Associated Bank (ASB)
NYSEFinancialsBanks - RegionalSnapshot 2026-09-09
$30.23-0.92%
Close 2026-09-09 · 1-day change
NYSEFinancialsBanks - RegionalSnapshot 2026-09-09
Broken: Primary pillar broken — EPS near $3 in FY26: EPS $2.96 vs $2.97 target.
Associated Bank grew revenue 29% last quarter. It plans $100M buybacks. Earnings per share are expected near $3 in 2026. The bank is cheaper than peers with a PE of 10.7.
Revenue could fall more than 8% next year. Integration of American National may slow growth. Rising costs could reduce profit margins.
The price is about 10% below our fair value near $34. Analysts expect revenue to drop about 8%. We see better growth ahead.
Breaks if: EPS falls below $2.97 in FY26
Breaks if: Integration delays or issues slow growth
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a durable compounder with a focus on organic growth and strategic acquisitions. The current thesis state is weakened due to recent financial performance dropping significantly within its industry.
The market currently prices ASB as cheap compared to its peers, indicating a low expectations gap. This suggests that investors are not anticipating significant near-term improvements in performance.
Fundamentals may show moderate growth as management focuses on integrating American National Corporation and sustaining loan and deposit growth. However, recent weak financial performance raises concerns about the company's ability to maintain momentum.
The thesis hinges on the performance of sector bellwethers like HDB, IBN, and PNC. Positive earnings from these companies could support ASB, while negative guidance from them could lead to further weakness.
The most important moves since the prior daily snapshot.
Yes, our read has weakened. The reason to own ASB has diminished significantly. Recent financial performance dropped from the robust half to the weak half of its sector. This change reflects a decline in the company's standing among its peers. The latest earnings beat does provide some support, but it is not enough to offset the overall weakness.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Successfully integrate American National Corporation to drive growth and operational synergy following the April 2026 acquisition.
Stated as a priority in 3 of last 3 quarters. The acquisition of American National Corporation closed April 1, 2026, and management reports ongoing integration with the partnership coming in as expected. The trajectory is delivering as integration progresses post-close.
“Ongoing integration of American National Corporation... pleased with the American National partnership.”
“Acquisition of American National Corporation closed April 1, 2026; integration underway.”
“Expect to complete acquisition and integration of American National Corporation.”
Breaks if: Revenue growth falls below -8% next year
Successfully integrate American National Corporation to drive growth and operational synergy following the April 2026 acquisition.
Stated as a priority in 3 of last 3 quarters. The acquisition of American National Corporation closed April 1, 2026, and management reports ongoing integration with the partnership coming in as expected. The trajectory is delivering as integration progresses post-close.
“Ongoing integration of American National Corporation... pleased with the American National partnership.”
“Acquisition of American National Corporation closed April 1, 2026; integration underway.”
“Expect to complete acquisition and integration of American National Corporation.”
Breaks if: Buyback program is canceled or not completed
Implement a share repurchase program authorized for up to $100 million to return capital to shareholders.
Stated as a priority in 2 of last 2 quarters. The Board authorized a $100 million share repurchase program in April 2026, supplementing previous authority. No share repurchase volumes reported yet, so delivery is in early stages.
“Board authorized repurchase of up to $100 million of common stock in addition to previous authority.”
“Board authorized $100 million share repurchase program announced at Annual Meeting.”
Over the next 1 to 3 years, ASB's performance will depend on management execution and sector trends. Not investment advice.