Connable Office Inc. Takes $490,000 Position in UMB Financial Corporation (NASDAQ:UMBF)

Key Points

• Connable Office Inc. has made a new investment in UMB Financial Corporation, purchasing 4,851 shares valued at approximately $490,000.
• Several other institutional investors have increased their stakes in UMB Financial, contributing to a total institutional ownership of 87.78% of the company's stock.
• UMB Financial has recently reported a significant year-over-year revenue increase of 76.7%, with earnings per share for the latest quarter surpassing analysts' expectations.

Connable Office Inc. purchased a new stake in shares of UMB Financial Corporation (NASDAQ:UMBF - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,851 shares of the bank's stock, valued at approximately $490,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its stake in UMB Financial by 10.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,912,883 shares of the bank's stock valued at $192,302,000 after purchasing an additional 174,088 shares in the last quarter. Principal Financial Group Inc. increased its stake in UMB Financial by 4.3% during the 1st quarter. Principal Financial Group Inc. now owns 839,773 shares of the bank's stock valued at $84,901,000 after purchasing an additional 34,583 shares in the last quarter. Northern Trust Corp increased its stake in UMB Financial by 16.2% during the 4th quarter. Northern Trust Corp now owns 637,072 shares of the bank's stock valued at $71,900,000 after purchasing an additional 88,705 shares in the last quarter. Bank of New York Mellon Corp increased its stake in UMB Financial by 21.1% during the 1st quarter. Bank of New York Mellon Corp now owns 546,483 shares of the bank's stock valued at $55,249,000 after purchasing an additional 95,339 shares in the last quarter. Finally, Captrust Financial Advisors increased its stake in UMB Financial by 17.5% during the 4th quarter. Captrust Financial Advisors now owns 461,031 shares of the bank's stock valued at $52,032,000 after purchasing an additional 68,634 shares in the last quarter. Institutional investors own 87.78% of the company's stock.

Analysts Set New Price Targets

UMBF has been the subject of a number of recent research reports. Piper Sandler boosted their price target on shares of UMB Financial from $135.00 to $148.00 and gave the company an "overweight" rating in a research note on Thursday. Wells Fargo & Company lifted their price objective on shares of UMB Financial from $120.00 to $125.00 and gave the stock an "equal weight" rating in a report on Friday. Royal Bank Of Canada lifted their price objective on shares of UMB Financial from $115.00 to $122.00 and gave the stock a "sector perform" rating in a report on Thursday. Truist Financial lifted their price objective on shares of UMB Financial from $120.00 to $128.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Barclays reaffirmed an "overweight" rating and set a $150.00 price objective (up from $140.00) on shares of UMB Financial in a report on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, UMB Financial presently has a consensus rating of "Moderate Buy" and an average target price of $132.11.

Insider Buying and Selling

In other UMB Financial news, CEO J Mariner Kemper sold 5,412 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $101.81, for a total transaction of $550,995.72. Following the sale, the chief executive officer directly owned 288,945 shares of the company's stock, valued at $29,417,490.45. This represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.45% of the stock is currently owned by company insiders.

UMB Financial Price Performance

Shares of NASDAQ:UMBF opened at $108.39 on Monday. The company's 50-day moving average is $104.71 and its 200 day moving average is $104.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.77 and a current ratio of 0.77. The company has a market capitalization of $8.23 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 1.27 and a beta of 0.77. UMB Financial Corporation has a fifty-two week low of $82.00 and a fifty-two week high of $129.94.

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

UMB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders 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 yield of 1.5%. UMB Financial's dividend payout ratio is 18.39%.

About UMB Financial

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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