UMB Financial Corp 's (NASDAQ:UMBF) Chairman and CEO, Mariner Kemper (NYSE:KMPR), has sold a portion of his stock in the company, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred on July 1, 2024, involved the sale of company shares at prices ranging from $83.26 to $83.37, totaling approximately $704,109.
The SEC filing detailed multiple transactions, showing that the shares were sold in varying quantities and at slightly different prices within the given range. Notably, these sales were executed indirectly by the RC Kemper Irrevocable Trust, as indicated in the ownership nature section of the report.
UMB Financial Corp, a financial services provider headquartered in Kansas City, Missouri, is known for its banking operations and other financial services. This move by one of its top executives might be of interest to investors and market watchers, as insider transactions can often provide insights into a company's internal perspective.
It should be noted that the reported sales were made pursuant to a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying and selling stocks at a time when they are not in possession of material non-public information. This plan was established on December 13, 2023, as mentioned in the footnotes of the document.
While the SEC filing provides transparency on these transactions, it does not necessarily indicate a change in the executive's outlook on the company's future performance. Investors often monitor such filings for patterns or significant changes in insider holdings as part of their due diligence process.
The filing did not include any purchases of stock, focusing solely on the sales made by the Chairman and CEO. As of the latest transactions, Mariner Kemper still holds a substantial number of shares in UMB Financial Corp, both directly and indirectly through various trusts and accounts.
In other recent news, ACA Group is set to acquire the broker-dealer distribution business from UMB Fund Services, a subsidiary of UMB Financial Corporation. The acquisition, which is expected to be finalized in the fourth quarter of 2024, will add over $48 billion in client assets to ACA's distribution division, ACA Foreside, and solidify its position as a leading third-party distributor. This marks ACA's sixth acquisition in three years, underscoring its aggressive expansion strategy.
In other recent developments, UMB Financial Corporation has announced its intent to acquire Heartland Financial USA (NASDAQ:HTLF). This strategic move, revealed during a recent earnings call, is expected to increase UMB's assets to nearly $65 billion and strengthen its market presence. The acquisition, which is subject to regulatory and shareholder approvals, is slated to close in the first quarter of 2025.
UMB Financial also reported strong first-quarter 2024 results, with GAAP earnings of $110.3 million and an operating earnings per share (EPS) of $2.47. These recent acquisitions by both ACA Group and UMB Financial Corporation highlight the companies' strategic growth and market expansion goals.
InvestingPro Insights
As investors digest the news of UMB Financial Corp's (NASDAQ:UMBF) CEO Mariner Kemper selling a portion of his stock, it's worth considering the broader financial health and performance metrics of the company. According to InvestingPro data, UMB Financial Corp boasts a market capitalization of $4.07 billion and a price-to-earnings (P/E) ratio of 10.98, which adjusts slightly to 11.09 when looking at the last twelve months as of Q1 2024. The company's revenue has shown growth over the last quarter, increasing by 11.48%, indicating a potentially positive outlook for future earnings.
Two InvestingPro Tips highlight the company's shareholder-friendly practices. UMB Financial has a high shareholder yield and has consistently raised its dividend for 31 consecutive years, demonstrating a commitment to returning value to investors. Moreover, the company has maintained dividend payments for a remarkable 54 consecutive years. These factors may reassure investors looking for stable returns, especially in light of the recent insider stock sales.
For those interested in a deeper analysis, InvestingPro offers additional insights into UMB Financial Corp's financials and performance. There are numerous tips available on the platform, which can provide valuable guidance for investors considering this stock. To access these insights and more, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at: https://www.investing.com/pro/UMBF.
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