Principal Financial Group Inc. Buys 694,751 Shares of UMB Financial Co. (NASDAQ:UMBF)

Principal Financial Group Inc. grew its position in UMB Financial Co. (NASDAQ:UMBF - Free Report) by 403.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 866,848 shares of the bank's stock after purchasing an additional 694,751 shares during the period. Principal Financial Group Inc. owned about 1.78% of UMB Financial worth $91,114,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Emerald Advisers LLC acquired a new position in UMB Financial in the third quarter worth approximately $12,867,000. Emerald Mutual Fund Advisers Trust bought a new stake in UMB Financial in the third quarter worth approximately $9,775,000. State of Alaska Department of Revenue increased its stake in shares of UMB Financial by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 5,066 shares of the bank's stock worth $532,000 after purchasing an additional 345 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in shares of UMB Financial by 1.4% during the 3rd quarter. GHP Investment Advisors Inc. now owns 44,716 shares of the bank's stock valued at $4,700,000 after purchasing an additional 611 shares in the last quarter. Finally, Greenleaf Trust acquired a new stake in shares of UMB Financial in the 3rd quarter valued at $233,000. 87.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

UMBF has been the topic of several analyst reports. Piper Sandler increased their target price on shares of UMB Financial from $102.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, August 1st. Barclays increased their price objective on UMB Financial from $118.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Citigroup started coverage on UMB Financial in a report on Thursday, October 10th. They issued a "buy" rating and a $127.00 target price for the company. Finally, Wells Fargo & Company increased their price target on UMB Financial from $107.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, October 31st. Two research 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 data from MarketBeat.com, UMB Financial currently has an average rating of "Moderate Buy" and an average target price of $115.00.

UMB Financial Stock Performance

Shares of NASDAQ UMBF traded up $0.43 during trading hours on Friday, hitting $122.11. 330,683 shares of the company's stock were exchanged, compared to its average volume of 366,181. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of 15.26 and a beta of 0.78. The company's 50-day moving average price is $106.62 and its 200-day moving average price is $94.47. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.76 and a quick ratio of 0.76. UMB Financial Co. has a 1-year low of $65.48 and a 1-year high of $125.98.

UMB Financial (NASDAQ:UMBF - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.05. UMB Financial had a return on equity of 13.80% and a net margin of 14.44%. The company had revenue of $716.44 million during the quarter, compared to analysts' expectations of $398.83 million. During the same period in the prior year, the business earned $2.02 earnings per share. On average, sell-side analysts expect that UMB Financial Co. will post 9.33 earnings per share for the current fiscal year.

UMB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.40 per share. This is an increase from UMB Financial's previous quarterly dividend of $0.39. The ex-dividend date is Tuesday, December 10th. This represents a $1.60 annualized dividend and a dividend yield of 1.31%. UMB Financial's payout ratio is presently 20.00%.

Insider Activity

In related news, CEO J Mariner Kemper sold 24,300 shares of UMB Financial stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $101.81, for a total transaction of $2,473,983.00. Following the sale, the chief executive officer now directly owns 1,600,904 shares of the company's stock, valued at $162,988,036.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO J Mariner Kemper sold 24,300 shares of the company's stock in a transaction 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 transaction, the chief executive officer now directly owns 1,600,904 shares in the company, valued at approximately $162,988,036.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Greg M. Graves purchased 258 shares of the firm's stock in a transaction on Friday, November 1st. The shares were acquired at an average price of $109.29 per share, for a total transaction of $28,196.82. Following the purchase, the director now directly owns 36,244 shares of the company's stock, valued at approximately $3,961,106.76. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 54,449 shares of company stock valued at $5,724,799. Insiders own 8.85% of the company's stock.

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.