OLD National Bancorp IN Takes Position in UMB Financial Co. (NASDAQ:UMBF)

OLD National Bancorp IN acquired a new position in shares of UMB Financial Co. (NASDAQ:UMBF - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 22,734 shares of the bank's stock, valued at approximately $2,298,000.

Other institutional investors have also added to or reduced their stakes in the company. Truist Financial Corp grew its position in UMB Financial by 0.4% in the 4th quarter. Truist Financial Corp now owns 19,565 shares of the bank's stock valued at $2,208,000 after purchasing an additional 83 shares during the period. Covestor Ltd boosted its stake in UMB Financial by 28.8% during the 4th quarter. Covestor Ltd now owns 555 shares of the bank's stock valued at $63,000 after purchasing an additional 124 shares during the last quarter. EP Wealth Advisors LLC boosted its stake in UMB Financial by 5.8% during the 4th quarter. EP Wealth Advisors LLC now owns 2,361 shares of the bank's stock valued at $266,000 after purchasing an additional 130 shares during the last quarter. Heritage Family Offices LLP increased its holdings in UMB Financial by 7.6% during the 1st quarter. Heritage Family Offices LLP now owns 2,215 shares of the bank's stock worth $224,000 after purchasing an additional 156 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in shares of UMB Financial by 0.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 27,144 shares of the bank's stock valued at $3,063,000 after purchasing an additional 202 shares in the last quarter. 87.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on UMBF shares. Bank of America started coverage on shares of UMB Financial in a research report on Wednesday, April 16th. They issued a "buy" rating and a $105.00 price objective for the company. Barclays decreased their price target on UMB Financial from $139.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Piper Sandler restated an "overweight" rating and issued a $137.00 price objective (up previously from $132.00) on shares of UMB Financial in a research note on Friday, May 2nd. Morgan Stanley decreased their target price on UMB Financial from $156.00 to $146.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada cut their price target on shares of UMB Financial from $128.00 to $115.00 and set a "sector perform" rating on the stock in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, UMB Financial has an average rating of "Moderate Buy" and an average target price of $123.13.

UMB Financial Stock Performance

Shares of UMBF stock traded down $1.74 on Thursday, hitting $103.11. 411,630 shares of the stock were exchanged, compared to its average volume of 524,341. UMB Financial Co. has a one year low of $79.25 and a one year high of $129.94. The firm's 50 day moving average is $98.95 and its two-hundred day moving average is $107.99. The firm has a market capitalization of $7.83 billion, a PE ratio of 11.47 and a beta of 0.75. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.11.

UMB Financial (NASDAQ:UMBF - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The bank reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.37. The company had revenue of $563.84 million for the quarter, compared to analyst estimates of $555.79 million. UMB Financial had a net margin of 15.76% and a return on equity of 13.73%. The company's quarterly revenue was up 41.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.47 earnings per share. Sell-side analysts expect that UMB Financial Co. will post 9.66 earnings per share for the current fiscal year.

UMB Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Tuesday, June 10th. UMB Financial's payout ratio is currently 20.13%.

Insider Activity

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

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.