Wellington Management Group LLP Sells 1,019,877 Shares of UMB Financial Corporation $UMBF

Key Points

• Wellington Management reduced its UMB Financial stake by 37.7%, selling 1,019,877 shares in the second quarter while retaining 1.69 million shares worth approximately $240.9 million. Institutional investors still own 87.78% of the company.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $166.54; several firms recently raised their targets. UMB Financial also exceeded quarterly earnings and revenue expectations, reporting $3.57 EPS and $778 million in revenue.
• UMB Financial increased its quarterly dividend to $0.50 per share, or $2.00 annually, representing a 1.4% yield. Company insiders sold 34,171 shares worth about $4.9 million over the past 90 days.

Wellington Management Group LLP trimmed its position in UMB Financial Corporation (NASDAQ:UMBF - Free Report) by 37.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,687,247 shares of the bank's stock after selling 1,019,877 shares during the quarter. Wellington Management Group LLP owned 2.22% of UMB Financial worth $240,871,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. United Capital Financial Advisors LLC purchased a new stake in UMB Financial during the 2nd quarter valued at $347,000. Equitable Holdings Inc. purchased a new position in shares of UMB Financial in the second quarter valued at about $234,000. Public Employees Retirement System of Ohio purchased a new position in shares of UMB Financial in the second quarter valued at about $6,071,000. Capstone Investment Advisors LLC bought a new position in shares of UMB Financial during the second quarter valued at about $415,000. Finally, Corient Private Wealth LP bought a new position in shares of UMB Financial during the second quarter valued at about $222,000. 87.78% of the stock is currently owned by institutional investors.

Insider Transactions at UMB Financial

In other news, CEO J Mariner Kemper sold 15,062 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $148.55, for a total transaction of $2,237,460.10. Following the completion of the transaction, the chief executive officer directly owned 1,491,138 shares in the company, valued at $221,508,549.90. This trade represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan G. Murphy sold 1,377 shares of UMB Financial stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $145.55, for a total value of $200,422.35. Following the completion of the transaction, the director directly owned 10,635 shares of the company's stock, valued at approximately $1,547,924.25. This represents a 11.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 34,171 shares of company stock valued at $4,919,826. 5.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Piper Sandler reiterated an "overweight" rating and issued a $181.00 price objective (up from $161.00) on shares of UMB Financial in a report on Thursday, July 30th. Royal Bank Of Canada reissued an "outperform" rating and set a $170.00 target price (up from $168.00) on shares of UMB Financial in a research note on Thursday, July 30th. Weiss Ratings restated a "buy (b)" rating on shares of UMB Financial in a report on Friday, July 24th. TD Cowen reaffirmed a "buy" rating and issued a $166.00 price target (up from $161.00) on shares of UMB Financial in a research note on Thursday, July 30th. Finally, Raymond James Financial initiated coverage on shares of UMB Financial in a report on Thursday. They issued an "outperform" rating and a $165.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $166.54.

UMB Financial Stock Performance

Shares of UMBF stock opened at $144.59 on Monday. The company's fifty day moving average price is $144.86 and its 200-day moving average price is $130.83. The stock has a market cap of $10.98 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 0.71 and a beta of 0.77. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.06. UMB Financial Corporation has a 12 month low of $103.38 and a 12 month high of $153.32.

UMB Financial (NASDAQ:UMBF - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $3.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.12 by $0.45. The company had revenue of $778.00 million during the quarter, compared to analysts' expectations of $727.63 million. UMB Financial had a net margin of 21.64% and a return on equity of 13.41%. During the same period last year, the company posted $2.96 EPS. On average, equities analysts expect that UMB Financial Corporation will post 13.48 EPS for the current fiscal year.

UMB Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.4%. This is a positive change from UMB Financial's previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Thursday, September 10th. UMB Financial's dividend payout ratio is presently 16.65%.

About UMB Financial

UMB Financial Corporation NASDAQ: UMBF is a diversified financial services holding company headquartered in Kansas City, Missouri. Through its principal banking subsidiary, UMB Bank, N.A., the company provides a full suite of commercial and consumer banking services. Key offerings include deposit accounts, commercial and consumer lending, treasury and cash management, as well as online and mobile banking solutions designed to serve businesses, individuals and municipalities.

In addition to its core banking operations, UMB Financial delivers wealth management and trust services, investment advisory, asset management and retirement planning to high-net-worth individuals, families and institutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source