Associated Banc-Corp

ASB · NYSE

$29.09+$0.45 (+1.57%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $28.64

ASB analyst rating

HoldConsensus of 10 analysts over the last 12 months. 40% rate it a buy.

Strong buy0
Buy4
Hold6
Underperform0
Sell0

12-month price target · 11 analysts

Average $34.99 (+20.3% upside)

Low: $33.33
Now: $29.09
High: $37.80

Upgrades and downgrades

The latest rating actions, newest first

ASB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 5, 2026	Maintains	Overweight	$34.00 → $35.00	54%
Wells Fargo	Sep 30, 2026	Maintains	Overweight	$36.00 → $35.00	62%
Piper Sandler	Aug 26, 2026	Initiates	Neutral	$34.00	72%
Wells Fargo	Aug 10, 2026	Maintains	Overweight	$32.00 → $36.00	62%
Truist Securities	Aug 4, 2026	Maintains	Hold	$32.00 → $33.00	59%
Truist Securities	Jul 10, 2026	Maintains	Hold	$30.00 → $32.00	59%
Barclays	Jul 7, 2026	Maintains	Overweight	$33.00 → $34.00	54%
Raymond James	Jul 1, 2026	Maintains	Outperform	$31.00 → $35.00	54%
Truist Securities	Apr 27, 2026	Maintains	Hold	$27.00 → $30.00	59%
Keefe, Bruyette & Woods	Apr 24, 2026	Maintains	Market Perform	$30.00 → $31.00	61%

The case for and against

Updated Apr 17, 2026

Bull case

Associated Banc-Corp has demonstrated a positive financial trajectory, evidenced by a 1.6% sequential increase in net interest income to $310.0 million, alongside a reported margin expansion to 3.06%, supported by disciplined deposit pricing and lower funding costs. Period-end loans grew 0.7% sequentially to $31.2 billion, driven by robust growth in commercial and industrial lending, while total deposits increased by 1.9% to $35.6 billion, bolstered by higher noninterest-bearing and savings balances. Management's strategic initiatives, including expected noninterest income growth of 4% to 5% in 2026 and the anticipated acquisition of American National, indicate a strong outlook for continued growth and market penetration.

Bear case

The financial performance of Associated Banc-Corp exhibits a concerning trend, as fee income has declined by 2.3% sequentially to $79.4 million, while core expenses have increased by 1.5% to $219 million. Management's expectation of noninterest expense growth remaining below revenue growth could be overshadowed by the looming risks of asset quality pressure stemming from potential economic downturns, which threaten earnings and capital stability. Furthermore, a decrease in the loan-to-deposit ratio to 87.7% raises additional concerns about the company's ability to generate loan and deposit growth amid a challenging margin environment.

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