Congress Asset Management Co. Lowers Stake in UMB Financial Corporation $UMBF

Key Points

• Congress Asset Management reduced its UMB Financial stake by 7.9% in the third quarter, selling 31,461 shares and retaining 365,186 shares worth approximately $47.5 million. Institutional investors collectively own 87.78% of the company.
• Analysts remain broadly positive, with UMB Financial receiving a “Moderate Buy” consensus rating and an average price target of $164.00. The company recently exceeded quarterly earnings and revenue estimates.
• UMB Financial increased its quarterly dividend from $0.43 to $0.50 per share, implying an annualized dividend of $2.00 and a 1.5% yield; insiders have sold 25,544 shares worth about $3.8 million over the past 90 days.

Congress Asset Management Co. cut its stake in UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 7.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,186 shares of the bank's stock after selling 31,461 shares during the period. Congress Asset Management Co. owned approximately 0.48% of UMB Financial worth $47,478,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of UMB Financial in the second quarter worth $1,458,386,000. Dimensional Fund Advisors LP lifted its position in UMB Financial by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,909,932 shares of the bank's stock worth $328,200,000 after purchasing an additional 55,005 shares during the period. Bank of America Corp DE acquired a new stake in UMB Financial during the second quarter worth about $129,153,000. First Trust Advisors LP grew its stake in UMB Financial by 12.0% during the first quarter. First Trust Advisors LP now owns 899,400 shares of the bank's stock worth $101,443,000 after buying an additional 96,149 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in UMB Financial in the 2nd quarter valued at about $78,410,000. 87.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on UMBF. Citigroup restated a "neutral" rating and issued a $162.00 target price (up from $144.00) on shares of UMB Financial in a research report on Friday, July 31st. Stephens started coverage on shares of UMB Financial in a research note on Tuesday, July 14th. They issued an "overweight" rating and a $167.00 price objective on the stock. Barclays restated an "overweight" rating and set a $175.00 price objective (up from $170.00) on shares of UMB Financial in a research report on Monday, August 3rd. Truist Financial set a $170.00 target price on UMB Financial and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Finally, Zacks Research lowered UMB Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $164.00.

UMB Financial Price Performance

UMB Financial stock traded up $0.28 during mid-day trading on Tuesday, reaching $130.08. The company had a trading volume of 559,519 shares, compared to its average volume of 894,516. The business has a fifty day simple moving average of $141.51 and a 200 day simple moving average of $133.82. The company has a market cap of $9.88 billion, a P/E ratio of 10.83, a P/E/G ratio of 0.64 and a beta of 0.82. UMB Financial Corporation has a fifty-two week low of $68.92 and a fifty-two week high of $144.36. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.06.

UMB Financial (NASDAQ:UMBF - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The bank reported $3.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.12 by $0.45. UMB Financial had a net margin of 21.64% and a return on equity of 13.41%. The company had revenue of $778.00 million during the quarter, compared to the consensus estimate of $727.63 million. During the same period in the prior year, the business earned $2.96 earnings per share. On average, equities research analysts predict that UMB Financial Corporation will post 13.53 earnings per share for the current year.

UMB Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, September 10th. This is a positive change from UMB Financial's previous quarterly dividend of $0.43. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. UMB Financial's payout ratio is 16.65%.

Insider Activity at UMB Financial

In other news, insider Nikki Farentino Newton sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $148.60, for a total value of $297,200.00. Following the completion of the transaction, the insider owned 11,981 shares of the company's stock, valued at $1,780,376.60. This represents a 14.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Phillip Mason sold 800 shares of UMB Financial stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $147.00, for a total transaction of $117,600.00. Following the sale, the insider owned 8,894 shares in the company, valued at approximately $1,307,418. This represents a 8.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 25,544 shares of company stock valued at $3,775,862. Corporate insiders own 5.33% of the company's stock.

About UMB Financial

UMB Financial Corporation is a financial services holding company headquartered in Kansas City, Missouri. Its principal subsidiary, UMB Bank, provides banking and financial services to businesses, institutions, governments and individuals. The company traces its history to 1913 and has developed a regional banking franchise with additional capabilities serving customers nationwide.

UMB's business activities include commercial and personal banking, treasury management, lending, deposit services and payment solutions.

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