Wedge Capital Management L L P NC Has $6.02 Million Stock Position in UMB Financial Corporation $UMBF

Key Points

• Wedge Capital Management L L P NC increased its stake in UMB Financial Corporation by 8.7%, owning a total of 57,273 shares valued at approximately $6 million after acquiring an additional 4,578 shares.
• UMB Financial reported a stellar quarterly performance with an EPS of $2.96, exceeding analyst expectations, and a 76.7% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.40 per share, representing a 1.3% dividend yield, set to be paid on October 1st.

Wedge Capital Management L L P NC grew its stake in UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 8.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,273 shares of the bank's stock after purchasing an additional 4,578 shares during the quarter. Wedge Capital Management L L P NC owned about 0.08% of UMB Financial worth $6,023,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of UMB Financial by 21.1% in the 1st quarter. Bank of New York Mellon Corp now owns 546,483 shares of the bank's stock worth $55,249,000 after buying an additional 95,339 shares during the period. OneDigital Investment Advisors LLC grew its position in shares of UMB Financial by 27.4% in the 1st quarter. OneDigital Investment Advisors LLC now owns 2,367 shares of the bank's stock worth $239,000 after buying an additional 509 shares during the period. Teacher Retirement System of Texas grew its position in shares of UMB Financial by 96.3% in the 1st quarter. Teacher Retirement System of Texas now owns 15,723 shares of the bank's stock worth $1,590,000 after buying an additional 7,715 shares during the period. New York State Teachers Retirement System grew its position in shares of UMB Financial by 2.8% in the 1st quarter. New York State Teachers Retirement System now owns 60,376 shares of the bank's stock worth $6,104,000 after buying an additional 1,664 shares during the period. Finally, M&T Bank Corp purchased a new stake in shares of UMB Financial in the 1st quarter worth about $237,000. 87.78% of the stock is currently owned by institutional investors.

UMB Financial Stock Up 0.5%

UMBF stock traded up $0.58 during midday trading on Tuesday, hitting $120.09. 234,755 shares of the company's stock were exchanged, compared to its average volume of 643,858. 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 Corporation has a 12-month low of $82.00 and a 12-month high of $129.94. The firm has a 50 day moving average price of $115.86 and a 200-day moving average price of $105.77. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.40 and a beta of 0.77.

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

UMB Financial Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages recently commented on UMBF. Raymond James Financial increased their price objective on shares of UMB Financial from $135.00 to $138.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 31st. Truist Financial increased their price objective on shares of UMB Financial from $130.00 to $144.00 and gave the company a "buy" rating in a research report on Monday, September 8th. Wells Fargo & Company increased their price objective on shares of UMB Financial from $120.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, August 1st. Barclays upped their target price on shares of UMB Financial from $140.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Piper Sandler upped their target price on shares of UMB Financial from $135.00 to $148.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, UMB Financial has a consensus rating of "Moderate Buy" and an average price target of $133.89.

Insider Activity

In other UMB Financial news, EVP Amy Harris sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $122.02, for a total value of $61,010.00. Following the completion of the sale, the executive vice president owned 7,285 shares in the company, valued at approximately $888,915.70. This trade represents a 6.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Shannon Andresen Johnson sold 1,367 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $120.58, for a total value of $164,832.86. Following the completion of the transaction, the insider directly owned 34,124 shares of the company's stock, valued at approximately $4,114,671.92. The trade was a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 678 shares of company stock worth $75,948 and have sold 20,845 shares worth $2,440,666. 5.45% of the stock is owned by company insiders.

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.