Rafferty Asset Management LLC Purchases 13,989 Shares of UMB Financial Corporation $UMBF

Key Points

• Rafferty Asset Management LLC increased its stake in UMB Financial Corporation by 19.0% during the first quarter, now owning 87,758 shares valued at approximately $8.87 million.
• Several large investors, including Vanguard Group and Dimensional Fund Advisors, also boosted their stakes, with 87.78% of UMB Financial's stock currently owned by institutional investors.
• UMB Financial reported $2.96 EPS for the last quarter, surpassing expectations, with a revenue increase of 76.7% year-over-year.

Rafferty Asset Management LLC lifted its holdings in shares of UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 19.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,758 shares of the bank's stock after acquiring an additional 13,989 shares during the quarter. Rafferty Asset Management LLC owned 0.12% of UMB Financial worth $8,872,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. SummerHaven Investment Management LLC increased its position in shares of UMB Financial by 1.4% during the first quarter. SummerHaven Investment Management LLC now owns 9,145 shares of the bank's stock valued at $925,000 after acquiring an additional 122 shares during the last quarter. EP Wealth Advisors LLC increased its position in shares of UMB Financial by 5.8% during the fourth quarter. EP Wealth Advisors LLC now owns 2,361 shares of the bank's stock valued at $266,000 after acquiring an additional 130 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in shares of UMB Financial by 4.1% during the first quarter. Crossmark Global Holdings Inc. now owns 3,784 shares of the bank's stock valued at $383,000 after acquiring an additional 150 shares during the last quarter. Heritage Family Offices LLP increased its position in shares of UMB Financial by 7.6% during the first quarter. Heritage Family Offices LLP now owns 2,215 shares of the bank's stock valued at $224,000 after acquiring an additional 156 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of UMB Financial by 38.1% during the first quarter. Fifth Third Bancorp now owns 624 shares of the bank's stock valued at $63,000 after acquiring an additional 172 shares during the last quarter. 87.78% of the stock is owned by hedge funds and other institutional investors.

UMB Financial Price Performance

NASDAQ:UMBF traded down $2.25 during trading hours on Tuesday, hitting $119.65. 73,939 shares of the company's stock traded hands, compared to its average volume of 652,642. The firm has a market cap of $9.09 billion, a P/E ratio of 13.74, a P/E/G ratio of 1.39 and a beta of 0.77. UMB Financial Corporation has a 52 week low of $82.00 and a 52 week high of $129.94. The business's fifty day simple moving average is $110.41 and its two-hundred day simple moving average is $104.00. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.10.

UMB Financial (NASDAQ:UMBF - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The bank reported $2.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.61. The company had revenue of $689.21 million during the quarter, compared to analyst estimates of $638.25 million. UMB Financial had a return on equity of 12.27% and a net margin of 15.42%.The firm's quarterly revenue was up 76.7% on a year-over-year basis. During the same quarter last year, the company earned $2.16 earnings per share. On average, research analysts anticipate that UMB Financial Corporation will post 9.66 earnings per share for the current fiscal year.

UMB Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $1.60 annualized dividend and a yield of 1.3%. UMB Financial's payout ratio is 18.39%.

Insider Activity

In other UMB Financial news, insider Stacy H. King sold 1,500 shares of UMB Financial stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $118.88, for a total transaction of $178,320.00. Following the completion of the sale, the insider owned 9,472 shares of the company's stock, valued at $1,126,031.36. The trade was a 13.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Phillip James Mason sold 750 shares of UMB Financial stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $120.97, for a total value of $90,727.50. Following the sale, the insider directly owned 8,815 shares of the company's stock, valued at approximately $1,066,350.55. This trade represents a 7.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,478 shares of company stock valued at $2,275,833. 5.45% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

UMBF has been the subject of several research reports. Truist Financial increased their price objective on UMB Financial from $120.00 to $128.00 and gave the company a "buy" rating in a report on Friday, July 11th. Raymond James Financial increased their price objective on UMB Financial from $135.00 to $138.00 and gave the company a "strong-buy" rating in a report on Thursday, July 31st. Barclays increased their price objective on UMB Financial from $140.00 to $150.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Royal Bank Of Canada increased their price objective on UMB Financial from $115.00 to $122.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company increased their price objective on UMB Financial from $120.00 to $125.00 and gave the company an "equal weight" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $132.11.

UMB Financial Company 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.