Principal Financial Group Inc. Buys 34,583 Shares of UMB Financial Corporation (NASDAQ:UMBF)

Principal Financial Group Inc. lifted its stake in UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 4.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 839,773 shares of the bank's stock after purchasing an additional 34,583 shares during the quarter. Principal Financial Group Inc. owned about 1.11% of UMB Financial worth $84,901,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in UMBF. Proficio Capital Partners LLC bought a new stake in shares of UMB Financial in the 4th quarter worth approximately $1,752,000. US Bancorp DE boosted its position in shares of UMB Financial by 46.9% in the 4th quarter. US Bancorp DE now owns 13,105 shares of the bank's stock worth $1,479,000 after purchasing an additional 4,182 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of UMB Financial in the 4th quarter worth approximately $103,000. Atria Investments Inc boosted its position in shares of UMB Financial by 10.3% in the 4th quarter. Atria Investments Inc now owns 8,406 shares of the bank's stock worth $949,000 after purchasing an additional 787 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of UMB Financial in the 4th quarter worth approximately $11,357,000. 87.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other UMB Financial news, CEO J Mariner Kemper sold 5,412 shares of the stock in a transaction dated Monday, June 2nd. The stock was 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 of the company's stock, valued at approximately $29,417,490.45. This represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.45% of the company's stock.

UMB Financial Stock Up 0.8%

UMBF stock opened at $110.35 on Friday. UMB Financial Corporation has a fifty-two week low of $81.01 and a fifty-two week high of $129.94. The business's 50-day moving average is $103.01 and its two-hundred day moving average is $105.63. 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 cap of $8.38 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 1.29 and a beta of 0.74.

UMB Financial (NASDAQ:UMBF - Get Free Report) last posted its earnings results on Tuesday, April 29th. The bank reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.21 by $0.37. UMB Financial had a return on equity of 12.09% and a net margin of 13.64%. The company had revenue of $563.84 million for the quarter, compared to the consensus estimate of $555.79 million. During the same quarter in the prior year, the company earned $2.47 earnings per share. UMB Financial's revenue was up 41.4% on a year-over-year basis. As a group, analysts forecast that UMB Financial Corporation will post 9.66 earnings per share for the current year.

UMB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Tuesday, June 10th. UMB Financial's dividend payout ratio is 20.13%.

Analysts Set New Price Targets

UMBF has been the topic of a number of analyst reports. Truist Financial started coverage on UMB Financial in a research report on Tuesday, May 13th. They issued a "buy" rating and a $120.00 price target on the stock. Piper Sandler set a $135.00 target price on UMB Financial and gave the stock an "overweight" rating in a report on Friday, June 13th. Morgan Stanley decreased their price target on UMB Financial from $156.00 to $146.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Bank of America started coverage on UMB Financial in a report on Wednesday, April 16th. They set a "buy" rating and a $105.00 price target on the stock. Finally, Wall Street Zen downgraded UMB Financial from a "hold" rating to a "sell" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, UMB Financial has an average rating of "Moderate Buy" and an average price target of $122.88.

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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