UMB Financial Corporation $UMBF Position Decreased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its UMB Financial stake by 34.4% in the third quarter, selling 393,980 shares and retaining 751,978 shares valued at about $97.6 million.
• UMB Financial beat quarterly estimates, reporting $3.56 EPS and $772.4 million in revenue; revenue rose 13.9% year over year. Analysts’ average rating was “Moderate Buy,” with an average price target of $161.64.
• The company declared a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 1.5% yield.

Allspring Global Investments Holdings LLC reduced its stake in UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 34.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 751,978 shares of the bank's stock after selling 393,980 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.99% of UMB Financial worth $97,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in UMB Financial in the second quarter worth approximately $1,458,386,000. Bank of America Corp DE purchased a new stake in shares of UMB Financial in the 2nd quarter valued at $129,153,000. Bank of New York Mellon Corp bought a new position in shares of UMB Financial during the 2nd quarter valued at $78,410,000. Junto Capital Management LP bought a new position in shares of UMB Financial during the 2nd quarter valued at $58,924,000. Finally, Neumeier Poma Investment Counsel LLC purchased a new position in UMB Financial in the 2nd quarter worth $58,645,380. Institutional investors own 87.78% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on UMBF. Citigroup dropped their target price on UMB Financial from $162.00 to $145.00 and set a "neutral" rating for the company in a report on Thursday, October 29th. Wells Fargo & Company decreased their price target on UMB Financial from $160.00 to $147.00 and set an "equal weight" rating on the stock in a research note on Tuesday, September 29th. Truist Financial lowered their price objective on UMB Financial from $170.00 to $156.00 and set a "buy" rating for the company in a research report on Tuesday, October 20th. Raymond James Financial began coverage on UMB Financial in a research note on Thursday, August 27th. They set an "outperform" rating and a $165.00 price objective for the company. Finally, Barclays raised their target price on shares of UMB Financial from $175.00 to $185.00 and gave the stock an "overweight" rating in a report on Tuesday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $161.64.

Insider Buying and Selling

In other UMB Financial news, Director Greg Graves purchased 292 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was bought at an average cost of $137.02 per share, with a total value of $40,009.84. Following the transaction, the director directly owned 40,893 shares in the company, valued at approximately $5,603,158.86. The trade was a 0.72% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kevin Gallagher sold 370 shares of UMB Financial stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $134.82, for a total transaction of $49,883.40. Following the transaction, the director owned 11,493 shares of the company's stock, valued at $1,549,486.26. The trade was a 3.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have bought a total of 1,460 shares of company stock valued at $202,544 over the last ninety days. Company insiders own 5.33% of the company's stock.

UMB Financial Price Performance

Shares of NASDAQ UMBF opened at $136.65 on Tuesday. UMB Financial Corporation has a 1 year low of $68.92 and a 1 year high of $144.36. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.76 and a quick ratio of 0.76. The company's 50-day moving average is $134.76 and its 200 day moving average is $131.63. The stock has a market capitalization of $10.38 billion, a P/E ratio of 10.34, a P/E/G ratio of 0.63 and a beta of 0.84.

UMB Financial (NASDAQ:UMBF - Get Free Report) last posted its earnings results on Tuesday, October 27th. The bank reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates of $3.22 by $0.34. UMB Financial had a return on equity of 14.07% and a net margin of 23.45%. The firm had revenue of $772.39 million for the quarter, compared to the consensus estimate of $744.81 million. During the same quarter in the prior year, the business earned $2.70 EPS. The business's revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts expect that UMB Financial Corporation will post 13.79 earnings per share for the current year.

UMB Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Thursday, December 10th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Thursday, December 10th. UMB Financial's dividend payout ratio is presently 15.14%.

UMB Financial Profile

UMB Financial Corporation is a bank holding company headquartered in Kansas City, Missouri. Founded in 1913 as City Center Bank, it has grown into a financial services company serving individuals, businesses, institutions and government entities.

Through its banking businesses, UMB offers deposit accounts, loans, treasury management and other commercial and personal banking services. Its institutional and specialized services include trust and custody, asset servicing, investment management, fund services and healthcare account solutions.

UMB serves customers across the United States, with a strong presence in the Midwest and banking operations in several other states.

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