Corebridge Financial Inc. Buys 35,875 Shares of 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. boosted its stake in shares of UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 49.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 108,116 shares of the bank's stock after purchasing an additional 35,875 shares during the period. Corebridge Financial Inc. owned about 0.14% of UMB Financial worth $10,931,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of UMBF. Bank of New York Mellon Corp raised its stake in shares of UMB Financial by 21.1% in the first quarter. Bank of New York Mellon Corp now owns 546,483 shares of the bank's stock worth $55,249,000 after buying an additional 95,339 shares during the period. OneDigital Investment Advisors LLC increased its holdings in UMB Financial by 27.4% in the 1st quarter. OneDigital Investment Advisors LLC now owns 2,367 shares of the bank's stock worth $239,000 after acquiring an additional 509 shares in the last quarter. Teacher Retirement System of Texas raised 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 acquiring an additional 7,715 shares during the period. New York State Teachers Retirement System raised 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 acquiring an additional 1,664 shares during the period. Finally, M&T Bank Corp purchased a new position in UMB Financial during the first quarter valued at approximately $237,000. Hedge funds and other institutional investors own 87.78% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada increased 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 note on Thursday, July 31st. Barclays raised their price target on UMB Financial from $140.00 to $150.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Truist Financial boosted their price objective on UMB Financial from $120.00 to $128.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Wells Fargo & Company increased their target price on UMB Financial from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Finally, 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 report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $132.11.

Insider Activity at UMB Financial

In other news, insider Stacy H. King sold 1,500 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $118.88, for a total transaction of $178,320.00. Following the sale, the insider directly owned 9,472 shares in the company, valued at approximately $1,126,031.36. This represents a 13.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Brian Beaird sold 1,205 shares of UMB Financial stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $116.17, for a total value of $139,984.85. Following the completion of the transaction, the insider owned 10,147 shares of the company's stock, valued at approximately $1,178,776.99. This represents a 10.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,390 shares of company stock valued at $2,765,819 over the last quarter. 5.45% of the stock is currently owned by insiders.

UMB Financial Trading Up 1.8%

Shares of UMBF stock opened at $122.72 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $9.32 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.37 and a beta of 0.77. 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 $108.91 and its 200-day moving average price is $103.73.

UMB Financial (NASDAQ:UMBF - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The bank reported $2.96 EPS 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 company had revenue of $689.21 million during the quarter, compared to analyst estimates of $638.25 million. During the same period in the prior year, the company earned $2.16 earnings per share. The firm's revenue was up 76.7% on a year-over-year basis. Equities research analysts predict that UMB Financial Corporation will post 9.66 EPS for the current fiscal year.

UMB Financial Announces Dividend

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

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.

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