Convergence Investment Partners LLC Invests $893,000 in UMB Financial Co. (NASDAQ:UMBF)

Convergence Investment Partners LLC acquired a new stake in UMB Financial Co. (NASDAQ:UMBF) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 10,708 shares of the bank’s stock, valued at approximately $893,000.

A number of other large investors have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund boosted its position in UMB Financial by 1.8% during the 4th quarter. New York State Common Retirement Fund now owns 18,085 shares of the bank’s stock worth $1,511,000 after acquiring an additional 323 shares during the last quarter. Atria Wealth Solutions Inc. boosted its stake in shares of UMB Financial by 58.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 5,438 shares of the bank’s stock worth $456,000 after buying an additional 1,996 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of UMB Financial by 1.6% during the 4th quarter. Russell Investments Group Ltd. now owns 29,449 shares of the bank’s stock worth $2,460,000 after buying an additional 456 shares during the last quarter. Retirement Systems of Alabama grew its holdings in shares of UMB Financial by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 54,704 shares of the bank’s stock valued at $4,571,000 after acquiring an additional 180 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of UMB Financial by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 526,747 shares of the bank’s stock valued at $44,010,000 after acquiring an additional 15,732 shares during the last quarter. Institutional investors own 87.78% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Piper Sandler upped their price objective on UMB Financial from $102.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Wells Fargo & Company upped their price objective on shares of UMB Financial from $90.00 to $107.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Barclays raised their price objective on shares of UMB Financial from $100.00 to $114.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods raised UMB Financial from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $93.00 to $98.00 in a report on Friday, May 31st. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, UMB Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.33.

UMB Financial Trading Up 0.7 %

Shares of NASDAQ:UMBF opened at $103.59 on Tuesday. The business’s 50 day simple moving average is $93.49 and its 200 day simple moving average is $85.97. The company has a market capitalization of $5.05 billion, a P/E ratio of 13.76 and a beta of 0.78. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.73 and a quick ratio of 0.73. UMB Financial Co. has a 1 year low of $57.91 and a 1 year high of $105.72.

UMB Financial (NASDAQ:UMBF) last released its earnings results on Tuesday, July 30th. The bank reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.15. The company had revenue of $390.03 million for the quarter, compared to analyst estimates of $384.96 million. UMB Financial had a return on equity of 14.23% and a net margin of 14.55%. UMB Financial’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.93 EPS. On average, research analysts anticipate that UMB Financial Co. will post 8.98 EPS for the current fiscal year.

UMB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 10th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Tuesday, September 10th. UMB Financial’s payout ratio is presently 20.72%.

Insider Activity

In related news, CEO J Mariner Kemper sold 8,450 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $83.33, for a total transaction of $704,138.50. Following the completion of the transaction, the chief executive officer now directly owns 1,681,904 shares in the company, valued at approximately $140,153,060.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other UMB Financial news, Director Tamara Peterman acquired 396 shares of the stock in a transaction dated Thursday, August 1st. The stock was purchased at an average cost of $99.56 per share, with a total value of $39,425.76. Following the transaction, the director now owns 7,407 shares in the company, valued at approximately $737,440.92. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO J Mariner Kemper sold 8,450 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $83.33, for a total value of $704,138.50. Following the transaction, the chief executive officer now owns 1,681,904 shares in the company, valued at $140,153,060.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,846 shares of company stock worth $2,622,939. 8.85% of the stock is currently owned by corporate insiders.

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.