Wolverine Asset Management LLC Makes New $2.40 Million Investment in UMB Financial Corporation (NASDAQ:UMBF)

Key Points

• Wolverine Asset Management LLC acquired 23,757 shares of UMB Financial Corporation, valued at approximately $2.4 million, in the first quarter of 2023.
• UMB Financial reported earnings of $2.96 per share, exceeding analysts' expectations, with a 76.7% increase in quarterly revenue compared to the previous year.
• The company announced a quarterly dividend of $0.40 per share, with a dividend yield of 1.5%, to be paid on October 1st.

Wolverine Asset Management LLC bought a new stake in shares of UMB Financial Corporation (NASDAQ:UMBF - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 23,757 shares of the bank's stock, valued at approximately $2,402,000.

Other large investors also recently modified their holdings of the company. SummerHaven Investment Management LLC grew its stake in UMB Financial by 1.4% in the first quarter. SummerHaven Investment Management LLC now owns 9,145 shares of the bank's stock worth $925,000 after purchasing an additional 122 shares in the last quarter. Covestor Ltd grew its stake in UMB Financial by 28.8% in the fourth quarter. Covestor Ltd now owns 555 shares of the bank's stock worth $63,000 after purchasing an additional 124 shares in the last quarter. EP Wealth Advisors LLC grew its stake in UMB Financial by 5.8% in the fourth quarter. EP Wealth Advisors LLC now owns 2,361 shares of the bank's stock worth $266,000 after purchasing an additional 130 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in UMB Financial by 4.1% in the first quarter. Crossmark Global Holdings Inc. now owns 3,784 shares of the bank's stock worth $383,000 after purchasing an additional 150 shares in the last quarter. Finally, Heritage Family Offices LLP grew its stake in UMB Financial by 7.6% in the first quarter. Heritage Family Offices LLP now owns 2,215 shares of the bank's stock worth $224,000 after purchasing an additional 156 shares in the last quarter. 87.78% of the stock is currently owned by institutional investors and hedge funds.

UMB Financial Stock Performance

Shares of UMBF traded up $1.59 during mid-day trading on Wednesday, reaching $116.14. 242,090 shares of the company's stock traded hands, compared to its average volume of 663,160. The business's 50-day moving average price is $105.78 and its 200-day moving average price is $103.53. The stock has a market capitalization of $8.82 billion, a P/E ratio of 13.34, a price-to-earnings-growth ratio of 1.25 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.77 and a current ratio of 0.77. UMB Financial Corporation has a 12 month low of $82.00 and a 12 month high of $129.94.

UMB Financial (NASDAQ:UMBF - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The bank reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.61. UMB Financial had a net margin of 15.42% and a return on equity of 12.27%. The firm had revenue of $689.21 million for the quarter, compared to analyst estimates of $638.25 million. During the same quarter in the previous year, the business posted $2.16 earnings per share. The firm's quarterly revenue was up 76.7% compared to the same quarter last year. Equities 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 disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, September 10th. UMB Financial's payout ratio is presently 18.39%.

Insider Activity at UMB Financial

In related news, Director Greg M. Graves purchased 261 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $107.58 per share, for a total transaction of $28,078.38. Following the acquisition, the director directly owned 37,800 shares in the company, valued at approximately $4,066,524. The trade was a 0.70% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO J Mariner Kemper sold 5,412 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $101.81, for a total transaction of $550,995.72. Following the transaction, the chief executive officer owned 288,945 shares in the company, valued at approximately $29,417,490.45. This represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.45% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on UMBF shares. Piper Sandler lifted their target price on UMB Financial from $135.00 to $148.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Barclays lifted their target price on UMB Financial from $140.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Truist Financial lifted their target price on UMB Financial from $120.00 to $128.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Bank of America started coverage on UMB Financial in a research note on Wednesday, April 16th. They issued a "buy" rating and a $105.00 target price for the company. Finally, Wall Street Zen downgraded UMB Financial from a "hold" rating to a "sell" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, UMB Financial currently has an average rating of "Moderate Buy" and a consensus price target of $132.11.

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.