In a report released today, Matt Olney from Stephens maintained a Buy rating on UMB Financial Corp (UMBF), with a price target of $74. The company’s shares opened today at $67.
Olney commented:
“We expect to get more details on the conference call (tomorrow morning at 8:30 CT). See below for +/-. KEY POINTS: Positive Takeaways. Fee income of $107 million was above consensus forecast of $99 million but we suspect the beat was driven by nonrecurring benefits. NII of $164 million was above our forecast of $159 million and driven by a larger balance sheet as loans grew 12% LQA (vs. consensus forecast of 5% LQA). UMBF’s deposit growth is seasonally challenged in 1Q (4 yr avg. of -10% LQ) but we’re encouraged that 1Q19 balances were relatively flat LQ. Negative Takeaways. NPLs increased $20 million LQ to $63 million or 50 bps of total loans. Additionally, NCOs were elevated (41 bps of avg. loans vs. consensus forecast of 30 bps) due to elevated losses in the factoring portfolio.”
According to TipRanks.com, Olney is a 2-star analyst with an average return of 0.0% and a 45.7% success rate. Olney covers the Financial sector, focusing on stocks such as Spirit Of Texas Bancshares Inc, Business First Bancshares Inc, and Hancock Whitney Corporation.
Currently, the analyst consensus on UMB Financial Corp is a Moderate Buy with an average price target of $72.50.
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Based on UMB Financial Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $25.45 million. In comparison, last year the company had a net profit of $56.79 million.
Based on the recent corporate insider activity of 134 insiders, corporate insider sentiment is neutral on the stock.
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UMB Financial Corp. operates as a financial holding company, which engages in the provision of bank and asset services. It operates through the Commercial Banking, Institutional Banking, Personal Banking, and Healthcare Services.
