State of New Jersey Common Pension Fund D Has $2.03 Million Stake in UMB Financial Co. (NASDAQ:UMBF)

State of New Jersey Common Pension Fund D lessened its holdings in shares of UMB Financial Co. (NASDAQ:UMBF) by 19.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,322 shares of the bank’s stock after selling 4,605 shares during the period. State of New Jersey Common Pension Fund D’s holdings in UMB Financial were worth $2,031,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Crossmark Global Holdings Inc. acquired a new position in UMB Financial in the 3rd quarter valued at $362,000. Covestor Ltd raised its position in shares of UMB Financial by 31.0% in the 3rd quarter. Covestor Ltd now owns 431 shares of the bank’s stock valued at $45,000 after buying an additional 102 shares in the last quarter. Atria Investments Inc lifted its holdings in shares of UMB Financial by 49.1% during the 3rd quarter. Atria Investments Inc now owns 7,619 shares of the bank’s stock worth $801,000 after acquiring an additional 2,509 shares during the period. Assetmark Inc. boosted its position in shares of UMB Financial by 572.8% during the 3rd quarter. Assetmark Inc. now owns 3,162 shares of the bank’s stock worth $332,000 after acquiring an additional 2,692 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in UMB Financial by 403.7% in the third quarter. Principal Financial Group Inc. now owns 866,848 shares of the bank’s stock valued at $91,114,000 after acquiring an additional 694,751 shares during the last quarter. 87.78% of the stock is owned by institutional investors.

Insider Buying and Selling

In other UMB Financial news, CEO J Mariner Kemper sold 24,300 shares of UMB Financial stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $101.81, for a total value of $2,473,983.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,904 shares in the company, valued at approximately $162,988,036.24. The trade was a 1.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John Pauls sold 849 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $110.42, for a total value of $93,746.58. Following the completion of the transaction, the executive vice president now directly owns 6,483 shares in the company, valued at approximately $715,852.86. This trade represents a 11.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,449 shares of company stock valued at $5,724,799 over the last quarter. Insiders own 8.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup initiated coverage on UMB Financial in a report on Thursday, October 10th. They issued a “buy” rating and a $127.00 target price on the stock. Barclays lifted their target price on UMB Financial from $118.00 to $123.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Wells Fargo & Company raised their price target on shares of UMB Financial from $107.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Finally, Piper Sandler upped their price target on shares of UMB Financial from $102.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.00.

UMB Financial Stock Performance

Shares of UMB Financial stock opened at $121.49 on Friday. The stock has a market cap of $5.93 billion, a price-to-earnings ratio of 15.19 and a beta of 0.78. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.11. UMB Financial Co. has a twelve month low of $69.96 and a twelve month high of $128.73. The company’s fifty day moving average is $108.82 and its 200 day moving average is $95.84.

UMB Financial (NASDAQ:UMBF) last released its quarterly earnings results on Tuesday, October 29th. The bank reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.05. UMB Financial had a return on equity of 13.80% and a net margin of 14.44%. The firm had revenue of $716.44 million for the quarter, compared to analyst estimates of $398.83 million. During the same quarter in the previous year, the company posted $2.02 EPS. Sell-side analysts forecast that UMB Financial Co. will post 9.33 EPS for the current year.

UMB Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, December 10th. This is a boost from UMB Financial’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 1.32%. UMB Financial’s dividend payout ratio is 20.00%.

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.