Stock Analysis Report

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Associated Banc-Corp

Executive Summary

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota.

Snowflake Analysis

Flawless balance sheet average dividend payer.

Similar Companies

Share Price & News

How has Associated Banc-Corp's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: ASB's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: ASB underperformed the US Banks industry which returned -19.4% over the past year.

Return vs Market: ASB underperformed the US Market which returned 9.2% over the past year.

Shareholder returns

7 Day1.9%0.6%2.4%
30 Day9.4%10.2%10.2%
90 Day-4.6%-11.9%3.4%
1 Year-25.0%-28.0%-16.6%-19.4%11.6%9.2%
3 Year-33.9%-39.6%-5.8%-13.2%33.7%24.9%
5 Year-16.5%-27.0%15.0%1.2%59.7%41.8%

Price Volatility Vs. Market

How volatile is Associated Banc-Corp's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Associated Banc-Corp undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: ASB ($14.91) is trading above our estimate of fair value ($11.7)

Significantly Below Fair Value: ASB is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: ASB is good value based on its PE Ratio (8.8x) compared to the Banks industry average (9.7x).

PE vs Market: ASB is good value based on its PE Ratio (8.8x) compared to the US market (16.1x).

Price to Earnings Growth Ratio

PEG Ratio: ASB's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Price to Book Ratio

PB vs Industry: ASB is good value based on its PB Ratio (0.6x) compared to the US Banks industry average (0.8x).

Next Steps

Future Growth

How is Associated Banc-Corp forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ASB's earnings are forecast to decline over the next 3 years (-2% per year).

Earnings vs Market: ASB's earnings are forecast to decline over the next 3 years (-2% per year).

High Growth Earnings: ASB's earnings are forecast to decline over the next 3 years.

Revenue vs Market: ASB's revenue is expected to decline over the next 3 years (-2.6% per year).

High Growth Revenue: ASB's revenue is forecast to decline over the next 3 years (-2.6% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if ASB's Return on Equity is forecast to be high in 3 years time

Next Steps

Past Performance

How has Associated Banc-Corp performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ASB has high quality earnings.

Growing Profit Margin: ASB's current net profit margins (23.2%) are lower than last year (27.2%).

Past Earnings Growth Analysis

Earnings Trend: ASB's earnings have grown by 14.3% per year over the past 5 years.

Accelerating Growth: ASB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ASB had negative earnings growth (-20.2%) over the past year, making it difficult to compare to the Banks industry average (2.8%).

Return on Equity

High ROE: ASB's Return on Equity (7.5%) is considered low.

Next Steps

Financial Health

How is Associated Banc-Corp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: ASB's Assets to Equity ratio (8.9x) is low.

Allowance for Bad Loans: ASB has a sufficient allowance for bad loans (247%).

Low Risk Liabilities: 85% of ASB's liabilities are made up of primarily low risk sources of funding.

Loan Level: ASB has an appropriate level of Loans to Assets ratio (71%).

Low Risk Deposits: ASB's Loans to Deposits ratio (94%) is appropriate.

Level of Bad Loans: ASB has an appropriate level of bad loans (0.6%).

Next Steps


What is Associated Banc-Corp's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ASB's dividend (4.83%) is higher than the bottom 25% of dividend payers in the US market (1.65%).

High Dividend: ASB's dividend (4.83%) is in the top 25% of dividend payers in the US market (4.39%)

Stability and Growth of Payments

Stable Dividend: ASB's dividend payments have been volatile in the past 10 years.

Growing Dividend: ASB's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (41.2%), ASB's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Phil Flynn (62yo)





Mr. Philip B. Flynn, also known as Phil, has been President, Chief Executive Officer and Director of Associated Banc-Corp since December 2009. Mr. Flynn has more than 30 years of financial services industr ...

CEO Compensation Analysis

Compensation vs Market: Phil 's total compensation ($USD5.14M) is about average for companies of similar size in the US market ($USD4.72M).

Compensation vs Earnings: Phil 's compensation has been consistent with company performance over the past year.

Leadership Team

Philip Flynn
President10.5yrsUS$5.14m0.53% $11.9m
Christopher Del Moral-Niles
Executive VP & CFO8.25yrsUS$1.62m0.064% $1.4m
Randall Erickson
Executive VP8.17yrsUS$1.33m0.077% $1.7m
David Stein
Executive VP and Head of Consumer & Business Banking13yrsUS$1.16m0.066% $1.5m
John Utz
Executive VP9yrsUS$1.47m0.052% $1.2m
Tammy Stadler
Corporate Controller & Principal Accounting Officerno datano data0.037% $824.0k
Michael Meinolf
Executive VP & Chief Information Officer1.75yrsno data0.0099% $223.9k
Robb Timme
Senior VPno datano datano data
Anthony Pecora
Senior Vice President and Director of Compliance4.5yrsno datano data
Christopher Piotrowski
Executive VP & Chief Marketing Officer5.5yrsno data0.023% $527.1k


Average Tenure


Average Age

Experienced Management: ASB's management team is seasoned and experienced (8.2 years average tenure).

Board Members

Philip Flynn
President10.5yrsUS$5.14m0.53% $11.9m
William Hutchinson
Independent Chairman of the Board10.5yrsUS$295.00k0.037% $844.3k
John Bergstrom
Independent Director9.5yrsUS$195.00k0.014% $305.7k
Eileen Kamerick
Independent Director13.25yrsUS$205.00k0.0038% $84.7k
Robert Jeffe
Independent Director9.33yrsUS$195.00kno data
John Williams
Independent Director8.92yrsUS$227.50k0.0068% $153.8k
Karen van Lith
Independent Director16.17yrsUS$205.00k0.0070% $158.4k
Robert Gerken
Independent Director5.67yrsUS$205.00k0.0013% $29.7k
Cory Nettles
Independent Director6.5yrsUS$195.00kno data
Richard Lommen
Independent Director16.42yrsno datano data


Average Tenure


Average Age

Experienced Board: ASB's board of directors are seasoned and experienced ( 10 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: ASB insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Associated Banc-Corp's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Associated Banc-Corp
  • Ticker: ASB
  • Exchange: NYSE
  • Founded: 1861
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$2.253b
  • Shares outstanding: 151.08m
  • Website: https://www.associatedbank.com

Number of Employees


  • Associated Banc-Corp
  • 433 Main Street
  • Green Bay
  • Wisconsin
  • 54301
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ASBNYSE (New York Stock Exchange)YesCommon StockUSUSDDec 1975
AB5DB (Deutsche Boerse AG)YesCommon StockDEEURDec 1975
ASB.PRCNYSE (New York Stock Exchange)DEP SHS 1/40 CUSUSDJun 2015
ASB.PRDNYSE (New York Stock Exchange)DEP PFD NONCUM DUSUSDSep 2016
ASB.PRENYSE (New York Stock Exchange)DEP SHS PFD EUSUSDSep 2018


Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. Its Corporate and Commercial Specialty segment offers 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; and lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications. This segment also provides specialized financial services comprising interest rate risk management, foreign exchange solutions, and commodity hedging. The company’s Community, Consumer, and Business segment offers checking, credit, debit and pre-paid cards, online banking and bill pay, and money transfer services; residential mortgages, home equity loans and lines of credit, personal and installment loans, real estate financing, business loans, and business lines of credit; savings, money market deposit accounts, IRA accounts, certificates of deposit, and fixed and variable annuities, as well as full-service, discount, and online investment brokerage; investment advisory services; trust and investment management accounts; and insurance and other related products and services. This segment also engages in the administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management services. Its Risk Management and Shared Services segment provides corporate risk management, credit administration, finance, treasury, operations, and technology services. As of December 31, 2019, the company operated 248 banking branches serving over 120 communities. Associated Banc-Corp was founded in 1861 and is headquartered in Green Bay, Wisconsin. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/04 01:56
End of Day Share Price2020/06/03 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.