Oppenheimer Asset Management Reduces Stake in UMB Financial by 1.1%

Oppenheimer Asset Management Inc. has decreased its stake in UMB Financial Corporation (NASDAQ: UMBF) by 1.1% during the second quarter of 2023. According to the firm’s latest filing with the U.S. Securities and Exchange Commission (SEC), Oppenheimer now holds 42,694 shares of UMB Financial after selling 478 shares during the quarter. The total value of Oppenheimer’s holdings in UMB Financial stands at approximately $4.49 million.

Other notable institutional investors have also made adjustments to their positions in UMB Financial recently. Vanguard Group Inc. increased its stake by 54.0% in the first quarter, now owning 7,332,764 shares valued at $741.34 million. Additionally, Earnest Partners LLC acquired a new stake worth about $144.35 million during the same period.

Dimensional Fund Advisors LP reported a significant increase of 78.3% in its holdings, now owning 2,700,678 shares valued at approximately $273.03 million. Other investors, such as Nuveen LLC and Wellington Management Group LLP, have also expanded their investments in UMB Financial, indicating a strong interest among institutional players. Overall, hedge funds and institutional investors collectively own 87.78% of UMB Financial’s stock.

Analysts Raise Price Targets for UMB Financial

Recent research from various financial institutions has resulted in revised price targets for UMB Financial. Truist Financial raised its price objective from $130.00 to $144.00 and assigned a “buy” rating in a report dated September 8, 2023. Similarly, Morgan Stanley increased its target price from $120.00 to $154.00 with an “overweight” rating noted on September 29.

Barclays also set a target price of $155.00 and issued an “overweight” rating on October 8. Coverage of UMB Financial was initiated by Cowen and Hovde Group, both of which provided positive ratings. As of now, one analyst has rated the stock as a Strong Buy, nine as Buy, and three as Hold. The consensus rating stands at “Moderate Buy” with an average target price of $138.00, according to data from MarketBeat.com.

Insider Transactions and Stock Performance

In insider trading news, Phillip James Mason sold 750 shares of UMB Financial on August 25, 2023, for an average price of $120.97, totaling approximately $90,727.50. Following this transaction, he holds 8,815 shares valued at around $1.07 million. Similarly, insider Stacy H. King sold 1,500 shares on August 22 for an average price of $118.88, bringing in $178,320.00. These trades represent decreases of 7.84% and 13.67% in their respective holdings.

During the last quarter, insiders purchased 678 shares valued at approximately $75,948 while selling 20,845 shares worth $2.44 million. Insiders currently hold 5.45% of the company’s stock.

As for UMB Financial’s market performance, shares opened at $112.29 recently, reflecting a market capitalization of $8.53 billion. The company has a price-to-earnings ratio of 12.91 and a price-to-earnings-growth ratio of 1.15. The stock has shown a 12-month low of $82.00 and a 12-month high of $129.94.

UMB Financial is scheduled to release its quarterly earnings results on October 28, 2023. Analysts anticipate earnings per share (EPS) of $9.66 for the current fiscal year, following a reported EPS of $2.70 for the last quarter, which surpassed expectations of $2.48. The firm generated revenue of $678.34 million, exceeding the consensus estimate of $661.60 million, marking a year-over-year revenue growth of 67.0%.

UMB Financial Corporation operates as a bank holding company, providing a range of banking and asset servicing solutions in the United States and internationally. Its services include commercial loans, credit cards, and treasury management, among others.