Associated Banc-Corp (ASB)
Market Price (10/19/2026): $28.96 | Market Cap: $5.4 BilSector: Financials | Industry: Regional Banks
Associated Banc-Corp (ASB)
Market Price (10/19/2026): $28.96Market Cap: $5.4 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 12% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -55% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 46% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42% Low stock price volatilityVol 12M is 24% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 29% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. | Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.9% | Key risksASB key risks include [1] net interest margin compression driven by a worsening funding mix and [2] asset quality concerns related to its commercial real estate exposure. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 12% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -55% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 46% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 45%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42% |
| Low stock price volatilityVol 12M is 24% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 29% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.9% |
| Key risksASB key risks include [1] net interest margin compression driven by a worsening funding mix and [2] asset quality concerns related to its commercial real estate exposure. |
Qualitative Assessment
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Associated Banc-Corp (ASB) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Broader Regional Banking Sector Headwinds.
The regional banking sector faced increased pressure during fiscal Q3 2026, as evidenced by the failure of six U.S. regional banks in 2026, the highest count in a decade. The most recent failure, Nano Banc, occurred on September 25, 2026. These failures have intensified concerns regarding macroeconomic conditions for smaller banks, including a renewed rise in interest rates, the impending commercial real estate (CRE) refinancing "wall," and heightened deposit competition from larger institutions.
2. Weakening Underlying Financial Performance Indicators.
While Associated Banc-Corp reported Q2 2026 earnings per share of $0.73, exceeding analyst estimates by $0.01, and revenue of $454.54 million, surpassing the consensus by $16.53 million, underlying financial indicators showed signs of weakness. Specifically, fee income experienced a sequential decline of 2.3% to $79.4 million, and core expenses increased by 1.5% to $219 million in fiscal Q2 2026. Analysts have expressed concern over these trends, coupled with a decrease in the loan-to-deposit ratio to 87.7%, which raises questions about the company's ability to drive loan and deposit growth amidst a challenging margin environment.
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Associated Banc-Corp (ASB) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Broader Regional Banking Sector Headwinds.
The regional banking sector faced increased pressure during fiscal Q3 2026, as evidenced by the failure of six U.S. regional banks in 2026, the highest count in a decade. The most recent failure, Nano Banc, occurred on September 25, 2026. These failures have intensified concerns regarding macroeconomic conditions for smaller banks, including a renewed rise in interest rates, the impending commercial real estate (CRE) refinancing "wall," and heightened deposit competition from larger institutions.
2. Weakening Underlying Financial Performance Indicators.
While Associated Banc-Corp reported Q2 2026 earnings per share of $0.73, exceeding analyst estimates by $0.01, and revenue of $454.54 million, surpassing the consensus by $16.53 million, underlying financial indicators showed signs of weakness. Specifically, fee income experienced a sequential decline of 2.3% to $79.4 million, and core expenses increased by 1.5% to $219 million in fiscal Q2 2026. Analysts have expressed concern over these trends, coupled with a decrease in the loan-to-deposit ratio to 87.7%, which raises questions about the company's ability to drive loan and deposit growth amidst a challenging margin environment.
3. Share Dilution.
Associated Banc-Corp experienced an increase in its shares outstanding during the period. As of September 23, 2026, the number of shares outstanding had increased by 14.01% quarter-over-quarter and 7.22% year-over-year. This dilution of shares can negatively impact per-share metrics and contribute to downward pressure on the stock price.
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Stock Movement Drivers
Fundamental Drivers
The -5.1% change in ASB stock from 6/30/2026 to 10/18/2026 was primarily driven by a -12.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.53 | 28.96 | -5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,518 | 1,603 | 5.6% |
| Net Income Margin (%) | 32.4% | 31.5% | -2.9% |
| P/E Multiple | 10.2 | 10.8 | 5.4% |
| Shares Outstanding (Mil) | 165 | 188 | -12.2% |
| Cumulative Contribution | -5.1% |
Market Drivers
6/30/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| ASB | -5.1% | |
| Market (SPY) | 2.2% | 32.5% |
| Sector (XLF) | 3.6% | 59.7% |
Fundamental Drivers
The 13.9% change in ASB stock from 3/31/2026 to 10/18/2026 was primarily driven by a 21.9% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.44 | 28.96 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,479 | 1,603 | 8.4% |
| Net Income Margin (%) | 32.1% | 31.5% | -1.8% |
| P/E Multiple | 8.8 | 10.8 | 21.9% |
| Shares Outstanding (Mil) | 165 | 188 | -12.2% |
| Cumulative Contribution | 13.9% |
Market Drivers
3/31/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| ASB | 13.9% | |
| Market (SPY) | 17.7% | 29.5% |
| Sector (XLF) | 12.9% | 62.2% |
Fundamental Drivers
The 16.6% change in ASB stock from 9/30/2025 to 10/18/2026 was primarily driven by a 147.6% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.83 | 28.96 | 16.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,095 | 1,603 | 46.4% |
| Net Income Margin (%) | 12.7% | 31.5% | 147.6% |
| P/E Multiple | 29.4 | 10.8 | -63.3% |
| Shares Outstanding (Mil) | 165 | 188 | -12.3% |
| Cumulative Contribution | 16.6% |
Market Drivers
9/30/2025 to 10/18/2026| Return | Correlation | |
|---|---|---|
| ASB | 16.6% | |
| Market (SPY) | 15.5% | 41.4% |
| Sector (XLF) | 4.3% | 70.4% |
Fundamental Drivers
The 89.8% change in ASB stock from 9/30/2023 to 10/18/2026 was primarily driven by a 86.4% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.26 | 28.96 | 89.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,340 | 1,603 | 19.6% |
| Net Income Margin (%) | 29.5% | 31.5% | 6.7% |
| P/E Multiple | 5.8 | 10.8 | 86.4% |
| Shares Outstanding (Mil) | 150 | 188 | -20.3% |
| Cumulative Contribution | 89.8% |
Market Drivers
9/30/2023 to 10/18/2026| Return | Correlation | |
|---|---|---|
| ASB | 89.8% | |
| Market (SPY) | 84.7% | 54.6% |
| Sector (XLF) | 74.7% | 72.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASB Return | 37% | 6% | -3% | 16% | 12% | 15% | 111% |
| Peers Return | 27% | -1% | 2% | 23% | 9% | 8% | 84% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| ASB Win Rate | 75% | 67% | 42% | 50% | 50% | 50% | |
| Peers Win Rate | 70% | 43% | 42% | 55% | 52% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ASB Max Drawdown | -20% | -30% | -40% | -16% | -26% | -16% | |
| Peers Max Drawdown | -19% | -26% | -36% | -14% | -27% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WTFC, ONB, CBSH, USB, FNB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/16/2026 (YTD)
How Low Can It Go
| Event | ASB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.9% | -18.8% |
| % Gain to Breakeven | 33.1% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.8% | -9.5% |
| % Gain to Breakeven | 16.0% | 10.5% |
| Time to Breakeven | 20 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.6% | -6.7% |
| % Gain to Breakeven | 62.8% | 7.1% |
| Time to Breakeven | 365 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.5% | -24.5% |
| % Gain to Breakeven | 28.9% | 32.4% |
| Time to Breakeven | 99 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.5% | -33.7% |
| % Gain to Breakeven | 83.4% | 50.9% |
| Time to Breakeven | 290 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.5% | -19.2% |
| % Gain to Breakeven | 39.9% | 23.8% |
| Time to Breakeven | 1052 days | 105 days |
In The Past
Associated Banc-Corp's stock fell -24.9% during the 2025 US Tariff Shock. Such a loss loss requires a 33.1% gain to breakeven.
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| Event | ASB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.9% | -18.8% |
| % Gain to Breakeven | 33.1% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.6% | -6.7% |
| % Gain to Breakeven | 62.8% | 7.1% |
| Time to Breakeven | 365 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.5% | -24.5% |
| % Gain to Breakeven | 28.9% | 32.4% |
| Time to Breakeven | 99 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.5% | -33.7% |
| % Gain to Breakeven | 83.4% | 50.9% |
| Time to Breakeven | 290 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.5% | -19.2% |
| % Gain to Breakeven | 39.9% | 23.8% |
| Time to Breakeven | 1052 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.1% | -12.2% |
| % Gain to Breakeven | 26.7% | 13.9% |
| Time to Breakeven | 204 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.0% | -17.9% |
| % Gain to Breakeven | 53.9% | 21.8% |
| Time to Breakeven | 173 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -59.2% | -53.4% |
| % Gain to Breakeven | 145.3% | 114.4% |
| Time to Breakeven | 2824 days | 1085 days |
In The Past
Associated Banc-Corp's stock fell -24.9% during the 2025 US Tariff Shock. Such a loss loss requires a 33.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Associated Banc-Corp (ASB)
Associated Banc-Corp (ASB) is a well-established bank holding company offering a comprehensive suite of traditional banking and financial services. Operating primarily in Wisconsin, Illinois, and Minnesota, ASB serves a broad customer base that includes individual consumers, small and medium-sized businesses, and large corporations. The company leverages its extensive network of 215 branches, as of late 2021, and digital platforms to deliver its financial solutions across these Midwestern states.
For its corporate and commercial clients, Associated Banc-Corp provides sophisticated lending solutions, including commercial real estate financing, lines of credit, and asset-based lending. It also offers advanced cash management services, specialized financial products like interest rate risk management and foreign exchange, and comprehensive fiduciary services. Furthermore, ASB assists institutional clients with investment management and offers a full range of investable funds solutions, including brokerage and advisory services.
The company's offerings for individual consumers and small businesses cover essential banking needs. This includes a variety of lending products such as residential mortgages, home equity loans, auto loans, and personal and business loans. Core deposit and transactional services are also available, encompassing checking and savings accounts, credit and debit cards, online banking, and money transfer services, ensuring a complete banking experience for its community-focused clientele.
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Associated Banc-Corp (ASB) is like:
- U.S. Bancorp for the Upper Midwest.
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- Lending Services: Provides a variety of loans to individuals and businesses, including commercial, real estate, residential mortgages, home equity, personal, auto, and business loans.
- Deposit Accounts & Cash Management: Offers diverse deposit products like checking, savings, money market accounts, and CDs, alongside services for efficient cash flow and liquidity management.
- Investment & Wealth Management: Delivers investment brokerage, advisory services, trust administration, institutional asset management, and investable products such as annuities and IRAs.
- Specialized Financial Risk Management: Furnishes solutions to manage financial risks including interest rate fluctuations, foreign exchange exposure, and commodity hedging.
- Payment & Transaction Services: Supports everyday transactions with credit, debit, and prepaid cards, online banking, bill pay, and money transfer capabilities.
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Associated Banc-Corp (ASB) serves a broad and diversified customer base across different segments, rather than having a few identifiable "major customers." Based on its operations, its customers can be categorized as:
- Individuals and Consumers: This category includes customers seeking personal banking solutions such as residential mortgages, home equity loans and lines of credit, personal and installment loans, auto loans, checking and savings accounts, credit and debit cards, online banking, and investment advisory services.
- Commercial and Small Businesses: This category encompasses various businesses that utilize ASB for commercial loans, lines of credit, commercial real estate financing, construction loans, asset-based lending, cash management solutions, specialized financial services (like interest rate risk management and foreign exchange), and business checking and deposit products.
- Institutional and Fiduciary Clients: This includes entities requiring services such as the administration of pension, profit-sharing, and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management.
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Andrew J. Harmening, President and Chief Executive Officer
Andrew J. Harmening joined Associated Bank in 2021 as President and Chief Executive Officer and is also a member of the Company's Board of Directors. He brings over 25 years of banking experience, having previously served as Senior Executive Vice President and Consumer & Business Banking Director at Huntington Bank from 2017 to 2021, where he was recognized for leading the bank's digital and omni-channel strategy. Prior to Huntington, he was Vice Chairman of the consumer banking division of Bank of the West from 2015 to 2017 and spent nine years in various roles within small business and commercial banking at U.S. Bank. He began his career as a branch manager at Fifth Third Bank. Harmening holds an MBA from the University of Cincinnati and a bachelor's degree from DePauw University.
Derek S. Meyer, Executive Vice President, Chief Financial Officer
Derek S. Meyer assumed the role of Executive Vice President and Chief Financial Officer at Associated Bank in August 2022, overseeing the company's financial management. He possesses over 30 years of experience in the banking sector, with a background spanning 21 years in finance and 12 years in retail and commercial roles. Before joining Associated, Meyer served as Corporate Treasurer of Huntington Bank for 22 years, where he held various senior leadership positions and was responsible for critical finance functions including treasury, financial planning and analysis, stress testing, and mergers and acquisition due diligence.
Julio Manso, Executive Vice President, Chief Human Resources Officer
Julio Manso has served as Executive Vice President, Chief Human Resources Officer of Associated and Associated Bank, National Association since June 2, 2025. Prior to joining Associated, he was Executive Vice President of Human Resources, Consumer Bank, at KeyBank, N.A., a role he held since May 2022. He also served as Executive Vice President, Human Resources – Technology, Operations, Servicing and Digital at KeyBank from November 2020 to April 2023. Earlier in his career, he was Managing Director, Human Resources, Head of Talent at Chase Consumer and Community Bank from April 2019 to October 2020.
Phillip Trier, Executive Vice President, Head of Corporate and Commercial Banking
Phillip Trier joined Associated Bank in December 2023 as Executive Vice President, Head of Corporate and Commercial Banking, and is a member of the executive leadership team. In this role, he is responsible for overseeing corporate and commercial banking, equipment finance and leasing, sponsor finance, loan syndications, and treasury management sales and service. Trier previously spent 23 years at U.S. Bank, where he held several positions of increasing responsibility, most recently serving as the Midwest Region Executive, leading commercial banking across 11 states.
Steven Zandpour, Executive Vice President, Head of Consumer and Business Banking
Steven Zandpour was appointed Executive Vice President, Head of Consumer and Business Banking of Associated and Associated Bank, National Association, effective July 1, 2025. He initially joined Associated in January 2024 as Executive Vice President, Director of Consumer and Business Banking. Before his time at Associated, Zandpour served as Head of Specialty Sales at BMO U.S. from February 2019 to January 2024. His prior experience at BMO U.S. also includes roles as Regional President for Chicago (June 2016 to February 2019) and Regional President for Arizona and Florida (July 2014 to June 2016).
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- Cybersecurity Risk: Associated Banc-Corp faces an increasing risk from sophisticated cyberattacks, which can lead to reputational damage, regulatory fines, and adverse financial impacts. The shift to remote work, for example, has increased cybersecurity vulnerabilities. The company acknowledges that successful cyberattacks could significantly impact its financial condition.
- Credit Risk and Interest Rate Risk: The bank is exposed to significant risks related to asset quality and net interest margins, both of which are critical for maintaining earnings, capital adequacy, and sustainable growth, particularly during potential economic downturns. Changes in interest rates can adversely affect the company's earnings and cash flows.
- Regulatory and Compliance Risk: As a financial institution, Associated Banc-Corp operates within a highly regulated environment. Changes in legal and regulatory frameworks can restrict its business activities, increase operating costs, reduce demand for its products, or result in litigation. New governmental policies, such as those aimed at increasing competition in the financial services sector, could also make acquisitions more challenging and introduce additional compliance requirements.
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The clear emerging threats for Associated Banc-Corp include the rapid growth of fintech companies and digital-first challenger banks, which offer agile, often lower-cost, and more convenient digital alternatives to traditional banking services such as deposits, payments, and personal and small business lending. Additionally, the increasing entry of large technology companies (e.g., Apple, Google, Amazon) into financial services poses a threat by leveraging their vast user bases and technological capabilities to offer payment solutions, consumer lending, and other financial products directly to customers, thereby circumventing traditional banks.
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For Associated Banc-Corp (ASB), the addressable markets for its main products and services in the U.S. are as follows:
- Commercial Lending: The outstanding commercial loans in the U.S. banking industry were approximately $2,785 billion as of February 25, 2026.
- Residential Mortgages: The total outstanding residential real estate loans by U.S. commercial banks amounted to approximately $2,689.77 billion as of February 25, 2026. For new originations, the total single-family mortgage origination volume in the U.S. is projected to reach $2.2 trillion in 2026.
- Consumer Lending: The total outstanding consumer loans in the U.S. were approximately $1,873 billion as of February 25, 2026. Within this category, credit card and revolving loans were approximately $1,068.75 billion, and auto loans were approximately $507.69 billion as of the same date.
- Deposits: The total deposits in the U.S. banking system were approximately $19.75 trillion as of December 1, 2025.
- Wealth Management, Fiduciary, and Investable Funds Solutions: Null
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Here are the expected drivers of future revenue growth for Associated Banc-Corp (ASB) over the next 2-3 years:
- Commercial & Industrial (C&I) Loan Growth: Associated Banc-Corp anticipates continued robust growth in its Commercial & Industrial loan portfolio. The company achieved over $1.2 billion in C&I loan growth in 2025 and projects C&I loan growth of 9% to 10% in 2026. This growth is expected to be fueled by strong pipelines and deepening customer relationships.
- Strategic Geographic Expansion: The acquisition of American National Corporation, which received regulatory approvals and is set to close on April 1, 2026, is a significant driver, providing immediate entry into the Omaha market and strengthening the bank's presence in the Twin Cities. Additionally, Associated Banc-Corp plans to accelerate growth through investments and increased marketing spend in key metropolitan markets such as the Twin Cities, Omaha, Kansas City, and Dallas in 2026.
- Core Customer Deposit Growth: The company is focused on attracting and retaining core customer deposits, driven by organic household growth and strategic initiatives. Core customer deposits increased significantly in 2025, and management projects a 5% to 6% growth rate for core customer deposits in 2026, which provides a stable and lower-cost funding base to support asset growth.
- Growth in Non-Interest Income: Associated Banc-Corp expects continued growth in non-interest income, particularly from capital markets activity, wealth management fees, and card fees. Non-interest income saw a 21% increase year-over-year in Q3 2025 and is projected to grow by 4% to 5% in 2026. Product upgrades are also planned to enhance product offerings and attract customers.
- Digital Transformation and AI Integration: Investments in digital offerings and the integration of artificial intelligence (AI) across various business lines, including wealth planning, are expected to enhance customer service, drive deposit acquisition through technology and product segmentation, and improve operational efficiency, thereby contributing to revenue growth.
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Share Repurchases
- On January 27, 2026, the Board of Directors authorized a new share repurchase program of up to $100 million of Associated Banc-Corp's common stock.
- This authorization is in addition to any remaining authority from previous programs.
Share Issuance
- Associated Banc-Corp's shares outstanding increased from approximately 149.60 million in 2021 to 166 million in 2026.
Outbound Investments
- In December 2025, Associated Banc-Corp announced an agreement to acquire American National Corporation for $604 million, with the transaction expected to close in the second quarter of 2026.
- In 2021, the company sold its wealth management subsidiary, Whitnell & Co.
- In 2020, Associated Banc-Corp divested its insurance business, Associated Benefits & Risk Consulting.
Capital Expenditures
- Associated Banc-Corp invested approximately $35 million in digital initiatives since 2022.
- These investments focused on launching a modernized digital platform, adding account opening and product offer capabilities, introducing real-time digital account opening for business customers, enhancing security, and incorporating financial wellness tools.
- The company completed all major investments from Phase 2 of its strategic plan in March 2025.
Peer Outperformance in Regional Banks
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ASB | Associated Banc-Corp | 9.5% | 10.8x | 23.1% | 98.0% | 60.7% | — |
| SRCE | 1st Source | 7.0% | 12.1x | 51.7% | 116.7% | 105.2% | +44pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 27.4% | 70.5% | 119.2% | SPNT 170% · RNR 149% · RGA 146% |
| Diversified Banks | 12 | 32.1% | 137.5% | 92.3% | CM 138% · JPM 131% · RY 123% |
| Life & Health Insurance | 20 | 15.2% | 56.6% | 81.5% | JXN 492% · UNM 290% · MFC 179% |
| Investment Banking & Brokerage | 13 | -10.5% | 101.1% | 77.6% | IBKR 374% · SNEX 180% · HOOD 143% |
| Property & Casualty Insurance | 41 | 13.5% | 79.5% | 66.6% | TRV 180% · PGR 170% · WRB 152% |
| Multi-line Insurance | 9 | 8.6% | 63.5% | 63.3% | GNW 108% · L 97% · AIZ 90% |
| Regional Banks ← | 262 | 31.4% | 92.8% | 50.8% | CBC 229% · FCNCA 152% · FBP 141% |
| Multi-Sector Holdings | 3 | 3.4% | 51.4% | 50.0% | BRK-B 88% · VOYA 50% · JEF 31% |
| Financial Exchanges & Data | 15 | 7.1% | 36.3% | 32.4% | VIRT 165% · CBOE 164% · CME 69% |
| Consumer Finance | 30 | 4.8% | 82.0% | 23.2% | ENVA 393% · EZPW 312% · FCFS 161% |
| Insurance Brokers | 15 | -8.1% | 3.9% | 13.7% | LIFE 336% · ARX 88% · AJG 67% |
| Diversified Financial Services | 4 | 2.0% | 18.9% | 9.2% | FRHC 183% · EQH 88% |
| Asset Management & Custody Banks | 82 | -10.2% | 18.3% | 8.3% | WT 298% · VCTR 252% · AAMI 252% |
| Commercial & Residential Mortgage Finance | 14 | -57.5% | 25.0% | -10.6% | FNMA 284% · FMCC 270% · ACT 166% |
| Specialized Finance | 3 | 10.1% | 37.3% | -12.2% | CACC -12% · HASI -18% |
| Mortgage REITs | 34 | -20.3% | -0.6% | -33.7% | RITM 27% · DX 18% · AGNC 7% |
| Transaction & Payment Processing Services | 17 | 3.6% | 4.6% | -40.3% | V 81% · MA 77% · CPAY 49% |
| Diversified Capital Markets | 20 | -52.7% | 16.8% | -65.4% | LPLA 90% · TW 39% · RIOT -54% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.34 |
| Mkt Cap | 8.8 |
| Rev LTM | 2,362 |
| Op Inc LTM | - |
| FCF LTM | 1,077 |
| FCF 3Y Avg | 697 |
| CFO LTM | 1,124 |
| CFO 3Y Avg | 742 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.7% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 11.7% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 43.6% |
| CFO/Rev 3Y Avg | 37.7% |
| FCF/Rev LTM | 42.4% |
| FCF/Rev 3Y Avg | 36.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Community, Consumer, and Business | 1,014 | 1,026 | 991 | 759 | 503 |
| Corporate and Commercial Specialty | 621 | 600 | 554 | 468 | 545 |
| Risk Management and Shared Services | -148 | -588 | -442 | 13 | 10 |
| Total | 1,488 | 1,038 | 1,103 | 1,240 | 1,058 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2010 |
|---|---|---|---|---|---|
| Corporate and Commercial Specialty | 173 | ||||
| Community, Consumer, and Business | 97 | 47 | |||
| Risk Management and Shared Services | 0 | 84 | 28 | 75 | |
| Corporate and Commercial Banking | 145 | ||||
| Commercial Banking | 170 | 110 | |||
| Consumer Banking | 70 | 69 | |||
| Banking | -59 | ||||
| Other | 0 | ||||
| Wealth Management | 18 | ||||
| Total | 270 | 276 | 268 | 254 | -41 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Community, Consumer, and Business | 345 | 374 | 352 | 192 | 64 |
| Corporate and Commercial Specialty | 286 | 290 | 273 | 216 | 218 |
| Risk Management and Shared Services | -157 | -541 | -442 | -42 | 69 |
| Total | 475 | 123 | 183 | 366 | 351 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2011 |
|---|---|---|---|---|---|
| Corporate and Commercial Specialty | 18,910 | 17,794 | 16,897 | 17,909 | |
| Community, Consumer, and Business | 13,477 | 13,893 | 13,453 | 12,074 | |
| Risk Management and Shared Services | 12,816 | 11,336 | 10,665 | 9,423 | |
| Banking | 21,864 | ||||
| Other | -84 | ||||
| Wealth Management | 145 | ||||
| Total | 45,203 | 43,023 | 41,016 | 39,406 | 21,924 |
Price Behavior
| Market Price | $28.96 | |
| Market Cap ($ Bil) | 5.4 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -9.7% | |
| 50 Days | 200 Days | |
| DMA Price | $29.96 | $28.14 |
| DMA Trend | down | up |
| Distance from DMA | -3.3% | 2.9% |
| 3M | 1YR | |
| Volatility | 16.9% | 24.0% |
| Downside Capture | 91.08 | 78.85 |
| Upside Capture | 45.34 | 84.81 |
| Correlation (S&P 500) | 36.1% | 40.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.57 | 0.62 | 0.60 | 0.51 | 0.82 | 1.10 |
| Up Beta | -2.22 | 0.49 | 0.17 | 0.37 | 0.80 | 1.14 |
| Down Beta | 1.29 | 1.25 | 0.63 | 0.19 | 0.81 | 1.14 |
| Up Capture | 49% | 32% | 53% | 61% | 77% | 115% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 20 | 32 | 70 | 132 | 375 |
| Down Capture | 147% | 108% | 102% | 67% | 87% | 101% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 22 | 32 | 56 | 117 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASB | |
|---|---|---|---|---|
| ASB | 17.4% | 24.0% | 0.61 | - |
| Sector ETF (XLF) | 5.6% | 14.7% | 0.14 | 70.4% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 39.6% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 10.1% |
| Commodities (DBC) | 52.4% | 20.7% | 1.92 | -22.7% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 45.1% |
| Bitcoin (BTCUSD) | -26.5% | 43.6% | -0.59 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASB | |
|---|---|---|---|---|
| ASB | 9.6% | 31.5% | 0.33 | - |
| Sector ETF (XLF) | 9.1% | 18.3% | 0.36 | 73.0% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 55.6% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 0.4% |
| Commodities (DBC) | 9.9% | 19.5% | 0.39 | 8.7% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 49.4% |
| Bitcoin (BTCUSD) | 8.6% | 51.8% | 0.34 | 23.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASB | |
|---|---|---|---|---|
| ASB | 7.7% | 34.0% | 0.30 | - |
| Sector ETF (XLF) | 13.0% | 22.1% | 0.53 | 78.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 58.3% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | -5.3% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 20.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 50.6% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 1.8% | 1.7% | 1.9% |
| 1/22/2026 | -3.7% | -0.4% | -1.0% |
| 10/23/2025 | 1.1% | -2.3% | 1.2% |
| 7/24/2025 | 1.3% | -2.1% | 4.8% |
| 4/24/2025 | 1.4% | 2.0% | 4.5% |
| 1/23/2025 | -0.8% | -0.8% | -4.6% |
| 10/24/2024 | 1.0% | 4.7% | 20.4% |
| 7/25/2024 | 0.1% | -7.8% | -5.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 15 |
| # Negative | 9 | 11 | 8 |
| Median Positive | 1.4% | 2.5% | 4.8% |
| Median Negative | -1.1% | -2.3% | -5.4% |
| Max Positive | 6.9% | 13.0% | 20.4% |
| Max Negative | -5.6% | -7.8% | -15.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 1.8% | 1.7% | 1.9% |
| 1/22/2026 | -3.7% | -0.4% | -1.0% |
| 10/23/2025 | 1.1% | -2.3% | 1.2% |
| 7/24/2025 | 1.3% | -2.1% | 4.8% |
| 4/24/2025 | 1.4% | 2.0% | 4.5% |
| 1/23/2025 | -0.8% | -0.8% | -4.6% |
| 10/24/2024 | 1.0% | 4.7% | 20.4% |
| 7/25/2024 | 0.1% | -7.8% | -5.8% |
| 4/25/2024 | 0.9% | 2.3% | -0.6% |
| 1/25/2024 | -1.1% | -4.8% | -6.4% |
| 10/19/2023 | -5.6% | -1.0% | 10.9% |
| 7/20/2023 | -0.4% | 1.4% | -4.9% |
| 4/20/2023 | -0.9% | -0.6% | -15.9% |
| 1/26/2023 | -2.5% | 2.8% | 4.3% |
| 10/20/2022 | 6.9% | 13.0% | 14.0% |
| 7/21/2022 | 2.7% | 2.7% | 13.0% |
| 4/21/2022 | -3.6% | -5.8% | -10.6% |
| 1/20/2022 | 2.2% | 0.0% | 4.5% |
| 10/21/2021 | -0.8% | 1.0% | 2.0% |
| 7/22/2021 | 3.2% | 5.8% | 10.1% |
| 4/22/2021 | 2.7% | 7.0% | 11.3% |
| 1/21/2021 | 0.8% | -4.5% | 4.2% |
| 10/22/2020 | 0.4% | -4.2% | 10.0% |
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 15 |
| # Negative | 9 | 11 | 8 |
| Median Positive | 1.4% | 2.5% | 4.8% |
| Median Negative | -1.1% | -2.3% | -5.4% |
| Max Positive | 6.9% | 13.0% | 20.4% |
| Max Negative | -5.6% | -7.8% | -15.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/08/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/11/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Loan Growth | Reported | 18.0% | 19.0% | 20.0% | 13.5% | Raised | Guidance: 5.5% for 2026 | |
| 2026 Total Deposit Growth | Reported | 17.0% | 18.0% | 19.0% | 12.5% | Raised | Guidance: 5.5% for 2026 | |
| 2026 Core Customer Deposit Growth | Reported | 19.0% | 20.0% | 21.0% | 14.5% | Raised | Guidance: 5.5% for 2026 | |
| 2026 Net Interest Income Growth | Reported | 19.0% | 20.0% | 21.0% | 14.0% | Raised | Guidance: 6.0% for 2026 | |
| 2026 Noninterest Income Growth | Reported | 8.0% | 9.0% | 10.0% | 4.5% | Raised | Guidance: 4.5% for 2026 | |
| 2026 Noninterest Expense Growth | Reported | 20.0% | 20.5% | 21.0% | 17.5% | Raised | Guidance: 3.0% for 2026 | |
| 2026 Effective Tax Rate | Reported | 19.0% | 20.0% | 21.0% | 0.0% | Affirmed | Guidance: 20.0% for 2026 | |
Prior: Q4 2025 Earnings Reported 1/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Period End Loan Growth | Reported | 5.0% | 5.5% | 6.0% | 0.0% | Same New | Guidance: 5.5% for 2025 | |
| 2026 Total Period End Deposit Growth | Reported | 5.0% | 5.5% | 6.0% | 3.5% | Higher New | Guidance: 2.0% for 2025 | |
| 2026 Core Customer Deposit Growth | Reported | 5.0% | 5.5% | 6.0% | 1.0% | Higher New | Guidance: 4.5% for 2025 | |
| 2026 Net Interest Income Growth | Reported | 5.5% | 6.0% | 6.5% | -8.5% | Lower New | Guidance: 14.5% for 2025 | |
| 2026 Noninterest Income Growth | Reported | 4.0% | 4.5% | 5.0% | -1.0% | Lower New | Guidance: 5.5% for 2025 | |
| 2026 Noninterest Expense Growth | Reported | 3.0% | -2.5% | Lower New | Guidance: 5.5% for 2025 | |||
| 2026 Effective Tax Rate | Reported | 19.0% | 20.0% | 21.0% | 1.5% | Higher New | Guidance: 18.5% for 2025 | |
Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Period end loan growth | Reported | 5.0% | 5.5% | 6.0% | 0.0% | Affirmed | Guidance: 5.5% for 2025 | |
| 2025 Period end total deposit growth | Reported | 1.0% | 2.0% | 3.0% | 0.0% | Affirmed | Guidance: 2.0% for 2025 | |
| 2025 Period end core customer deposit growth | Reported | 4.0% | 4.5% | 5.0% | 0.0% | Affirmed | Guidance: 4.5% for 2025 | |
| 2025 Net interest income growth | Reported | 14.0% | 14.5% | 15.0% | 0.0% | Affirmed | Guidance: 14.5% for 2025 | |
| 2025 Noninterest income growth | Reported | 5.0% | 5.5% | 6.0% | 4.0% | Raised | Guidance: 1.5% for 2025 | |
| 2025 Noninterest expense growth | Reported | 5.0% | 5.5% | 6.0% | 1.0% | Raised | Guidance: 4.5% for 2025 | |
| 2025 Annual effective tax rate | Reported | 18.0% | 18.5% | 19.0% | -1.5% | Lowered | Guidance: 20.0% for 2025 | |
Insider Activity
Updated 10/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ahern, Patrick Edward | Executive Vice President | Direct | Sell | 9042026 | 30.85 | 1,309 | 40,383 | 1,349,473 | Form |
| 2 | Warsek, Gregory | EVP | Direct | Sell | 8132026 | 32.01 | 16,300 | 521,730 | 441,998 | Form |
| 3 | Erickson, Randall J | Executive Vice President | Direct | Sell | 8132026 | 32.04 | 43,561 | 1,395,694 | 1,797,156 | Form |
| 4 | Utz, John A | Executive Vice President | Direct | Sell | 8052026 | 31.73 | 44,465 | 1,410,652 | 3,130,850 | Form |
| 5 | Erickson, Randall J | Executive Vice President | Direct | Sell | 8032026 | 30.75 | 90,573 | 2,785,573 | 1,492,909 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ahern, Patrick Edward | Executive Vice President | Direct | Sell | 9042026 | 30.85 | 1,309 | 40,383 | 1,349,473 | Form |
| 2 | Warsek, Gregory | EVP | Direct | Sell | 8132026 | 32.01 | 16,300 | 521,730 | 441,998 | Form |
| 3 | Erickson, Randall J | Executive Vice President | Direct | Sell | 8132026 | 32.04 | 43,561 | 1,395,694 | 1,797,156 | Form |
| 4 | Utz, John A | Executive Vice President | Direct | Sell | 8052026 | 31.73 | 44,465 | 1,410,652 | 3,130,850 | Form |
| 5 | Erickson, Randall J | Executive Vice President | Direct | Sell | 8032026 | 30.75 | 90,573 | 2,785,573 | 1,492,909 | Form |
| 6 | Kitowski, Nicole M | Executive Vice President | Direct | Sell | 7292026 | 30.91 | 7,663 | 236,871 | 1,401,102 | Form |
| 7 | Utz, John A | Executive Vice President | Direct | Sell | 6112026 | 28.82 | 5,000 | 144,125 | 3,405,861 | Form |
| 8 | Braeger, Matthew R | Executive Vice President | Direct | Sell | 6102026 | 28.17 | 5,000 | 140,860 | 331,784 | Form |
| 9 | Deloye, Dennis | Executive Vice President | Direct | Sell | 5272026 | 28.26 | 14,299 | 404,090 | 604,349 | Form |
| 10 | Erickson, Randall J | Executive Vice President | Direct | Sell | 5052026 | 27.84 | 28,311 | 788,037 | 3,872,266 | Form |
| 11 | Erickson, Randall J | Executive Vice President | Direct | Sell | 5052026 | 28.30 | 2,000 | 56,590 | 4,737,319 | Form |
| 12 | Williams, John B | Direct | Sell | 4292026 | 28.18 | 4,000 | 112,700 | 1,899,558 | Form | |
| 13 | Kamerick, Eileen A | Direct | Sell | 2202026 | 28.02 | 6,600 | 184,932 | 1,380,377 | Form | |
| 14 | Ahern, Patrick Edward | Executive Vice President | Direct | Sell | 2112026 | 29.03 | 14,731 | 427,682 | 1,143,921 | Form |
| 15 | Williams, John B | Direct | Sell | 2042026 | 28.05 | 2,325 | 65,205 | 1,990,045 | Form | |
| 16 | Utz, John A | Executive Vice President | Direct | Sell | 12102025 | 26.41 | 2,135 | 56,393 | 2,901,293 | Form |
| 17 | Ahern, Patrick Edward | Executive Vice President | Direct | Sell | 12082025 | 25.70 | 30,489 | 783,567 | 618,214 | Form |
| 18 | Ahern, Patrick Edward | Executive Vice President | Direct | Sell | 12042025 | 25.79 | 3,327 | 85,804 | 1,062,249 | Form |
Investor Activity (13F)
Updated Oct 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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