Congress Asset Management Co. Sells 2,748 Shares of UMB Financial Corporation $UMBF

Key Points

• Congress Asset Management Co. has reduced its stake in UMB Financial Corporation by 2.2%, following the sale of 2,748 shares during the second quarter.
• UMB Financial reported a quarterly earnings per share of $2.96, surpassing analysts' expectations by $0.61, while its revenue saw a significant year-over-year increase of 76.7% to $689.21 million.
• The company recently announced a quarterly dividend of $0.40 per share, with an ex-dividend date set for September 10th.

Congress Asset Management Co. decreased its stake in shares of UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 2.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,366 shares of the bank's stock after selling 2,748 shares during the period. Congress Asset Management Co. owned approximately 0.16% of UMB Financial worth $12,763,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Brooklyn Investment Group raised its stake in shares of UMB Financial by 4,840.0% in the 1st quarter. Brooklyn Investment Group now owns 247 shares of the bank's stock valued at $25,000 after purchasing an additional 242 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of UMB Financial during the first quarter worth about $27,000. Rothschild Investment LLC raised its position in UMB Financial by 442.0% in the 1st quarter. Rothschild Investment LLC now owns 271 shares of the bank's stock valued at $27,000 after buying an additional 221 shares during the last quarter. McIlrath & Eck LLC bought a new stake in UMB Financial in the 1st quarter valued at approximately $29,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in UMB Financial during the 1st quarter worth approximately $35,000. 87.78% of the stock is owned by institutional investors.

UMB Financial Price Performance

NASDAQ:UMBF opened at $119.43 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.10. UMB Financial Corporation has a 12-month low of $82.00 and a 12-month high of $129.94. The stock's 50 day moving average price is $116.71 and its two-hundred day moving average price is $106.22. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 1.36 and a beta of 0.77.

UMB Financial (NASDAQ:UMBF - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The bank reported $2.96 earnings per share for the quarter, beating analysts' consensus estimates of $2.35 by $0.61. UMB Financial had a return on equity of 12.27% and a net margin of 15.42%.The business had revenue of $689.21 million for the quarter, compared to analysts' expectations of $638.25 million. During the same quarter in the prior year, the business earned $2.16 EPS. The firm's revenue for the quarter was up 76.7% on a year-over-year basis. On average, analysts anticipate that UMB Financial Corporation will post 9.66 earnings per share for the current year.

UMB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 10th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $1.60 annualized dividend and a dividend yield of 1.3%. UMB Financial's payout ratio is presently 18.39%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on UMBF. Royal Bank Of Canada boosted their price objective on shares of UMB Financial from $115.00 to $122.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 31st. TD Cowen began coverage on shares of UMB Financial in a research report on Thursday. They set a "buy" rating and a $151.00 price target on the stock. Piper Sandler raised their price objective on UMB Financial from $135.00 to $148.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Barclays upped their target price on UMB Financial from $140.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, Raymond James Financial raised their price target on UMB Financial from $135.00 to $138.00 and gave the company a "strong-buy" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $135.60.

Insiders Place Their Bets

In other news, insider Phillip James Mason sold 750 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $120.97, for a total value of $90,727.50. Following the transaction, the insider owned 8,815 shares of the company's stock, valued at approximately $1,066,350.55. This represents a 7.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO J Mariner Kemper sold 15,523 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $116.33, for a total value of $1,805,790.59. Following the transaction, the chief executive officer owned 1,536,781 shares in the company, valued at approximately $178,773,733.73. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 678 shares of company stock worth $75,948 and have sold 20,845 shares worth $2,440,666. Corporate insiders own 5.45% of the company's stock.

UMB Financial Profile

UMB Financial Corporation operates as the bank holding company that provides banking services and asset servicing in the United States and internationally. The Commercial Banking segment provides commercial loans and credit card; commercial real estate financing; letters of credit; loan syndication, and consultative service; various business solutions including asset-based lending, mezzanine debt, and minority equity investment; and treasury management service, such as depository service, account reconciliation, cash management tool, accounts payable and receivable solution, electronic fund transfer and automated payment, controlled disbursement, lockbox service, and remote deposit capture service.

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