Retirement Systems of Alabama Boosts Stake in UMB Financial Corporation $UMBF

Retirement Systems of Alabama boosted its stake in shares of UMB Financial Corporation (NASDAQ:UMBF) by 5.3% in the second quarter, Holdings Channel reports. The institutional investor owned 87,224 shares of the bank’s stock after acquiring an additional 4,391 shares during the period. Retirement Systems of Alabama’s holdings in UMB Financial were worth $9,172,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Brooklyn Investment Group lifted its holdings in UMB Financial by 4,840.0% during the first quarter. Brooklyn Investment Group now owns 247 shares of the bank’s stock worth $25,000 after buying an additional 242 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of UMB Financial during the first quarter worth $27,000. McIlrath & Eck LLC acquired a new position in shares of UMB Financial during the first quarter worth $29,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of UMB Financial during the first quarter worth $35,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of UMB Financial by 143.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 362 shares of the bank’s stock worth $37,000 after purchasing an additional 213 shares in the last quarter. Hedge funds and other institutional investors own 87.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on UMBF. Wells Fargo & Company upped their price target on UMB Financial from $125.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $135.00 price target (down from $138.00) on shares of UMB Financial in a research report on Thursday. Morgan Stanley upped their price target on UMB Financial from $120.00 to $154.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Cowen began coverage on UMB Financial in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. Finally, Truist Financial upped their price target on UMB Financial from $130.00 to $144.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $137.20.

UMB Financial Price Performance

NASDAQ UMBF opened at $106.88 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.75 and a quick ratio of 0.77. The stock’s fifty day moving average price is $117.92 and its 200 day moving average price is $109.73. UMB Financial Corporation has a 1 year low of $82.00 and a 1 year high of $129.94. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.11 and a beta of 0.73.

UMB Financial (NASDAQ:UMBF) last released its earnings results on Tuesday, October 28th. The bank reported $2.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.22. UMB Financial had a return on equity of 12.15% and a net margin of 16.01%.The firm had revenue of $678.34 million for the quarter, compared to the consensus estimate of $661.60 million. During the same period in the prior year, the firm earned $2.25 EPS. The firm’s revenue was up 67.0% on a year-over-year basis. As a group, equities research analysts forecast that UMB Financial Corporation will post 9.66 earnings per share for the current year.

UMB Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Wednesday, December 10th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $1.72 annualized dividend and a yield of 1.6%. This is an increase from UMB Financial’s previous quarterly dividend of $0.40. UMB Financial’s payout ratio is 19.48%.

Insider Activity at UMB Financial

In other UMB Financial news, EVP Amy Harris sold 500 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $122.02, for a total transaction of $61,010.00. Following the sale, the executive vice president directly owned 7,285 shares of the company’s stock, valued at approximately $888,915.70. This trade represents a 6.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg M. Graves purchased 234 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were bought at an average cost of $120.44 per share, for a total transaction of $28,182.96. Following the completion of the transaction, the director directly owned 38,034 shares in the company, valued at $4,580,814.96. This trade represents a 0.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 20,845 shares of company stock worth $2,440,666 in the last three months. Company insiders own 5.45% of the company’s stock.

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.