Persistent Asset Partners Ltd Takes $1.21 Million Position in UMB Financial Corporation (NASDAQ:UMBF)

Key Points

• Persistent Asset Partners Ltd has acquired a new position in UMB Financial Corporation, purchasing 11,959 shares valued at approximately $1.21 million, making UMB Financial its 28th largest investment.
• UMB Financial's earnings results showed a significant year-over-year increase, reporting $2.96 earnings per share for the quarter, surpassing analysts' estimates by $0.61.
• The company declared a quarterly dividend of $0.40, representing a yield of 1.5%, with the payout ratio at 18.39%.

Persistent Asset Partners Ltd purchased a new position in shares of UMB Financial Corporation (NASDAQ:UMBF - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,959 shares of the bank's stock, valued at approximately $1,209,000. UMB Financial accounts for approximately 1.0% of Persistent Asset Partners Ltd's investment portfolio, making the stock its 28th biggest position.

Several other hedge funds have also recently modified their holdings of UMBF. Rothschild Investment LLC lifted its holdings in shares of UMB Financial by 442.0% during the first quarter. Rothschild Investment LLC now owns 271 shares of the bank's stock worth $27,000 after purchasing an additional 221 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in UMB Financial in the first quarter valued at $27,000. Neo Ivy Capital Management acquired a new stake in UMB Financial in the first quarter valued at $42,000. Versant Capital Management Inc lifted its holdings in UMB Financial by 703.2% in the first quarter. Versant Capital Management Inc now owns 498 shares of the bank's stock valued at $50,000 after acquiring an additional 436 shares during the period. Finally, Covestor Ltd lifted its holdings in UMB Financial by 28.8% in the fourth quarter. Covestor Ltd now owns 555 shares of the bank's stock valued at $63,000 after acquiring an additional 124 shares during the period. 87.78% of the stock is owned by institutional investors and hedge funds.

UMB Financial Stock Down 0.3%

UMBF opened at $109.80 on Tuesday. UMB Financial Corporation has a 12 month low of $82.00 and a 12 month high of $129.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market cap of $8.34 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.25 and a beta of 0.77. The stock's 50 day moving average price is $105.59 and its 200 day moving average price is $103.57.

UMB Financial (NASDAQ:UMBF - Get Free Report) last released its 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 firm had revenue of $689.21 million during the quarter, compared to the consensus estimate of $638.25 million. UMB Financial had a return on equity of 12.27% and a net margin of 15.42%. The firm's revenue for the quarter was up 76.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.16 earnings per share. As a group, research analysts predict that UMB Financial Corporation will post 9.66 earnings per share for the current year.

UMB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be given a $0.40 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $1.60 annualized dividend and a yield of 1.5%. UMB Financial's payout ratio is 18.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wall Street Zen downgraded UMB Financial from a "hold" rating to a "sell" rating in a report on Friday, May 2nd. Wells Fargo & Company lifted their price objective on UMB Financial from $120.00 to $125.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Truist Financial lifted their price objective on UMB Financial from $120.00 to $128.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Barclays lifted their price objective on UMB Financial from $140.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, Piper Sandler lifted their price objective on UMB Financial from $135.00 to $148.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. One analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $132.11.

Insider Activity at UMB Financial

In other UMB Financial news, CEO J Mariner Kemper sold 5,412 shares of UMB Financial stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $101.81, for a total value of $550,995.72. Following the transaction, the chief executive officer owned 288,945 shares in the company, valued at approximately $29,417,490.45. The trade was a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Greg M. Graves purchased 261 shares of UMB Financial stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $107.58 per share, with a total value of $28,078.38. Following the transaction, the director owned 37,800 shares in the company, valued at $4,066,524. This represents a 0.70% increase in their position. The disclosure for this purchase can be found here. 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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