Sifting through countless of stocks in the Banks industry can be tedious, and sometimes two stocks are just too similar to judge which is the better investment. If you’re on the fence about investing in Associated Banc-Corp or National Bank Holdings Corporation because you’re not sure how they measure up, it’s important to compare them on a few factors before making your decision.

Read on to learn how Associated Banc-Corp and National Bank Holdings Corporation compare based on key financial metrics to determine which better meets your investment needs.

About Associated Banc-Corp and National Bank Holdings Corporation

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, Texas, and Minnesota. It offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset-based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit. The company also provides deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; specialized financial services comprising interest rate risk management and foreign exchange solutions; fiduciary services consisting of administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management services; and investable funds solutions, including savings, money market deposit accounts, IRA accounts, CDs, fixed and variable annuities, full-service, discount, and online investment brokerage; investment advisory services; and trust and investment management accounts. In addition, it offers deposit and transactional solutions, including checking, credit and debit cards, online banking and bill pay, and money transfer services. The company operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas. Associated Banc-Corp was founded in 1861 and is headquartered in Green Bay, Wisconsin.

National Bank Holdings Corporation operates as the bank holding company for NBH Bank that provides various banking products and financial services to commercial, business, and consumer clients in the United States. It offers deposit products, including checking, savings, money market, health savings, and other deposit accounts, including fixed-rate and fixed maturity time deposits. The company also provides commercial and industrial loans and leases, such as working capital loans, equipment loans, lender finance loans, food and agriculture loans, government and non-profit loans, owner occupied commercial real estate loans, and other commercial loans and leases; non-owner occupied commercial real estate loans consisting of loans on commercial properties, such as hospitality, office buildings, warehouse/distribution buildings, multi-family, and retail buildings; small business administration loans to support small businesses and entrepreneurs; term loans, line of credits, and real estate secured loans; residential real estate loans; and consumer loans. In addition, it offers treasury management solutions comprising online and mobile banking, commercial credit card, wire transfer, automated clearing house, electronic bill payment, lock box, remote deposit capture, merchant processing, cash vault, controlled disbursements, and fraud prevention services, as well as positive pay and other auxiliary services, including account reconciliation, collections, repurchase accounts, zero balance accounts, and sweep accounts. The company operates through a network of banking centers located in Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico and Idaho. It also operates ATMs. The company was formerly known as NBH Holdings Corp. and changed its name to National Bank Holdings Corporation in March 2012. The company was incorporated in 2009 and is headquartered in Greenwood Village, Colorado.

Latest Banks and Associated Banc-Corp, National Bank Holdings Corporation Stock News

As of July 13, 2026, Associated Banc-Corp had a $5.7 billion market capitalization, compared to the Banks median of $696.4 million. Associated Banc-Corp’s stock is up 18.9% in 2026, down 0.2% in the previous five trading days and up 18.85% in the past year.

Currently, Associated Banc-Corp’s price-earnings ratio is 10.7. Associated Banc-Corp’s trailing 12-month revenue is $1.5 billion with a 33.4% net profit margin. Year-over-year quarterly sales growth most recently was 12.1%. Analysts expect adjusted earnings to reach $2.958 per share for the current fiscal year. Associated Banc-Corp currently has a 3.1% dividend yield.

As of July 13, 2026, National Bank Holdings Corporation had a $2.0 billion market cap, putting it in the 54th percentile of all stocks. National Bank Holdings Corporation’s stock is up 18.6% in 2026, up 1.8% in the previous five trading days and up 11.15% in the past year.

Currently, National Bank Holdings Corporation’s price-earnings ratio is 16.9. National Bank Holdings Corporation’s trailing 12-month revenue is $429.2 million with a 24.7% net profit margin. Year-over-year quarterly sales growth most recently was 33.6%. Analysts expect adjusted earnings to reach $3.465 per share for the current fiscal year. National Bank Holdings Corporation currently has a 2.9% dividend yield.

How We Compare Associated Banc-Corp and National Bank Holdings Corporation Stock Grades

Stock evaluation requires access to huge amounts of data and the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movements. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors streamline and work through such data.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A‐F grades for each of five key investing factors: value, growth, momentum, earnings estimate revisions and quality. Here, we’ll take a closer look at Associated Banc-Corp and National Bank Holdings Corporation’s stock grades to see how they measure up against one another.

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Associated Banc-Corp and National Bank Holdings Corporation Growth Grades

Company	Ticker	Growth
Associated Banc-Corp	ASB	C
National Bank Holdings Corporation	NBHC	D

The foundation of growth investing is seeking out stocks of companies exhibiting strong, consistent and prolonged growth that is expected to continue into the future.

In order to compute the growth score and assign it a letter grade, the percentile ranks for each of three components‐consistency of annual sales growth, five-year sales growth rankings adjusted for extreme levels, and consistency of positive annual cash from operations‐must be determined. These three rank figures are added together, and the sum is ranked against the entire stock universe to arrive at a company’s Growth Score to create an equal distribution of grades.

The companies in the bottom 20% of the stock universe receive Growth Grades of F, considered to be very weak, while those in the top 20% receive A grades, which are considered very strong.

Associated Banc-Corp has a Growth Score of 56, which is Average. National Bank Holdings Corporation has a Growth Score of 32, which is Weak.

The Growth Stock Winner: No Clear Winner

Neither Associated Banc-Corp or National Bank Holdings Corporation has a high enough Growth Grade to be considered a “winner.” Investors who are considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Associated Banc-Corp or National Bank Holdings Corporation is the better investment when it comes to sustainable growth.

Associated Banc-Corp and National Bank Holdings Corporation’s Momentum Grades

Company	Ticker	Momentum
Associated Banc-Corp	ASB	C
National Bank Holdings Corporation	NBHC	C

Momentum grades help to uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming. Momentum is based on the price change of a stock over a specified period relative to all other stocks.

Typically, AAII looks at the weighted relative strength over the trailing four quarters. The weighted four-quarter relative strength rank is the relative price change for each of the past four quarters. The most recent quarterly price change is given a weight of 40% and each of the three previous quarters are given a weighting of 20%.

Associated Banc-Corp has a Momentum Score of 59, which is Average. National Bank Holdings Corporation has a Momentum Score of 51, which is Average.

The Momentum Stock Winner: No Clear Winner

Neither Associated Banc-Corp or National Bank Holdings Corporation has a strong enough Momentum Grade to be considered a “winner.” Investors considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Associated Banc-Corp or National Bank Holdings Corporation is the better investment when it comes to momentum.

Associated Banc-Corp and National Bank Holdings Corporation’s Estimate Revisions Grades

Company	Ticker	Earnings Estimate
Associated Banc-Corp	ASB	C
National Bank Holdings Corporation	NBHC	D

Earnings estimate revisions scores consider the magnitude of a company’s earnings surprise in its last two reported fiscal quarters. Often, positive surprises beget further positive surprises‐or at least continued sales growth (the exact opposite is generally true, too).

Estimate revisions offer an indication of what analysts are thinking about the short-term prospects of a firm. Estimate revisions are based on the statistical significance of a firm’s last two quarterly earnings surprises and the percentage change in its consensus estimate for the current fiscal year over the past month and past three months.

Associated Banc-Corp has a Earnings Estimate Score of 52, which is Neutral. National Bank Holdings Corporation has a Earnings Estimate Score of 34, which is Negative.

The Earnings Estimate Revisions Stock Winner: No Clear Winner

Neither Associated Banc-Corp or National Bank Holdings Corporation has an Earnings Estimate Revisions Grade that could be considered a “winner.” Investors considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Associated Banc-Corp or National Bank Holdings Corporation is the better investment when it comes to estimate revisions.

Other Associated Banc-Corp and National Bank Holdings Corporation Grades

In addition to Momentum, Estimate Revisions and Growth, A+ Investor also provides grades for Value and Quality.

Successful stock investing involves buying low and selling high, so stock valuation is an important consideration for stock selection. Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point.

AAII’s A+ Investor Quality Grade comes from the ranking of key metrics. Specifically, the quality grade is the percentile rank of the composite of return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and F-Score.

These 2 key factors, when combined with the above, provide a holistic view into a particular stock. Further, by joining A+ Investor you can see whether Associated Banc-Corp and National Bank Holdings Corporation pass any of our 60+ stock screens that have outperformed the market since their creation.

So, Which Is the Better Investment, Associated Banc-Corp or National Bank Holdings Corporation Stock?

Overall, Associated Banc-Corp stock has a Growth Score of 56, Momentum Score of 59 and Estimate Revisions Score of 52.

National Bank Holdings Corporation stock has a Growth Score of 32, Momentum Score of 51 and Estimate Revisions Score of 34.

Comparing Associated Banc-Corp and National Bank Holdings Corporation’s grades, scores and metrics can act as a solid basis to determine whether they may be a good investment or not. You’ll also want to look at your portfolio’s asset allocation as well as your risk tolerance and financial goals to see if either of these stocks would make a good fit for you. AAII can help you figure out which investments align with your individual needs and preferences.

Investors are encouraged to do their own due diligence and research. In this way, individuals can effectively become managers of their own assets‐without having to rely on others for financial independence. You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis.

A+ Investor adds to our qualitative teaching with a powerful data suite to help you whittle down investment choices to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith, and we accept no liability for any errors or omissions. The full disclaimer can be read here.