KANSAS CITY—Tamara Peterman, a director at UMB Financial Corp (NASDAQ:UMBF), recently increased her stake in the company. According to a recent SEC filing, Peterman purchased 180.5586 shares of common stock on November 1st at a price of $109.29 per share. The total value of the transaction amounted to approximately $19,733.
Following this acquisition, Peterman now holds 7,615.9279 shares of UMB Financial Corp. This purchase was made as part of the company's dividend reinvestment plan, according to the filing.
In other recent news, UMB Financial has been in the spotlight with noteworthy developments. The company reported strong GAAP earnings of $109.6 million, or $2.23 per share, for the third quarter of 2024, with operating earnings standing at $2.25 per share. This robust performance was primarily driven by a record loan production of $1.4 billion and a near 10% annualized loan growth. Additionally, the bank witnessed significant growth in fee income, particularly within institutional services, with assets under administration now exceeding $0.5 trillion.
The acquisition of Heartland Financial (NASDAQ:HTLF) is on track to be finalized in early 2025, marking a significant merger in the company's recent history. In analyst news, Citi maintained its Buy rating on UMB Financial and raised the price target from $127.00 to $130.00, reflecting an optimistic view of the bank's future financial performance. This adjustment came despite a softer than expected spread revenue this quarter, with the potential for an improved net interest margin by the end of 2024 being promising.
Other company news includes a quarterly dividend increase to $0.40 per share, payable in January 2025. Furthermore, non-interest income saw a rise by 9.5% from the previous quarter to $158.7 million. These recent developments underscore UMB Financial's strong market positioning and growth strategy, as it continues to navigate the competitive financial landscape.
InvestingPro Insights
Tamara Peterman's recent purchase 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 a 31.9% return in the last six months. This upward momentum is reflected in the stock trading near its 52-week high, at 97.76% of that peak.
UMB Financial's commitment to shareholder value is evident in its dividend history. InvestingPro Tips reveal that the company has maintained dividend payments for 54 consecutive years and has raised its dividend for 32 consecutive years. This consistency is particularly noteworthy in the financial sector and may have influenced Peterman's decision to reinvest dividends.
The company's financial health appears robust, with a P/E ratio of 13.71, which is relatively modest for a firm with UMB's track record. Additionally, the company's revenue grew by 7.93% in the last twelve months, reaching $1.52 billion. These metrics suggest that UMB Financial is maintaining profitability while continuing to grow.
For investors seeking a deeper understanding of UMB Financial's potential, InvestingPro offers 11 additional tips beyond those mentioned here, providing a comprehensive analysis of the company's strengths and areas for consideration.
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