Steele Capital Management Inc. Makes New Investment in UMB Financial Corporation $UMBF

Steele Capital Management Inc. bought a new position in shares of UMB Financial Corporation (NASDAQ:UMBF) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 12,363 shares of the bank’s stock, valued at approximately $1,468,000.

A number of other hedge funds have also modified their holdings of UMBF. Truist Financial Corp boosted its position in UMB Financial by 0.5% during the second quarter. Truist Financial Corp now owns 20,426 shares of the bank’s stock worth $2,148,000 after acquiring an additional 97 shares during the last quarter. OLD National Bancorp IN lifted its stake in UMB Financial by 0.4% in the 2nd quarter. OLD National Bancorp IN now owns 22,834 shares of the bank’s stock worth $2,401,000 after purchasing an additional 100 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in UMB Financial by 1.7% in the 2nd quarter. SummerHaven Investment Management LLC now owns 9,298 shares of the bank’s stock worth $978,000 after purchasing an additional 153 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of UMB Financial by 3.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,931 shares of the bank’s stock worth $624,000 after purchasing an additional 170 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of UMB Financial by 219.2% in the third quarter. Farther Finance Advisors LLC now owns 249 shares of the bank’s stock valued at $29,000 after purchasing an additional 171 shares in the last quarter. 87.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other UMB Financial news, insider Nikki Farentino Newton sold 1,300 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $106.09, for a total value of $137,917.00. Following the sale, the insider directly owned 13,667 shares of the company’s stock, valued at approximately $1,449,932.03. This represents a 8.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Greg M. Graves acquired 264 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were purchased at an average cost of $106.41 per share, with a total value of $28,092.24. Following the completion of the transaction, the director owned 38,411 shares in the company, valued at approximately $4,087,314.51. The trade was a 0.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 17,127 shares of company stock worth $1,949,594 in the last quarter. Company insiders own 5.45% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays set a $155.00 price objective on UMB Financial and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $135.00 target price (down from $138.00) on shares of UMB Financial in a research note on Thursday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $145.00 price target (down previously from $148.00) on shares of UMB Financial in a report on Thursday, October 30th. Wells Fargo & Company boosted their price target on shares of UMB Financial from $125.00 to $130.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Finally, TD Cowen cut their price objective on shares of UMB Financial from $149.00 to $142.00 and set a “buy” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $136.50.

UMB Financial Stock Down 1.2%

Shares of NASDAQ:UMBF opened at $121.54 on Friday. The business has a 50-day moving average price of $113.96 and a 200 day moving average price of $113.82. UMB Financial Corporation has a 12-month low of $82.00 and a 12-month high of $126.14. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.00 and a beta of 0.78.

UMB Financial (NASDAQ:UMBF) last announced its quarterly earnings results on Tuesday, October 28th. The bank reported $2.70 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.22. UMB Financial had a net margin of 16.01% and a return on equity of 12.15%. The business had revenue of $678.34 million during the quarter, compared to analysts’ expectations of $661.60 million. During the same period last year, the business earned $2.25 earnings per share. The business’s revenue for the quarter was up 67.0% on a year-over-year basis. Sell-side analysts expect that UMB Financial Corporation will post 9.66 EPS for the current year.

UMB Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Wednesday, December 10th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Wednesday, December 10th. This is a positive change from UMB Financial’s previous quarterly dividend of $0.40. UMB Financial’s payout ratio is presently 19.48%.

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.