prior: 2025-12-31

Filers with $100M+ AUM disclose holdings 45 days after quarter end.

Top institutional holders

#ManagerSharesValueQoQ changeAction
1BlackRock, Inc.22.4M$579.8M+1.2M (+5.7%)Added
2VANGUARD PORTFOLIO MANAGEMENT LLC10.9M$281.4MNew
3DIMENSIONAL FUND ADVISORS LP9.8M$253.7M+170.1K (+1.8%)Added
4VANGUARD CAPITAL MANAGEMENT LLC7.1M$184.3MNew
5FIRST TRUST ADVISORS LP6.0M$154.4M+3.3M (+127.6%)Added
6Associated Banc-Corp2.6M$66.9M-43.4K (-1.7%)Trimmed
7PZENA INVESTMENT MANAGEMENT LLC1.9M$49.7M+177.8K (+10.2%)Added
8Bank of New York Mellon Corp1.7M$43.4M-570 (-0.0%)Trimmed
9Allspring Global Investments Holdings, LLC1.4M$36.9M-58.7K (-4.0%)Trimmed
10Invesco Ltd.1.3M$34.2M+242.9K (+22.5%)Added
11UBS Group AG1.1M$28.9M+588.6K (+111.6%)Added
12JPMORGAN CHASE & CO1.1M$28.1M+110.8K (+10.9%)Added
13VANGUARD FIDUCIARY TRUST CO1.0M$27.1MNew
14Nuveen, LLC938.4K$24.3M+3.8K (+0.4%)Added
15HEARTLAND ADVISORS INC875.9K$22.7M-2.8K (-0.3%)Trimmed
16Leeward Investments, LLC - MA724.6K$18.7M-19.9K (-2.7%)Trimmed
17RHUMBLINE ADVISERS506.5K$13.1M+4.2K (+0.8%)Added
18Fisher Asset Management, LLC465.2K$12.0M+107.1K (+29.9%)Added
19SEI INVESTMENTS CO433.4K$11.2M+248.3K (+134.1%)Added
20Universal- Beteiligungs- und Servicegesellschaft mbH401.4K$10.4M-6.0K (-1.5%)Trimmed

Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.

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