Greg Graves, a director at UMB Financial Corp (NASDAQ:UMBF), recently acquired 257.6186 shares of the company's common stock. The transaction, dated November 1, 2024, was executed at a price of $109.29 per share, amounting to a total value of $28,155. Following this acquisition, Graves holds a total of 36,244.3806 shares, which includes those acquired through UMB Financial Corporation's dividend reinvestment plan.
In other recent news, UMB Financial has been experiencing promising developments. The company has reported strong Q3 2024 financial results, with GAAP earnings of $109.6 million, or $2.23 per share, and operating earnings of $2.25 per share. This performance was largely fueled by record loan production of $1.4 billion and nearly 10% annualized loan growth. Furthermore, UMB Financial saw robust growth in fee income, particularly in institutional services, with assets under administration now exceeding $0.5 trillion.
Another significant development is the planned acquisition of Heartland Financial (NASDAQ:HTLF), expected to be finalized in early 2025. UMB Financial also announced a quarterly dividend increase to $0.40 per share, payable in January 2025. Additionally, non-interest income saw a rise by 9.5% from the previous quarter to $158.7 million.
Citi has maintained its Buy rating on UMB Financial and raised its price target from $127.00 to $130.00, reflecting an optimistic view of the bank's future financial performance. The analyst from Citi highlighted the bank's credit quality and potential for improved net interest margin by the end of 2024. According to Citi's analysis, UMB Financial is expected to experience financial growth and stability, which is reflected in the increased price target.
InvestingPro Insights
Greg Graves' recent acquisition of UMB Financial Corp (NASDAQ:UMBF) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown strong performance, with a 58.64% total return over the past year and is currently trading near its 52-week high at 97.76% of that peak. This upward momentum is further supported by a robust 31.9% price return over the last six months.
InvestingPro Tips reveal that UMB Financial has maintained dividend payments for an impressive 54 consecutive years, with 32 years of consecutive dividend increases. This consistent dividend growth, coupled with a current dividend yield of 1.48%, underscores the company's commitment to shareholder returns. The stock's P/E ratio of 13.71 suggests a relatively attractive valuation, especially considering the company's profitability over the last twelve months.
It's worth noting that UMB Financial's revenue growth stands at 7.93% for the last twelve months, with a more pronounced 10.69% growth in the most recent quarter. The company's operating income margin of 37.47% indicates efficient operations, which may contribute to its ability to sustain dividend payments and attract insider purchases like Graves'.
For investors seeking a deeper understanding of UMB Financial's potential, InvestingPro offers 11 additional tips, providing a comprehensive analysis of the company's financial health and market position.
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