Umb Financial Corp (UMBF)

Price$144.04Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong profits already support a solid, but not cheap, valuation.

At the observed market level, UMB trades at about 11.8 times trailing reported earnings of roughly $12.17 per share. It also trades near 1.4 times second-quarter book value, shareholder equity per common share, and about 2.0 times tangible book value, which removes goodwill and other intangibles. Using 4% long-run growth and a 10%-11% required return, the market price needs roughly 12.4%-13.8% sustainable return on common equity, meaning profit earned on shareholder capital. Second-quarter reported return was 14.16%, leaving some cushion, but not enough to call the stock clearly cheap.

Big pictureThe Heartland deal expanded UMB dramatically, but heavy share issuance limited the gain for existing owners.

Heartland made UMB much larger, but the deal also diluted existing owners. Year-end shares outstanding rose from 48.8 million in 2024 to 76.0 million in 2025, a 55.6% increase, while diluted earnings per share rose only from $8.99 to $9.29. That changed in 2026: first-half diluted earnings reached $6.90 versus $4.16 a year earlier. Capital returns are improving too. The quarterly dividend rose 16.3% in July, and a two-million-share repurchase authorization could retire about 2.6% of shares, though actual second-quarter repurchases were just 38,158 shares.

Business strengthEarnings look durable because loan growth, credit quality, and regulatory capital all remain strong.

UMB's earnings base currently looks durable. First-half 2026 net income was $539.0 million, while second-quarter average loans grew 11.6% from a year earlier and net loan charge-offs were only 0.16% of average loans. The common equity Tier 1 ratio, a regulatory measure of loss-absorbing bank capital, reached 11.45%, above well-capitalized thresholds. Operating cash flow, cash generated by routine business activity, was about $1.03 billion in 2025 and $711 million in first-half 2026, but bank cash-flow statements swing with loans and deposits, making recurring earnings, credit losses, and regulatory capital better durability tests.

What could change the storyThe valuation improves if post-merger returns persist, but weakens if temporary income fades faster than expected.

The bull case strengthens if organic lending keeps growing while temporary merger benefits fade without hurting profitability. Second-quarter core lending margin improved four basis points, or 0.04 percentage point, after excluding purchase-accounting accretion, temporary merger-related interest income from acquired loans. That accretion fell to $35.9 million from $51.0 million. The bear case appears if deposit funding becomes materially more expensive or credit weakens; adjusted uninsured deposits were still 48.4% of deposits. A sustained return on common equity below roughly 12%-13% would make the valuation harder to defend, while staying near 14% would support upside.

AI: News

Strong second-quarter resultsSecond-quarter profits rose sharply as loan growth, stronger interest income, and better credit trends lifted results.

On July 28, UMB reported second-quarter common-shareholder net income of $271.8 million and diluted earnings of $3.56 per share, up 26.2% from a year earlier. Revenue increased 12.9%, net interest income rose 14.0%, average loans grew 11.6%, and nonperforming loans improved to 0.31% of total loans. The stock closed about 3% higher in the next session. That timing is consistent with a favorable reaction, but attribution is uncertain because UMB announced a dividend increase the same evening.

Dividend increaseUMB raised its common dividend sixteen percent, signaling confidence that stronger post-merger earnings can support higher payouts.

On July 28, the board raised the quarterly common dividend from $0.43 to $0.50 per share, a 16.3% increase, payable October 1. The higher payout matters because it returns more of the stronger post-merger earnings to owners while regulatory capital remained above well-capitalized thresholds. At the observed market level, the new annualized dividend represents only about a 1.4% yield, so this is more a confidence signal than a high-income thesis. Any immediate share-price reaction cannot be separated cleanly from the earnings release issued the same day.

First-quarter surge and buybackFirst-quarter earnings surged and a new buyback authorization offered a path to offset merger dilution.

On April 28, UMB reported first-quarter common-shareholder net income of $255.6 million and diluted earnings of $3.35 per share, more than triple the reported year-earlier amount. Revenue rose 31.1% and net interest income rose 34.4%, showing that the larger Heartland platform was beginning to translate into per-share earnings. The board also authorized repurchases of up to two million common shares. That authorization matters because it can offset some merger dilution, although second-quarter execution remained modest at 38,158 shares.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$2.65B	$1.63B	$1.46B	$1.47B	$1.28B	$1.29B	$1.10B	$1.01B	$982.5M	$897.8M	$782.7M	$848.7M	$825.1M	$778.2M	$731.3M	$671.0M	$613.2M	$587.8M
Operating expenses	$1.62B	$1.03B	$999.1M	$898.1M	$833.6M	$822.0M	$778.9M	$717.8M	$705.1M	$666.7M	$638.9M	$665.7M	$623.2M	$590.5M	$562.7M	$512.6M	$460.6M	$430.2M
Net income	$702.4M	$441.2M	$350.0M	$431.7M	$353.0M	$286.5M	$243.6M	$195.5M	$247.1M	$158.8M	$116.1M	$120.7M	$134.0M	$122.7M	$106.5M	$91.0M	$89.5M	$98.1M
Net profit margin	26.48%	27.09%	23.94%	29.41%	27.52%	22.19%	22.19%	19.32%	25.15%	17.69%	14.83%	14.22%	16.24%	15.77%	14.56%	13.56%	14.59%	16.68%
Basic EPSper basic share	$9.35	$9.05	$7.22	$8.93	$7.31	$5.95	$4.99	$3.97	$5.02	$3.25	$2.46	$2.69	$3.25	$3.07	$2.66	$2.27	$2.22	$2.41
Diluted EPSper diluted share	$9.29	$8.99	$7.18	$8.86	$7.24	$5.93	$4.96	$3.93	$4.96	$3.22	$2.44	$2.65	$3.20	$3.04	$2.64	$2.26	$2.20	$2.38

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.45%of listed shares

BlackRock, Inc.10.22M shares · Jun 30, 2026

View holders

Top 20 reported holders of UMBF
Holder	% owned
BlackRock, Inc.	13.45%10.22M shares
UMB Bank, n.a.	6.16%4.67M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.55%4.21M shares
STATE STREET CORP	5.44%4.13M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.12%3.13M shares
DIMENSIONAL FUND ADVISORS LP	3.99%3.03M shares
FMR LLC	3.52%2.67M shares
KEMPER J MARINER	≈3.37%2.56M shares
GEODE CAPITAL MANAGEMENT, LLC	2.72%2.06M shares
WELLINGTON MANAGEMENT GROUP LLP	2.22%1.69M shares
NEUBERGER BERMAN GROUP LLC	2.06%1.56M shares
ALLIANCEBERNSTEIN L.P.	1.71%1.3M shares
EARNEST PARTNERS LLC	1.64%1.24M shares
GOLDMAN SACHS GROUP INC	1.64%1.24M shares
Allspring Global Investments Holdings, LLC	1.51%1.15M shares
AMERICAN CENTURY COMPANIES INC	1.38%1.05M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.27%964.63K shares
CITADEL ADVISORS LLC	1.24%943.29K shares
MORGAN STANLEY	1.24%939.02K shares
NORTHERN TRUST CORP	1.22%926.89K shares

Percentages use 75.95M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys14$382.6K disclosed value

Sells (SEC code S)394$33.00M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 10, 2026Form 4	Gallagher Kevin CharlesDirector	SellCommon Stock	381	$132.88	$50.6K	12.2K
Jun 10, 2026Form 4	Wilson UmaExecutive Vice President	SellCommon Stock	922	$133.05	$122.7K	24.4K
Jun 9, 2026Form 4	Rine James DPresident	SellCommon Stock	1.1K	$133.22	$143.1K	61.4K
Jun 9, 2026Form 4	Rine James DPresident	SellCommon Stock	7.2K	$132.49	$950.2K	62.5K
Feb 3, 2026Form 4	Gallagher Kevin CharlesDirector	SellCommon Stock	388	$129.30	$50.2K	12.5K

Review ownership filings at SEC.gov ↗

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Umb Financial Corp (UMBF)

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