Millennium Management LLC Lowers Holdings in UMB Financial Corporation $UMBF

Key Points

• Millennium Management LLC reduced its stake in UMB Financial Corporation by 37.5% during the first quarter, selling 291,559 shares and now holds 485,749 shares, valued at $49.1 million.
• UMB Financial reported a net margin of 15.42% and earnings of $2.96 per share for the last quarter, exceeding analysts' expectations and indicating a significant revenue increase of 76.7% compared to the previous year.
• The company announced a quarterly dividend of $0.40 to be paid on October 1st, representing a 1.3% annualized yield, with a dividend payout ratio of 18.39%.

Millennium Management LLC decreased its holdings in UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 37.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 485,749 shares of the bank's stock after selling 291,559 shares during the quarter. Millennium Management LLC owned about 0.64% of UMB Financial worth $49,109,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. MAI Capital Management boosted its position in shares of UMB Financial by 14.7% during the 1st quarter. MAI Capital Management now owns 771 shares of the bank's stock worth $78,000 after purchasing an additional 99 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of UMB Financial by 1.4% in the first quarter. SummerHaven Investment Management LLC now owns 9,145 shares of the bank's stock valued at $925,000 after purchasing an additional 122 shares during the period. EP Wealth Advisors LLC boosted its holdings 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 in the last quarter. Crossmark Global Holdings Inc. grew its position 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 period. Finally, Heritage Family Offices LLP grew its position 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 period. Institutional investors and hedge funds own 87.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on UMBF. Piper Sandler lifted their price target on shares of UMB Financial from $135.00 to $148.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Raymond James Financial raised their price objective on UMB Financial from $135.00 to $138.00 and gave the company a "strong-buy" rating in a research note on Thursday, July 31st. Truist Financial boosted their target price on UMB Financial from $130.00 to $144.00 and gave the stock a "buy" rating in a research report on Monday, September 8th. Barclays upped their target price on UMB Financial from $140.00 to $150.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Finally, Royal Bank Of Canada lifted their price target on UMB Financial from $115.00 to $122.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $133.89.

UMB Financial Price Performance

Shares of NASDAQ UMBF traded down $1.08 during trading on Friday, reaching $120.60. The company had a trading volume of 323,188 shares, compared to its average volume of 497,488. UMB Financial Corporation has a twelve month low of $82.00 and a twelve month high of $129.94. The stock has a market capitalization of $9.16 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.39 and a beta of 0.77. The stock has a 50-day moving average price of $112.89 and a two-hundred day moving average price of $104.95. The company has a current ratio of 0.77, a quick 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 EPS for the quarter, beating analysts' consensus estimates of $2.35 by $0.61. The business had revenue of $689.21 million for 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 business's revenue for the quarter was up 76.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.16 earnings per share. As a group, sell-side analysts predict that UMB Financial Corporation will post 9.66 earnings per share for the current 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. This represents a $1.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Wednesday, September 10th. UMB Financial's dividend payout ratio (DPR) is currently 18.39%.

Insider Buying and Selling at UMB Financial

In other news, insider Phillip James Mason sold 750 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $120.97, for a total value of $90,727.50. Following the completion of the transaction, the insider owned 8,815 shares of the company's stock, valued at $1,066,350.55. The trade was a 7.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Shannon Andresen Johnson sold 1,367 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $120.58, for a total transaction of $164,832.86. Following the transaction, the insider directly owned 34,124 shares in the company, valued at $4,114,671.92. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders bought 678 shares of company stock valued at $75,948 and sold 20,845 shares valued at $2,440,666. 5.45% of the stock is owned by corporate insiders.

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.