Associated Banc (NYSE:ASB) Issues Earnings Results

Associated Banc (NYSE:ASB) issued its quarterly earnings data on Thursday. The bank reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.11, FiscalAI reports. Associated Banc had a return on equity of 10.36% and a net margin of 19.31%.The business had revenue of $393.52 million for the quarter, compared to analysts’ expectations of $382.06 million. During the same period in the prior year, the firm earned $0.72 EPS.

Here are the key takeaways from Associated Banc’s conference call:

• Associated reported record profitability in 2025, including Q4 NII of $310M, full-year EPS of $2.77, a NIM north of 3% for the year, and return on tangible common equity above 15% in Q4.
• The bank is materially remixing its balance sheet with $1.2 billion of C&I growth in 2025 and targets 9–10% C&I growth and 5–6% total loan growth in 2026 (standalone, excluding American National), supported by planned RM hires.
• Deposit trends strengthened — core customer deposits rose about $1.0B in 2025 (nearly $700M in Q4) and management expects 5–6% core deposit growth in 2026 while increasing acquisition marketing spend in key metros.
• Associated announced the American National acquisition to enter Omaha and deepen Twin Cities presence; management calls it strategically attractive but has not provided detailed all?in financials and expects close/approval in Q2 with integration in Q3.
• Credit and capital remain solid with very low charge-offs (3 bps Q4, 12 bps FY), declining non?accruals, a slight ACL increase to $419M (1.35%), CET1 at 10.49%, and tangible book value above $22 per share, while non?interest expense growth is guided to ~3% ex?acquisition.

Associated Banc Stock Performance

Shares of Associated Banc stock opened at $26.47 on Friday. The stock’s fifty day moving average is $26.22 and its two-hundred day moving average is $25.79. The company has a market capitalization of $4.39 billion, a PE ratio of 9.56, a price-to-earnings-growth ratio of 0.76 and a beta of 0.79. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. Associated Banc has a 52 week low of $18.32 and a 52 week high of $28.02.

Associated Banc Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Monday, December 1st. This is an increase from Associated Banc’s previous quarterly dividend of $0.23. Associated Banc’s dividend payout ratio (DPR) is presently 34.66%.

Insiders Place Their Bets

In other news, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total value of $56,385.35. Following the transaction, the executive vice president directly owned 109,842 shares in the company, valued at approximately $2,900,927.22. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Patrick Edward Ahern sold 30,489 shares of Associated Banc stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $25.70, for a total transaction of $783,567.30. Following the sale, the executive vice president owned 24,055 shares of the company’s stock, valued at $618,213.50. The trade was a 55.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,951 shares of company stock valued at $925,756 over the last three months. Insiders own 1.45% of the company’s stock.

Institutional Trading of Associated Banc

A number of hedge funds have recently added to or reduced their stakes in ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Associated Banc by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank’s stock valued at $2,198,000 after purchasing an additional 5,531 shares in the last quarter. Millennium Management LLC increased its holdings in Associated Banc by 90.4% during the first quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock valued at $6,486,000 after buying an additional 136,648 shares during the period. Goldman Sachs Group Inc. increased its holdings in Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after buying an additional 1,598,951 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Associated Banc by 13.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank’s stock worth $11,184,000 after buying an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in Associated Banc during the second quarter worth $328,000. 82.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ASB has been the subject of several research reports. Wall Street Zen upgraded shares of Associated Banc from a “hold” rating to a “buy” rating in a research report on Saturday. Raymond James Financial reiterated an “outperform” rating and issued a $30.00 price target (up previously from $29.00) on shares of Associated Banc in a research report on Monday, October 27th. Royal Bank Of Canada boosted their price objective on Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday. UBS Group reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Tuesday, December 2nd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Associated Banc in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Associated Banc presently has a consensus rating of “Hold” and a consensus price target of $29.10.

Trending Headlines about Associated Banc

Here are the key news stories impacting Associated Banc this week:

• Positive Sentiment: Q4 results: ASB posted GAAP EPS of $0.80 and revenue roughly $393–389M (beats consensus), with improving credit metrics and lower provisions — a clear earnings beat. Zacks: ASB Q4 Earnings Beat
• Positive Sentiment: Record annual results: Associated Banc reported record 2025 net income available to common equity of $463M ($2.77/share), signaling stronger full?year profitability. PR Newswire: Record 2025 Net Income
• Positive Sentiment: Analysts lifted price targets to $30 from $27–29 (RBC, Piper Sandler, Keefe/Bruyette & Woods), implying ~13% upside; the raises provide support for the stock. The Fly: RBC PT Raise The Fly: Piper PT Raise Benzinga: KBW/Other Coverage
• Neutral Sentiment: Detailed coverage and transcripts available: investors can review the earnings call transcript and Q4 snapshots to check guidance, expense outlook and credit commentary. Yahoo: Earnings Call Transcript SeattlePI: Q4 Snapshot
• Negative Sentiment: Analysts retained neutral/sector?perform/market?perform ratings despite higher targets, which may limit buying momentum and help explain the stock’s decline today. The Fly: Analyst Ratings

About Associated Banc

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.