Is Associated Banc-Corp overvalued or undervalued?

As of 3 October 2025, the valuation grade for Associated Banc-Corp has moved from expensive to fair. The company appears to be fairly valued based on its current metrics. Key ratios include a P/E ratio of 29, a Price to Book Value of 0.96, and an EV to EBITDA of 35.53. In comparison, UMB Financial Corp has a P/E of 19.64, while Comerica, Inc. stands at 21.53, indicating that Associated Banc-Corp is priced higher than some of its peers.
In terms of recent performance, Associated Banc-Corp has shown a year-to-date return of 8.79%, which lags behind the S&P 500's return of 14.18%. However, over a five-year period, the company has delivered a return of 101.55%, slightly outperforming the S&P 500's 100.56%. This mixed performance suggests that while the stock may be fairly valued, its recent returns compared to the benchmark indicate a need for caution.