Municipal Employees Retirement System of Michigan Lowers Stake in UMB Financial Corporation (NASDAQ:UMBF)
Municipal Employees Retirement System of Michigan reduced its stake in UMB Financial Corporation (NASDAQ:UMBF) by 16.2% during the second quarter, Holdings Channel reports. The firm owned 16,930 shares of the bank’s stock after selling 3,280 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in UMB Financial Corporation were worth $1,267,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of UMBF. Tyers Asset Management LLC increased its position in UMB Financial Corporation by 11.1% in the first quarter. Tyers Asset Management LLC now owns 1,440 shares of the bank’s stock valued at $108,000 after buying an additional 144 shares during the period. Invictus RG acquired a new position in UMB Financial Corporation during the first quarter valued at approximately $111,000. PNC Financial Services Group Inc. increased its position in UMB Financial Corporation by 21.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,890 shares of the bank’s stock valued at $143,000 after buying an additional 330 shares during the period. Elkfork Partners LLC increased its position in UMB Financial Corporation by 11.1% in the first quarter. Elkfork Partners LLC now owns 1,980 shares of the bank’s stock valued at $149,000 after buying an additional 198 shares during the period. Finally, Meadow Creek Investment Management LLC increased its position in UMB Financial Corporation by 11.1% in the first quarter. Meadow Creek Investment Management LLC now owns 2,520 shares of the bank’s stock valued at $190,000 after buying an additional 252 shares during the period. Institutional investors and hedge funds own 81.99% of the company’s stock.
UMB Financial Corporation (NASDAQ:UMBF) opened at 70.06 on Wednesday. The company’s 50 day moving average is $73.07 and its 200-day moving average is $74.45. The firm has a market cap of $3.45 billion, a P/E ratio of 20.24 and a beta of 0.86. UMB Financial Corporation has a 52 week low of $56.29 and a 52 week high of $81.55.
UMB Financial Corporation (NASDAQ:UMBF) last issued its earnings results on Tuesday, July 25th. The bank reported $0.90 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by $0.02. The business had revenue of $247.70 million during the quarter, compared to analysts’ expectations of $261.84 million. UMB Financial Corporation had a net margin of 16.59% and a return on equity of 8.81%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.76 EPS. Equities analysts expect that UMB Financial Corporation will post $3.65 earnings per share for the current year.
UMB Financial Corporation announced that its board has authorized a share buyback plan on Tuesday, April 25th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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Several equities analysts have commented on the stock. BidaskClub downgraded shares of UMB Financial Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. FBR & Co boosted their price target on shares of UMB Financial Corporation from $80.00 to $82.00 and gave the stock a “mkt perform” rating in a research note on Thursday, April 27th. Zacks Investment Research upgraded shares of UMB Financial Corporation from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research note on Wednesday, June 28th. Finally, Stephens restated a “hold” rating on shares of UMB Financial Corporation in a research note on Thursday, April 20th. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $78.20.
In other news, Director Timothy R. Murphy purchased 2,000 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was acquired at an average cost of $70.53 per share, with a total value of $141,060.00. Following the acquisition, the director now owns 2,549 shares in the company, valued at $179,780.97. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Michael D. Hagedorn sold 3,125 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $74.54, for a total transaction of $232,937.50. Following the sale, the insider now directly owns 66,743 shares of the company’s stock, valued at $4,975,023.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 2,300 shares of company stock valued at $162,044 and have sold 27,225 shares valued at $2,043,235. 10.09% of the stock is currently owned by company insiders.
About UMB Financial Corporation
UMB Financial Corporation is a diversified financial holding company. The Company supplies banking services, institutional investment management, asset servicing and payment solutions to its customers in the United States and around the globe. The Company’s segments include Bank, which provides a range of banking services to commercial, retail, government and correspondent bank customers through the Company’s branches, call center, Internet banking and automated teller machine network; Institutional Investment Management, which provides equity and fixed income investment strategies in the intermediary and institutional markets, and Asset Servicing, which provides services to the asset management industry, supporting a range of investment products, including mutual funds, alternative investments and managed accounts.
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