Associated Banc-Corp (ASB) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Associated Banc-Corp stock $21.27, price $30.36, that is 30.0% below the price, quality 48 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Associated Banc-Corp
ASB · USOur calculation puts a fair price 30% below what the stock costs today.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $12.58 – $32.08 · fair‑value band $17.69 – $25.83 · the $30.36 price screens above the $21.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Company profile
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, Texas, and Minnesota.
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It offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset-based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.
The company also provides deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; specialized financial services comprising interest rate risk management and foreign exchange solutions; fiduciary services consisting of administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management services; and investable funds solutions, including savings, money market deposit accounts, IRA accounts, CDs, fixed and variable annuities, full-service, discount, and online investment brokerage; investment advisory services; and trust and investment management accounts.
In addition, it offers deposit and transactional solutions, including checking, credit and debit cards, online banking and bill pay, and money transfer services. The company operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas.
Associated Banc-Corp was founded in 1861 and is headquartered in Green Bay, Wisconsin.
Stock analysis
Associated Banc-Corp (ASB) currently trades at $30.36, while our model-based Fair Value estimate is $21.27, 30% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $27.75 per share, and 1 of the 6 models we run sit above the $30.36 price.
Bear case: the Asset-Based group reads lowest at $13.66, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: $17.69 (bear) to $25.83 (bull), the price of $30.36 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Associated Banc-Corp reported revenue of $2.5B in FY2025 versus $1.1B in FY2021, a compound +21.7%/yr. Reported net income was $475M in FY2025, compounding +7.8%/yr from FY2021.
Key figures
Market cap $5.8B Mid · P/E ratio 10.5 · P/S ratio 3.52 · EPS (TTM) $2.90 · Dividend yield 3.2% · Net margin 32.2% · Return on equity 10.2% · Return on assets (EBIT) 0.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −30%, ASB screens richer than that median.
Fair Value models
All 6 models by family
The fair value above starts from this blend and is adjusted for dilution from new shares.
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Insider trades
In the last 6 months, 8 officers or directors sold shares worth $7.4M and none bought.
- SalePatrick Edward AhernExecutive Vice President4× since Dec 3, 2025: 49,856 shares, avg. $26.83$1.3MSep 3, 2026
- SaleRandall J. EricksonExecutive Vice President3× since May 1, 2026: 164,445 shares, avg. $30.57$5.0MAug 12, 2026
- SaleGregory WarsekEVP16,300 shares at $32.01$521,730Aug 12, 2026
- SaleJohn A. UtzExecutive Vice President3× since Dec 9, 2025: 51,600 shares, avg. $31.23$1.6MAug 4, 2026
- SaleDerek S. MeyerEVP, Chief Financial Officer10,000 shares at $30.74$307,400Jul 29, 2026
- SaleNicole M KitowskiExecutive Vice President7,663 shares at $30.91$236,877Jul 28, 2026
- SaleMatthew R BraegerExecutive Vice President5,000 shares at $28.17$140,860Jun 9, 2026
- SaleDennis DeLoyeExecutive Vice President14,299 shares at $28.26$404,090May 26, 2026
- SaleJohn B WilliamsDirector2× since Feb 3, 2026: 6,325 shares, avg. $28.13$177,936Apr 28, 2026
- SaleEileen A KamerickDirector6,600 shares at $28.02$184,932Feb 19, 2026
Plus 70 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗
Revenue & earnings trend
ASB screens overvalued: fair value 30% below the price. Compare with China Merchants Bank Co →
Recent news
- ASB's 4.2% Dividend Hike: Are Shareholder Returns Sustainable?
- Associated Banc-Corp (ASB) Upgraded to Buy: Here's Why
- Associated Banc-Corp raises quarterly dividend by 4.2% to $0.25/share
- Associated Banc-Corp Announces Increase in Common Stock Dividend
Compare Associated Banc-Corp with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 998 stocks
Valuation Multiplesvs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Quality Score by industry
- Return on equity by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Postal Savings Bank of China Co 601658 | ¥5.53 | ¥7.59 | +37% | vs ASB |
| China Merchants Bank Co 600036 | ¥42.88 | ¥52.73 | +23% | vs ASB |
| BNP Paribas SA BNP | €91.93 | €106.01 | +15% | vs ASB |
| Intesa Sanpaolo S.p.A ISP | €6.18 | €4.49 | −27% | vs ASB |
| State Bank of India SBIN | ₹1,019 | ₹736.65 | −28% | vs ASB |
| UniCredit S.p.A UCG | €76.80 | €50.44 | −34% | vs ASB |
| Mizuho Financial Group MFG | $9.40 | $5.90 | −37% | vs ASB |
| DBS Group D05 | 69.72 SGD | 40.39 SGD | −42% | vs ASB |
| HDFC Bank Limited HDFCBANK | ₹788.25 | ₹406.39 | −48% | vs ASB |
| ICICI Bank Limited ICICIBANK | ₹1,571 | ₹615.63 | −61% | vs ASB |
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Key figures of Associated Banc-Corp
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