Texas Permanent School Fund Buys 294 Shares of UMB Financial Corporation (UMBF)
Texas Permanent School Fund increased its stake in UMB Financial Corporation (NASDAQ:UMBF) by 0.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,029 shares of the bank’s stock after buying an additional 294 shares during the period. Texas Permanent School Fund’s holdings in UMB Financial Corporation were worth $2,398,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Tyers Asset Management LLC boosted its position in shares of 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 in the last quarter. Invictus RG bought a new position in shares of UMB Financial Corporation during the first quarter valued at $111,000. PNC Financial Services Group Inc. boosted its position in shares of 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 in the last quarter. Elkfork Partners LLC boosted its position in shares of 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 in the last quarter. Finally, Meadow Creek Investment Management LLC boosted its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.
UMB Financial Corporation (UMBF) opened at 69.12 on Thursday. UMB Financial Corporation has a 12-month low of $56.29 and a 12-month high of $81.55. The company has a 50-day moving average price of $72.76 and a 200-day moving average price of $74.40. The firm has a market capitalization of $3.41 billion, a PE ratio of 19.97 and a beta of 0.86.
UMB Financial Corporation (NASDAQ:UMBF) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.90 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.92 by $0.02. The company had revenue of $247.70 million during the quarter, compared to analyst estimates of $261.84 million. UMB Financial Corporation had a net margin of 16.59% and a return on equity of 8.81%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.76 EPS. On average, analysts predict that UMB Financial Corporation will post $3.65 earnings per share for the current year.
UMB Financial Corporation declared that its Board of Directors has authorized a share buyback plan on Tuesday, April 25th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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Several brokerages have recently weighed in on UMBF. BidaskClub cut UMB Financial Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. FBR & Co upped their price objective on UMB Financial Corporation from $80.00 to $82.00 and gave the company a “mkt perform” rating in a report on Thursday, April 27th. Zacks Investment Research upgraded UMB Financial Corporation from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a report on Wednesday, June 28th. Finally, Stephens reiterated a “hold” rating on shares of UMB Financial Corporation in a report 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’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $78.20.
In related news, Director Timothy R. Murphy purchased 2,000 shares of the firm’s stock in a transaction on Friday, May 19th. The shares were bought at an average price of $70.53 per share, for a total transaction of $141,060.00. Following the acquisition, the director now directly owns 2,549 shares in the company, valued at $179,780.97. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman J Mariner Kemper sold 21,600 shares of UMB Financial Corporation stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $75.17, for a total transaction of $1,623,672.00. Following the completion of the transaction, the chairman now owns 186,373 shares in the company, valued at approximately $14,009,658.41. The disclosure for this sale can be found here. In the last quarter, insiders acquired 2,300 shares of company stock worth $162,044 and sold 27,225 shares worth $2,043,235. 10.09% of the stock is 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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