Congress Asset Management Co. Cuts Position in UMB Financial Co. (NASDAQ:UMBF)

Congress Asset Management Co. lessened its stake in UMB Financial Co. (NASDAQ:UMBF) by 1.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 124,114 shares of the bank’s stock after selling 1,490 shares during the quarter. Congress Asset Management Co. owned 0.17% of UMB Financial worth $12,548,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of UMB Financial by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 4,762,481 shares of the bank’s stock valued at $537,494,000 after purchasing an additional 48,507 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of UMB Financial by 5.3% in the 4th quarter. Wellington Management Group LLP now owns 2,021,285 shares of the bank’s stock valued at $228,122,000 after purchasing an additional 102,104 shares in the last quarter. Northern Trust Corp increased its holdings in shares of UMB Financial by 16.2% in the 4th quarter. Northern Trust Corp now owns 637,072 shares of the bank’s stock valued at $71,900,000 after purchasing an additional 88,705 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of UMB Financial by 17.5% in the 4th quarter. Captrust Financial Advisors now owns 461,031 shares of the bank’s stock valued at $52,032,000 after purchasing an additional 68,634 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in UMB Financial by 18.7% during the 4th quarter. Nuveen Asset Management LLC now owns 427,586 shares of the bank’s stock valued at $48,257,000 after acquiring an additional 67,480 shares in the last quarter. Hedge funds and other institutional investors own 87.78% of the company’s stock.

UMB Financial Price Performance

UMB Financial stock opened at $104.79 on Friday. UMB Financial Co. has a 12-month low of $78.91 and a 12-month high of $129.94. The stock has a market capitalization of $7.96 billion, a P/E ratio of 11.66 and a beta of 0.75. The firm’s 50-day moving average is $98.21 and its two-hundred day moving average is $108.35. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.75 and a quick ratio of 0.75.

UMB Financial (NASDAQ:UMBF) last released its quarterly earnings results on Tuesday, April 29th. The bank reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.37. UMB Financial had a net margin of 15.76% and a return on equity of 13.73%. The company had revenue of $563.84 million for the quarter, compared to analysts’ expectations of $555.79 million. During the same period last year, the company earned $2.47 EPS. The firm’s revenue for the quarter was up 41.4% compared to the same quarter last year. Equities analysts predict that UMB Financial Co. 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 Tuesday, July 1st. Shareholders of record on Tuesday, June 10th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $1.60 annualized dividend and a dividend yield of 1.53%. UMB Financial’s dividend payout ratio is currently 20.13%.

Insiders Place Their Bets

In related news, CEO J Mariner Kemper sold 5,412 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $101.81, for a total value of $550,995.72. Following the sale, the chief executive officer now directly owns 288,945 shares of the company’s stock, valued at approximately $29,417,490.45. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.45% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Morgan Stanley dropped their target price on shares of UMB Financial from $156.00 to $146.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Piper Sandler restated an “overweight” rating and set a $137.00 target price (up from $132.00) on shares of UMB Financial in a report on Friday, May 2nd. Wall Street Zen downgraded shares of UMB Financial from a “hold” rating to a “sell” rating in a report on Friday, May 2nd. Truist Financial assumed coverage on shares of UMB Financial in a report on Tuesday, May 13th. They set a “buy” rating and a $120.00 target price for the company. Finally, Royal Bank of Canada dropped their target price on shares of UMB Financial from $128.00 to $115.00 and set a “sector perform” rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $123.13.

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.