Associated Banc-Corp (ASB)

In the past six months, Raymond James reiterated an "Outperform" rating for ASB, raising its price target from $29.00 to $30.00, and RBC Capital lifted its price target to $28 from $27. The company reported third-quarter 2025 net income available to common equity of $122 million, or $0.73 per common share, exceeding estimates, and second-quarter 2025 earnings per common share of $0.65, driven by record quarterly net interest income. A decrease in the prime rate was announced, and dividends were announced with the last dividend per share being $0.23, paid quarterly. Insider selling activity was noted, but the stock has shown resilience, being up 6.9% on the year and 16.5% over the last twelve months as of October 23, 2025.

The banking industry experiences seasonal trends in loan demand, with annual lows in late January and February, increasing through July, peaking in August or September, and decreasing until December. This seasonality is influenced by factors such as the prime home-buying season and changes in interest rates. Associated Banc-Corp expects 5% to 6% annual loan growth for 2025.

Associated Banc-Corp is a U.S. regional bank holding company based in Green Bay, Wisconsin, offering a range of financial products and services including retail and commercial banking, lending solutions, and deposit accounts. The company operates through three segments: Corporate and Commercial Specialty, Community, Consumer, and Business, and Risk Management and Shared Services.

Associated Banc-Corp is a leading Midwest banking franchise with nearly 200 banking locations across Wisconsin, Illinois, Minnesota, and Missouri. It also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas. The company is expanding into the St. Louis market with a new branch planned for spring 2025.

Associated Banc-Corp has received positive recognition for its brand reputation, including the J.D. Power Award for customer satisfaction with retail banking in the Upper Midwest Region in March 2024. Newsweek named Associated Banc-Corp among "America's Most Trustworthy Companies" in April 2023, based on customer, investor, and employee trust.

Associated Banc-Corp is primarily owned by institutional shareholders, who hold 85.02% of the company's stock, while insiders own 4.61%, and retail investors account for 10.37%. BlackRock Inc. is the largest individual shareholder, owning 12.62% of the company, followed by Vanguard Group Inc. and Fmr LLC. In total, 695 institutional owners and shareholders hold a combined 175,160,116 shares.