Corebridge Financial Inc. Boosts Stake in UMB Financial Corporation $UMBF

Key Points

• Corebridge Financial Inc. has increased its ownership in UMB Financial Corporation by 49.7%, acquiring an additional 35,875 shares during the first quarter, bringing its total holdings to about 108,116 shares valued at $10.93 million.
• A variety of analysts have raised their price targets for UMB Financial, with Barclays setting a new target of $150.00 and several others indicating strong buy or hold ratings.
• UMB Financial recently declared a quarterly dividend of $0.40 per share, set to be paid on October 1st, reflecting a 1.3% yield and an 18.39% payout ratio.

Corebridge Financial Inc. increased its stake in UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 49.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 108,116 shares of the bank's stock after acquiring an additional 35,875 shares during the quarter. Corebridge Financial Inc. owned approximately 0.14% of UMB Financial worth $10,931,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in UMBF. Bank of New York Mellon Corp increased its stake in shares of UMB Financial by 21.1% during the first quarter. Bank of New York Mellon Corp now owns 546,483 shares of the bank's stock worth $55,249,000 after purchasing an additional 95,339 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in UMB Financial by 27.4% during the 1st quarter. OneDigital Investment Advisors LLC now owns 2,367 shares of the bank's stock worth $239,000 after buying an additional 509 shares in the last quarter. Teacher Retirement System of Texas increased its stake in UMB Financial by 96.3% during the 1st quarter. Teacher Retirement System of Texas now owns 15,723 shares of the bank's stock worth $1,590,000 after buying an additional 7,715 shares in the last quarter. New York State Teachers Retirement System increased its stake in UMB Financial by 2.8% during the 1st quarter. New York State Teachers Retirement System now owns 60,376 shares of the bank's stock worth $6,104,000 after buying an additional 1,664 shares in the last quarter. Finally, M&T Bank Corp purchased a new stake in UMB Financial during the 1st quarter worth approximately $237,000. Hedge funds and other institutional investors own 87.78% of the company's stock.

UMB Financial Trading Down 0.3%

NASDAQ:UMBF traded down $0.35 during trading hours on Monday, hitting $121.90. The company had a trading volume of 440,588 shares, compared to its average volume of 559,690. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.10. UMB Financial Corporation has a 1 year low of $82.00 and a 1 year high of $129.94. The company has a 50-day moving average of $110.41 and a 200 day moving average of $104.00. The company has a market cap of $9.26 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.39 and a beta of 0.77.

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

UMB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Wednesday, September 10th will be paid a $0.40 dividend. 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 dividend payout ratio is 18.39%.

Analyst Ratings Changes

UMBF has been the subject of several research reports. Raymond James Financial boosted their price target on UMB Financial from $135.00 to $138.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 31st. Royal Bank Of Canada upped their target price on shares of UMB Financial from $115.00 to $122.00 and gave the stock a "sector perform" rating in a report on Thursday, July 31st. Piper Sandler upped their target price on shares of UMB Financial from $135.00 to $148.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Wells Fargo & Company upped their target price on shares of UMB Financial from $120.00 to $125.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Finally, Barclays upped their price objective on shares of UMB Financial from $140.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $132.11.

Insider Buying and Selling

In related news, 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 completion of the transaction, the chief executive officer directly owned 1,536,781 shares in the company, valued at approximately $178,773,733.73. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stacy H. King sold 1,500 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $118.88, for a total value of $178,320.00. Following the completion of the transaction, the insider owned 9,472 shares of the company's stock, valued at $1,126,031.36. The trade was a 13.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,478 shares of company stock valued at $2,275,833 in the last ninety days. Company insiders own 5.45% of the company's stock.

UMB Financial Company 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.