ASB
Financial ServicesAssociated Banc-Corp · Banks - Regional · $5B
What is Associated Banc-Corp?
Associated Banc-Corp is a Wisconsin-based bank holding company serving individuals and businesses across Wisconsin, Illinois, and Minnesota. It operates through distinct segments covering commercial banking, community banking, and shared services.
The company generates revenue primarily through lending and deposit-gathering activities. Its commercial segment provides business loans, commercial real estate financing, cash management, and specialized financial services such as interest rate risk management and foreign exchange solutions. Its community segment handles residential mortgages, home equity products, and consumer banking. A third segment covers risk management and shared infrastructure that supports both customer-facing divisions.
Associated Banc-Corp was founded in 1980 and is headquartered in Green Bay, Wisconsin.
- Commercial and industrial lending, including asset-based lending and loan syndications
- Commercial real estate and construction financing
- Residential mortgages and home equity products
- Cash management, payables, and liquidity solutions for businesses
- Trust, fiduciary, and institutional asset management services
Is ASB a Good Stock to Buy?
UQS Score rates ASB as Below Average overall, reflecting a mixed profile across the five quality pillars.
The Quality pillar stands out as the relative bright spot, suggesting the bank maintains reasonably sound fundamentals at the operational level. Valuation is rated Attractive, meaning the stock may be priced below what the underlying business profile would typically command — a factor worth weighing against the other pillars.
Both the Moat and Risk pillars are rated Weak, pointing to limited competitive differentiation and meaningful exposure to financial or credit-related risks. The Growth pillar registers as Neutral, indicating no clear near-term expansion catalyst.
Pro members can view the complete pillar breakdown and underlying financial metrics to form a fuller picture of ASB's investment profile. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does ASB pay dividends?
Yes — Associated Banc-Corp pays a dividend.
Associated Banc-Corp pays a regular dividend, consistent with the income-oriented tradition of regional bank holding companies. Dividend payments reflect the company's ability to return capital to shareholders while managing its balance sheet. Investors focused on income may find the dividend cadence relevant, though the broader Risk pillar rating warrants attention alongside any yield consideration.
When does ASB report earnings?
Associated Banc-Corp reports earnings on a quarterly cadence, typical for US-listed bank holding companies.
Quarterly results for regional banks like ASB tend to reflect movements in net interest margins, loan growth, and credit quality — all areas that the UQS pillar profile flags as worth monitoring. The Growth pillar's Neutral rating suggests performance has been neither notably accelerating nor declining in recent periods.
For the most recent quarter's results and guidance, visit Associated Banc-Corp's investor relations page directly.
ASB Price History
+46.4% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Associated Banc-Corp?
Based on Associated Banc-Corp's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
ASB Long-term Outlook
The fundamental outlook for ASB is shaped by its Neutral Growth and Weak Risk pillar ratings. Regional banks operating in the Midwest face a relatively stable but competitive deposit environment, and ASB's geographic concentration in Wisconsin, Illinois, and Minnesota limits diversification. The Attractive Valuation label suggests the market may already be pricing in some of these headwinds, which could provide a margin of cushion for patient investors — though the Weak Moat rating tempers longer-term confidence.
Growth drivers
- Potential expansion of commercial lending activity across its three-state footprint
- Fee income growth from trust, fiduciary, and cash management services
- Stabilization or improvement in net interest income as rate conditions evolve
Key risks
- Weak Moat rating signals limited pricing power relative to larger national banks
- Weak Risk pillar points to credit quality or balance sheet vulnerabilities
- Geographic concentration in the upper Midwest limits revenue diversification
ASB vs Peers
Associated Banc-Corp competes with a range of regional and community bank holding companies, each with distinct geographic footprints and business mix.
A Texas-focused community bank known for its long track record of consistent profitability and strong community banking relationships across a different regional market.
A Texas-based commercial bank with a heavier emphasis on middle-market and corporate banking, offering a more concentrated commercial lending profile than ASB.
A New England-based mutual savings bank that converted to public ownership, serving a distinct Northeast market with a community-oriented banking model.
Frequently Asked Questions
What does Associated Banc-Corp do?
Associated Banc-Corp is a bank holding company that provides lending, deposit, cash management, and wealth management services to individuals and businesses. It operates primarily in Wisconsin, Illinois, and Minnesota through commercial banking, community banking, and shared services segments.
Does ASB pay dividends?
Yes, Associated Banc-Corp pays a regular dividend. This is consistent with the capital return practices common among regional bank holding companies. Investors should review the company's investor relations page for the current dividend rate and payment schedule.
When does ASB report earnings?
Associated Banc-Corp reports earnings on a quarterly cadence, as is standard for US-listed bank holding companies. For the exact date of the next earnings release, check the company's investor relations page or a financial calendar service.
Is ASB a good stock to buy?
UQS Score rates ASB as Below Average overall. The Quality pillar is rated Good and Valuation is Attractive, but both the Moat and Risk pillars are rated Weak. Whether ASB fits a portfolio depends on an investor's own risk tolerance and income objectives. Pro members can access the full pillar breakdown for a deeper view.
Is ASB overvalued?
The UQS Valuation pillar for ASB is rated Attractive, suggesting the stock is not considered overpriced relative to its fundamental profile. However, an attractive valuation alone does not offset the Weak Moat and Weak Risk ratings that weigh on the overall UQS Score.
How does ASB compare to its competitors?
ASB operates in a different geographic market than peers like First Financial Bankshares and Texas Capital Bancshares, which are Texas-focused. Eastern Bankshares serves the Northeast. Each competitor carries a distinct business mix and regional exposure. UQS Score provides side-by-side pillar comparisons for Pro members.
What is ASB's market cap bracket?
Associated Banc-Corp is classified as a mid-cap company. This places it in the range of established regional banks that are larger than community banks but smaller than the major national banking institutions.
Who founded Associated Banc-Corp?
Associated Banc-Corp was established in 1980 as a bank holding company headquartered in Green Bay, Wisconsin. Detailed founding history is publicly available through the company's official corporate history and investor relations materials.
Is ASB a long-term quality investment?
From a long-term quality perspective, the UQS Score rates ASB as Below Average, driven largely by Weak Moat and Weak Risk pillar ratings. The Good Quality pillar and Attractive Valuation offer some offset, but sustained long-term quality typically requires stronger competitive positioning. Pro members can explore the full analysis.
What is the main competitive advantage of Associated Banc-Corp?
ASB's competitive positioning centers on its established presence and customer relationships across Wisconsin, Illinois, and Minnesota. However, the UQS Moat pillar is rated Weak, indicating that its competitive advantages are not considered durable or wide relative to the broader banking sector.
What sector does ASB belong to?
Associated Banc-Corp belongs to the Financial Services sector, specifically operating as a regional bank holding company. Regional banks are sensitive to interest rate cycles, credit conditions, and local economic activity in their operating geographies.
Is ASB a growth stock or value stock?
Based on the UQS pillar profile, ASB leans toward the value side — the Valuation pillar is rated Attractive while the Growth pillar is Neutral, meaning growth expectations are modest. It is not typically characterized as a high-growth name within the Financial Services sector.
Unlock Full ASB Analysis
Sign in to unlock the detailed analysis behind the UQS Score.
- ✓View the exact UQS Score and all five pillar ratings
- ✓Access underlying financial metrics driving each pillar
- ✓Compare ASB side-by-side with regional bank peers
- ✓Screen for Attractive-valuation banks across the sector
- ✓Get the complete risk and moat assessment in detail
Pro Analysis
ASB — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 24, 2026 | 54.5 | 72.9 | 19.0 | 45.7 | 60.3 | 88.9 | 0.0 |
| May 21, 2026 | 54.5 | 72.9 | 19.0 | 45.6 | 60.3 | 88.9 | -0.1 |
| May 20, 2026 | 54.6 | 72.9 | 19.0 | 45.6 | 60.3 | 89.6 | 0.0 |
| May 19, 2026 | 54.6 | 72.9 | 19.0 | 45.6 | 60.3 | 89.4 | +0.1 |
| May 17, 2026 | 54.5 | 72.9 | 19.0 | 45.6 | 60.3 | 89.2 | -0.1 |
| May 16, 2026 | 54.6 | 72.9 | 19.0 | 45.6 | 60.3 | 89.7 | +0.1 |
| May 14, 2026 | 54.5 | 72.9 | 19.0 | 45.6 | 60.3 | 89.1 | +0.1 |
| May 11, 2026 | 54.4 | 72.9 | 19.0 | 45.6 | 60.3 | 88.4 | +0.7 |
| May 10, 2026 | 53.7 | 72.9 | 19.0 | 45.6 | 60.3 | 83.8 | -0.7 |
| May 8, 2026 | 54.4 | 72.9 | 19.0 | 45.7 | 60.3 | 88.4 | -0.1 |
ASB — Pillar Breakdown
Quality
— 72.9/100 (25%)Associated Banc-Corp shows solid profitability with healthy returns on capital and reasonable margins.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 45.7/100 (20%)Associated Banc-Corp shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 60.3/100 (15%)Associated Banc-Corp maintains a reasonable risk profile with manageable debt levels.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 90.9/100 (15%)Associated Banc-Corp appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 19/100 (25%)Associated Banc-Corp operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for ASB.
Score Composition
Financial Data
More Stock Analysis
How is the ASB UQS Score Calculated?
The UQS (Unified Quality Score) for Associated Banc-Corp is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Associated Banc-Corp's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Associated Banc-Corp is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.