KANSAS CITY, MO—On November 6, 2024, James D. Rine, President of UMB Financial Corp (NASDAQ:UMBF), executed a series of transactions involving the sale of company common stock. According to a recent SEC filing, Rine sold shares totaling approximately $764,980. The transactions were conducted at prices ranging from $122.14 to $122.62 per share.
Following these sales, Rine's direct ownership of UMB Financial Corp stock now stands at 38,662 shares. Additionally, he holds an indirect interest in 1,421 shares through an Employee Stock Ownership Plan (ESOP).
These transactions reflect routine portfolio management by a senior executive at UMB Financial, a national commercial bank headquartered in Kansas City, Missouri.
In other recent news, UMB Financial has reported robust financial results for the third quarter of 2024, with GAAP earnings of $109.6 million, or $2.23 per share, and operating earnings of $2.25 per share. This performance was primarily driven by a record loan production of $1.4 billion and nearly 10% annualized loan growth. The company has also announced the acquisition of Heartland Financial (NASDAQ:HTLF), which is expected to be finalized in early 2025.
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 revised price target is mainly attributed to the bank's enhanced growth prospects and stable credit trends.
These are recent developments that also include a quarterly dividend increase to $0.40 per share, payable in January 2025. In addition, there has been a rise in non-interest income by 9.5% from the previous quarter to $158.7 million. As part of their future expectations, UMB Financial's management foresees double-digit organic loan growth in 2025 and approximately $9.5 billion in organic deposit growth, driven by institutional and commercial clients.
InvestingPro Insights
As James D. Rine adjusts his portfolio, UMB Financial Corp (NASDAQ:UMBF) continues to demonstrate strong performance in the financial sector. According to InvestingPro data, the company boasts a market capitalization of $6.11 billion and a price-to-earnings ratio of 15.6, suggesting a relatively attractive valuation compared to its peers.
UMB Financial's commitment to shareholder value is evident in its dividend history. InvestingPro Tips highlight that the company has raised its dividend for an impressive 32 consecutive years and has maintained dividend payments for 54 consecutive years. This consistent dividend growth, coupled with a current dividend yield of 1.44%, underscores the company's financial stability and commitment to returning value to shareholders.
The stock's recent performance has been particularly noteworthy. UMB Financial has seen a strong return over the last three months, with a price total return of 20.92%. Even more impressive is the one-year price total return of 65.49%, indicating significant investor confidence in the company's prospects.
These metrics align with the insider selling activity, as executives often manage their personal portfolios when stocks are performing well. It's worth noting that UMB Financial is trading near its 52-week high, with its current price at 99.61% of the 52-week peak.
For investors seeking a deeper understanding of UMB Financial's potential, InvestingPro offers 11 additional tips that could provide valuable insights into the company's future performance and investment potential.
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