State of Michigan Retirement System Buys 5,700 Shares of UMB Financial Corporation (NASDAQ:UMBF)

State of Michigan Retirement System boosted its holdings in UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 54.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,241 shares of the bank's stock after acquiring an additional 5,700 shares during the quarter. State of Michigan Retirement System's holdings in UMB Financial were worth $1,642,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in UMBF. SummerHaven Investment Management LLC grew its stake in UMB Financial by 1.4% during the first quarter. SummerHaven Investment Management LLC now owns 9,145 shares of the bank's stock worth $925,000 after buying an additional 122 shares during the last quarter. Covestor Ltd grew its stake in UMB Financial by 28.8% during the fourth quarter. Covestor Ltd now owns 555 shares of the bank's stock worth $63,000 after buying an additional 124 shares during the last quarter. EP Wealth Advisors LLC grew its stake in UMB Financial by 5.8% during the fourth quarter. EP Wealth Advisors LLC now owns 2,361 shares of the bank's stock worth $266,000 after buying an additional 130 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in UMB Financial by 4.1% during the first quarter. Crossmark Global Holdings Inc. now owns 3,784 shares of the bank's stock worth $383,000 after buying an additional 150 shares during the last quarter. Finally, Heritage Family Offices LLP grew its stake in UMB Financial by 7.6% during the first quarter. Heritage Family Offices LLP now owns 2,215 shares of the bank's stock worth $224,000 after buying an additional 156 shares during the last quarter. Institutional investors own 87.78% of the company's stock.

UMB Financial Trading Up 0.3%

UMBF traded up $0.34 during mid-day trading on Wednesday, hitting $107.18. The stock had a trading volume of 174,188 shares, compared to its average volume of 545,855. The stock's fifty day simple moving average is $103.68 and its 200-day simple moving average is $104.57. 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 firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 1.49 and a beta of 0.74. UMB Financial Corporation has a 1-year low of $82.00 and a 1-year high of $129.94.

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, topping 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 13.64% and a return on equity of 12.09%. The business's revenue for the quarter was up 41.4% compared to the same quarter last year. During the same period last year, the business posted $2.47 earnings per share. As a group, research analysts forecast that UMB Financial Corporation will post 9.66 EPS for the current fiscal 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. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $1.60 annualized dividend and a yield of 1.49%. UMB Financial's dividend payout ratio (DPR) is presently 20.13%.

Insiders Place Their Bets

In other UMB Financial news, CEO J Mariner Kemper sold 5,412 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 288,945 shares in the company, valued at approximately $29,417,490.45. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.45% of the company's stock.

Wall Street Analyst Weigh In

UMBF has been the topic of several research analyst reports. Piper Sandler set a $135.00 price objective on shares of UMB Financial and gave the stock an "overweight" rating in a research note on Friday, June 13th. Royal Bank Of Canada reduced their target price on shares of UMB Financial from $128.00 to $115.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 1st. Bank of America assumed coverage on shares of UMB Financial in a research report on Wednesday, April 16th. They set a "buy" rating and a $105.00 target price on the stock. Wells Fargo & Company upped their target price on shares of UMB Financial from $110.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Barclays increased their price objective on shares of UMB Financial from $130.00 to $140.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $127.00.

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.