ASSOCIATED BANC CORP ASB
COM · Common Stock · CUSIP 045487105
American regional banker
- SectorFinancials
- IndustryState Commercial Banks
- HeadquartersGreen Bay, WI
- Founded1861
- Websiteassociatedbank.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($5.0m this quarter). Holder counts are more reliable. Shares outstanding: 166.0m as of 2026-01-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $25.73. Options: 3 managers hold calls ($747.0k notional), 2 hold puts ($54.1k).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 282 |
| Q4 2022 | 307 |
| Q1 2023 | 279 |
| Q2 2023 | 265 |
| Q3 2023 | 273 |
| Q4 2023 | 276 |
| Q1 2024 | 273 |
| Q2 2024 | 278 |
| Q3 2024 | 295 |
| Q4 2024 | 307 |
| Q1 2025 | 302 |
| Q2 2025 | 315 |
| Q3 2025 | 320 |
| Q4 2025 | 341 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 108 | 134 |
| Q2 2024 | 125 | 121 |
| Q3 2024 | 132 | 124 |
| Q4 2024 | 162 | 110 |
| Q1 2025 | 145 | 139 |
| Q2 2025 | 152 | 141 |
| Q3 2025 | 145 | 127 |
| Q4 2025 | 147 | 152 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $3.0m | $556.5k | 0.19 |
| Q2 2025 | $685.0k | $72.4k | 0.11 |
| Q3 2025 | $987.0k | $78.7k | 0.08 |
| Q4 2025 | $747.0k | $54.1k | 0.07 |
Biggest buyers
| Freestone Grove Partners LP | New | +1.1m |
| Verition Fund Management LLC | Added | +963.8k |
| GOLDMAN SACHS GROUP INC | Added | +790.8k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Added | +618.8k |
| MORGAN STANLEY | Added | +614.3k |
| Point72 Asset Management, L.P. | New | +549.8k |
| MILLENNIUM MANAGEMENT LLC | Added | +545.9k |
| VANGUARD GROUP INC | Added | +545.2k |
| BlackRock, Inc. | Added | +537.4k |
| SG Americas Securities, LLC | New | +452.6k |
Biggest sellers
| MACQUARIE GROUP LTD | Sold out | -4.2m |
| FMR LLC | Reduced | -3.0m |
| Balyasny Asset Management L.P. | Reduced | -1.4m |
| JPMORGAN CHASE & CO | Reduced | -954.3k |
| CITADEL ADVISORS LLC | Reduced | -642.8k |
| Qube Research & Technologies Ltd | Sold out | -604.4k |
| AQR CAPITAL MANAGEMENT LLC | Reduced | -425.1k |
| Trexquant Investment LP | Sold out | -376.9k |
| JANE STREET GROUP, LLC | Reduced | -313.9k |
| FRANKLIN RESOURCES INC | Reduced | -264.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $486.9k18.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $188.0k7.3k shares |
| GROUP ONE TRADING LLC | Reduced | $72.1k2.8k shares |
Biggest puts
| SIMPLEX TRADING, LLC | Reduced | $41.2k1.6k shares |
| GROUP ONE TRADING LLC | Added | $12.9k500 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2026-10-27 | 11.2% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-28 | 6.6% |
| Lozier Dianne S. 13G · passive investor new · filed 2026-04-06 | 6.3% |
| DIMENSIONAL FUND ADVISORS LP 13G · institution filed 2025-04-15 | 6.0% |
| STATE STREET CORP 13G · institution new · filed 2025-08-11 | 5.1% |
Kotouc Wende L
13D · may seek influence
new · filed 2026-04-06
Stated purposeThe Reporting Persons acquired the shares of Common Stock reported herein for investment purposes. In connection with the completion of the Merger, Wende L. Kotouc was appointed as a director of the Issuer. The Reporting Persons retain the right to change their investment intent, from time to time, to acquire additional shares of Common Stock or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Common Stock or other securities of the Issuer, if any, beneficially owned by them, in each case in any manner permitted by law and the Shareholders' Agreement (defined below). Except as described above, none of the Reporting Persons currently has any other plans or proposals that would be related to or would result in any of the matters described in Items 4(a)-(j… Full filing |
5.1% |
Fell to 5% or below in the last year: VANGUARD CAPITAL MANAGEMENT LLC (4.8%, 2026-07-31; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC), FMR LLC (1.2%, 2026-05-06), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 4 | $572.0k | — |
| Q2 2024 | 0 | — | 2 | $162.1k | — |
| Q3 2024 | 0 | — | 5 | $2.2m | — |
| Q4 2024 | 0 | — | 8 | $8.0m | — |
| Q1 2025 | 0 | — | 2 | $244.0k | — |
| Q2 2025 | 1 | $300.2k | 0 | — | — |
| Q3 2025 | 0 | — | 4 | $657.1k | — |
| Q4 2025 | 0 | — | 2 | $925.8k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-09 | Utz John A. Executive Vice President | Sold | $56.4k2.1k shares |
| 2025-12-04 | Ahern Patrick Edward Executive Vice President | Sold | $783.6k30.5k shares |
| 2025-12-03 | Ahern Patrick Edward Executive Vice President | Sold | $85.8k3.3k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 21.2m $546.3m | Added +537.4k |
| VANGUARD GROUP INC 0.01% of their portfolio | 18.5m $477.5m | Added +545.2k |
| FMR LLC 0.01% of their portfolio | 10.9m $281.2m | Reduced -3.0m |
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 9.6m $248.4m | Reduced -207.7k |
| STATE STREET CORP 0.01% of their portfolio | 8.7m $224.4m | Added +147.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 4.1m $105.2m | Added +8.8k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.15% of their portfolio | 3.8m $97.0m | First filing |
| LSV ASSET MANAGEMENT 0.21% of their portfolio | 3.7m $94.4m | Added +38.9k |
| CITADEL ADVISORS LLC 0.05% of their portfolio | 3.0m $78.0m | Reduced -642.8k |
| Verition Fund Management LLC 0.40% of their portfolio | 2.9m $73.9m | Added +963.8k |
| AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio | 2.8m $73.3m | Added +216.3k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 2.8m $73.2m | Added +790.8k |
| Associated Banc-Corp 1.74% of their portfolio | 2.6m $67.8m | Added +182.6k |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 2.6m $67.6m | Added +399.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.2m $55.6m | Reduced -86.9k |
| NORGES BANK 0.01% of their portfolio | 2.1m $54.7m | Not comparable |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.0m $50.3m | Reduced -153.8k |
| PZENA INVESTMENT MANAGEMENT LLC 0.13% of their portfolio | 1.7m $45.0m | Reduced -74.4k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.7m $43.2m | Reduced -52.9k |
| MORGAN STANLEY 0.00% of their portfolio | 1.6m $40.8m | Added +614.3k |
| Allspring Global Investments Holdings, LLC 0.06% of their portfolio | 1.5m $37.9m | Reduced -136.5k |
| Invesco Ltd. 0.00% of their portfolio | 1.1m $27.8m | Reduced -60.7k |
| Freestone Grove Partners LP 0.20% of their portfolio | 1.1m $27.8m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.0m $26.8m | Added +6.3k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 1.0m $26.8m | Reduced -64.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.0m $26.1m | Reduced -954.3k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 1.0m $25.8m | Reduced -425.1k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 947.8k $24.4m | Added +545.9k |
| Nuveen, LLC 0.01% of their portfolio | 934.6k $24.1m | Added +7.6k |
| HEARTLAND ADVISORS INC 1.22% of their portfolio | 878.7k $22.6m | Added +886 |
| Bridgewater Associates, LP 0.08% of their portfolio | 844.0k $21.7m | Added +81.1k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.07% of their portfolio | 807.8k $20.8m | Added +618.8k |
| Interval Partners, LP 0.48% of their portfolio | 791.5k $20.4m | Added +264.0k |
| Leeward Investments, LLC - MA 0.97% of their portfolio | 744.5k $19.2m | Reduced -4.1k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 657.9k $16.9m | Reduced -67.3k |
| Rhino Investment Partners, Inc 3.32% of their portfolio | 606.8k $11.7m | Reduced -121.2k |
| Point72 Asset Management, L.P. 0.02% of their portfolio | 549.8k $14.2m | New |
| UBS Group AG 0.00% of their portfolio | 527.4k $13.6m | Reduced -193.5k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 502.3k $12.9m | Reduced -41.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio | 484.6k $12.5m | Added +225.6k |
| HANCOCK WHITNEY CORP 0.22% of their portfolio | 467.9k $12.1m | Reduced -2.8k |
| TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio | 467.3k $12.0m | Reduced -32.0k |
| Campbell & CO Investment Adviser LLC 0.57% of their portfolio | 462.8k $11.9m | Added +396.3k |
| SG Americas Securities, LLC 0.02% of their portfolio | 452.6k $11.7m | New |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 447.7k $11.5m | Reduced -3.2k |
| BARCLAYS PLC 0.00% of their portfolio | 438.5k $11.3m | Added +33.3k |
| Schonfeld Strategic Advisors LLC 0.05% of their portfolio | 411.2k $10.6m | Added +270.8k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio | 407.4k $10.5m | Reduced -2.9k |
| Fisher Asset Management, LLC 0.00% of their portfolio | 358.1k $9.2m | Added +1.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 354.3k $9.1m | Reduced -14.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 335.0k $8.6m | Reduced -8.8k |
| Swiss National Bank 0.01% of their portfolio | 326.9k $8.4m | Added +5.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 317.1k $8.2m | Reduced -251.2k |
| Edgestream Partners, L.P. 0.22% of their portfolio | 309.2k $8.0m | Added +70.5k |
| CASTLEARK MANAGEMENT LLC 0.22% of their portfolio | 289.6k $7.5m | Added +8.5k |
| Quantbot Technologies LP 0.25% of their portfolio | 287.1k $7.4m | New |
| ProShare Advisors LLC 0.01% of their portfolio | 263.7k $6.8m | Reduced -5.1k |
| Legacy Private Trust Co. 0.40% of their portfolio | 261.3k $6.7m | Unchanged |
| MAIRS & POWER INC 0.06% of their portfolio | 260.3k $6.7m | Reduced -11.7k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 259.5k $6.7m | Reduced -313.9k |
| CITIGROUP INC 0.00% of their portfolio | 254.3k $6.5m | Added +69.2k |
| Legal & General Group Plc 0.00% of their portfolio | 251.8k $6.5m | Reduced -10.9k |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 249.5k $6.4m | Reduced -790 |
| Brandywine Global Investment Management, LLC 0.04% of their portfolio | 249.3k $6.4m | Reduced -9.3k |
| Rafferty Asset Management, LLC 0.02% of their portfolio | 238.6k $6.1m | Reduced -13.2k |
| Engineers Gate Manager LP 0.07% of their portfolio | 236.7k $6.1m | Added +133.9k |
| ALGERT GLOBAL LLC 0.09% of their portfolio | 220.7k $5.7m | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 212.7k $5.5m | Added +60.1k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 198.1k $5.1m | Reduced -5.2k |
| ExodusPoint Capital Management, LP 0.06% of their portfolio | 197.0k $5.1m | New |
| Retirement Systems of Alabama 0.02% of their portfolio | 196.2k $5.1m | Reduced -1.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 191.6k $4.9m | Reduced -1.6k |
| AlphaQuest LLC 0.27% of their portfolio | 188.0k $4.8m | Reduced -7.0k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 185.1k $4.8m | Added +83.5k |
| MetLife Investment Management, LLC 0.02% of their portfolio | 170.0k $4.4m | Reduced -8.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 161.9k $4.2m | Reduced -6.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 156.9k $4.0m | Reduced -2.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 153.1k $3.9m | Added +107.1k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 150.5k $3.9m | Reduced -75.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 148.9k $3.8m | Added +4.6k |
| Crescent Grove Advisors, LLC 0.35% of their portfolio | 142.4k $3.7m | Added +27.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 131.3k $3.4m | Added +5.3k |
| Public Sector Pension Investment Board 0.01% of their portfolio | 122.5k $3.2m | New |
| Ruffer LLP 0.14% of their portfolio | 121.5k $3.1m | New |
| BESSEMER GROUP INC 0.00% of their portfolio | 120.5k $3.1m | Added +118.4k |
| Holocene Advisors, LP 0.01% of their portfolio | 115.7k $3.0m | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 112.6k $2.9m | Reduced -10.6k |
| SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI 0.21% of their portfolio | 111.9k $2.9m | Reduced -2.1k |
| NORTH STAR ASSET MANAGEMENT INC 0.11% of their portfolio | 109.6k $2.8m | Reduced -750 |
| Skandinaviska Enskilda Banken AB (publ) 0.01% of their portfolio | 106.2k $2.7m | Reduced -19.2k |
| Mubadala Investment Co PJSC 0.02% of their portfolio | 105.8k $2.7m | Added +4.0k |
| TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio | 105.0k $2.7m | New |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 104.6k $2.7m | Added +104.1k |
| South Dakota Investment Council 0.05% of their portfolio | 103.3k $2.7m | Reduced -93.1k |
| Creative Planning 0.00% of their portfolio | 101.7k $2.6m | Added +3.3k |
| NICOLET ADVISORY SERVICES, LLC 0.18% of their portfolio | 100.4k $2.6m | Unchanged |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 100.4k $2.6m | Reduced -26.8k |
| NFJ INVESTMENT GROUP, LLC 0.09% of their portfolio | 100.1k $2.6m | Reduced -10.2k |
| Y-Intercept (Hong Kong) Ltd 0.05% of their portfolio | 94.8k $2.4m | Added +44.7k |
| RIA Advisory Group LLC 0.56% of their portfolio | 89.8k $2.3m | Unchanged |