Associated Banc-Corp (ASBA) stock analysis

P/E below its 5-year median

Associated Banc-Corp's P/E of 10.9 is below its own 5-year median of 11.1.

P/E below the industry

Associated Banc-Corp's P/E of 10.9 is below the Commercial Banks median of 12.3.

P/S above the industry

Associated Banc-Corp's price-to-sales of 3.85 is above the Commercial Banks median of 3.64.

P/B below the industry

Associated Banc-Corp's price-to-book of 1.01 is below the Commercial Banks median of 1.27.

Trading below fair value

The share price of $30.30 is below our fair value estimate of $31.79.

Margin of safety under 20%

The price is 4.7% below fair value, less than the 20% cushion we look for.

Revenue growing under 10% a year

Revenue grew 6.3% a year over the last three fiscal years, short of the 10% we look for.

EPS growing under 10% a year

Diluted EPS grew 5.8% a year over the last three fiscal years.

Earnings growth accelerating

Net income grew 286% over the last twelve months, against a 5-year average of 9.1% a year.

Growing faster than the industry

Revenue grew 43.3% over the last twelve months; the Commercial Banks median is 11.4%.

Guidance lowered

Associated Banc-Corp lowered its 2026 total noninterest income growth outlook on Oct 22, 2026.

Gross margin trend

Banks and insurers do not report gross profit.

Return on equity under 15%

Return on equity was 9.1% over the last twelve months and averaged 7.0% over five years; we look for 15% on both.

Return on assets under 1%

Return on assets was 1.0%; for a bank or insurer, 1% or more is considered good.

Return on equity below the industry

Associated Banc-Corp's return on equity of 9.1% is below the Commercial Banks median of 11.2%.

Earnings grew over 5 years

Net income grew 9.1% a year on average over the last five fiscal years.

Net margin above its 5-year average

Net margin was 31.9% over the last twelve months, against a 5-year average of 24.6%.

Net margin above the industry

Associated Banc-Corp's net margin of 31.9% is above the Commercial Banks median of 30.0%.

Well capitalized

Equity is 10.9% of total assets; 8% or more is a comfortable cushion.

Loans funded by deposits

Loans equal 90.2% of deposits, so lending is funded by customer deposits.

Adequate loan-loss reserve

The allowance for credit losses is 1.2% of loans; we look for at least 1%.

Efficient operations

Non-interest expense takes 57.5% of revenue; under 60% is efficient for a bank.

Deposits growing

Deposits grew 16.9% over the past year.

Modest borrowings

Borrowings other than deposits are 9.4% of equity.

Pays a dividend

Associated Banc-Corp paid dividends worth 3.2% of the share price over the last twelve months.

Yield below Treasuries

The 3.2% yield is below the 4.4% on a 1-year Treasury.

Yield below the top quarter

The top quarter of US dividend payers yield 4.0% or more; Associated Banc-Corp yields 3.2%.

Dividend stability

Fewer than five years of dividend history.

Covered by earnings

Dividends take 32.8% of net income.

Cash-flow cover

Needs dividends paid and free cash flow.