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Reporter Name | Kellerhals Patricia R |
Relationship | Senior Vice President |
Type | Sell |
Amount | $124,456 |
SEC Filing | Form 4 |
Patricia R Kellerhals, Senior Vice President at Commerce Bancshares, sold 2,000 shares of Common Stock on September 16, 2024, at a price of $62.228 per share, totaling $124,456. Following the transaction, Kellerhals directly owns 23,381 shares of the company.
SEC Filing: COMMERCE BANCSHARES INC /MO/ [ CBSH ] - Form 4 - Sep. 17, 2024
UMB Financial Corporation UMBF shares touched a 52-week high of $106.54 on Monday. The stock closed the session a little lower at $105.8, gaining 30.5% in the past three months.
The stock has outperformed the industry and its peers like Commerce Bancshares, Inc. CBSH and 1st Source Corporation SRCE in the same time frame.
Three-Month Price Performance Chart
Factors Leading to UMBF Stock's New 52-Week High
A major factor for this upward movement of UMBF stock can be attributed to the expansion of its CLO Trustee and Loan Administration division by adding a new management team, including Henry Brigham, Willis Hwang and David Knecht. These new hires are part of UMBF’s strategic initiative to enhance its position and expand customer offerings in the CLO market.
In addition to this, the Federal Reserve’s decision to begin a rate cut this week is likely have contributed to the surge. The expected rate cut will positively impact UMB Financial by supporting its NII and net interest margin (NIM) expansion.
UMB Financial’s NII witnessed a CAGR of 8.2% over the last four years (ended 2023), with the uptrend continuing in the first half of 2024. NIM expanded to 2.63% in 2022 from 2.50% in 2021. However, it declined in 2023 and the first half of 2024 due to high funding costs.
The interest rate cuts will lead to the stabilization of the deposit costs for UMBF. Also, as rates come down, the demand for loans will improve. This, in turn, will lead to an improvement in NII and NIM.
Does UMBF Have More Room to Run?
Improving Fee Income: The company offers a range of fee-based products and services that management believes are closely aligned with customer demands. Currently, there is an emphasis on areas, such as trust and securities processing, bankcard services, securities trading and brokerage, and cash and treasury management.
Management’s efforts to boost fee income are evident in the growth in non-interest income over the years. The metric witnessed a CAGR of 6.2% for the four-year period that ended in 2023, with the rising trend continuing in the first half of 2024. As of June 30, 2024, non-interest income represented 38.6% of total revenues, up from 36.5% in the same period of 2023.
The company's investment in revenue-producing capabilities is likely to support top-line growth. Going forward, diverse lines of business and verticals will keep aiding UMB Financial’s non-interest income growth.
Strong Liquidity & Capital Position: As of June 30, 2024, the company’s cash and interest-bearing due from banks totaled $5.1 billion, significantly exceeding its debt of $1.68 billion. This highlights a strong liquidity profile.
As of the same date, UMBF’s capital ratios were well above the regulatory requirements, with a Common Equity Tier 1 capital ratio and a total risk-based capital ratio of 11.14% and 13.08%, respectively.
The company also rewards its shareholders handsomely. The company has increased its dividend five times in the past five years, with a five-year annualized dividend growth of 6.42%. Similarly, CBSH has also increased in dividend eight times in the past five years, while SRCE has increased it seven times.
Given the strong liquidity and capital position, UMBF’s capital distribution activities seem sustainable.
UMB Financial Corporation Dividend Yield (TTM)
UMB Financial Corporation dividend-yield-ttm | UMB Financial Corporation Quote
Inorganic Growth Efforts: In April 2024, UMB Financial and Heartland Financial, USA entered into a definitive merger agreement for UMBF to acquire Heartland Financial in an all-stock transaction valued at around $2 billion.
Through this buyout, UMBF will further diversify its business, adding scale to its consumer and small business capabilities. Also, the deal will add California, Minnesota, New Mexico, Iowa and Wisconsin to UMB Financial’s existing footprint, thereby creating a presence in the Midwest and Southwest markets. It also strengthens the company’s presence in its existing markets.
This will result in UMB Financial having $64.5 billion in assets, increasing its retail deposit base by double and private wealth management’s assets under management/ assets under administration by 31% to $21.2 billion.
In 2023, UMB Bank N.A., a wholly-owned subsidiary of UMBF, agreed to acquire Hybarger & Associates, a firm with operations in Dallas, Houston and Kansas City. Along with increasing its footprint, this acquisition will also help enhance UMBF's expertise in interest rate risk analysis, budgeting, forecasting and other financial services. This will expand UMBF's capabilities, particularly in serving community banks.
These strategic moves position UMB Financial for significant growth and increased market influence in the coming years.
Favorable Estimate Revision Trends for UMBF
Over the past 60 days, the Zacks Consensus Estimate for 2024 and 2025 earnings per share has moved upward. This represents UMBF’s earnings are expected to grow 10.25% in 2024 and 2.23% in 2025.
This upward adjustment reflects a positive sentiment among analysts and suggests encouraging prospects.
Estimate Revision Trend
Final Thoughts on UMBF Stock
UMB Financial’s inorganic growth strategies, combined with a solid capital position, are expected to bolster its financial performance in the long run. Additionally, the Federal Reserve's rate cuts are anticipated to reduce funding costs and enhance its NII and NIM. Hence, it might have room left to run even higher.
Given the strong fundamentals and bright long-term prospects, UMBF stock is an attractive pick for investors now.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Investors interested in stocks from the Banks - Midwest sector have probably already heard of Huntington Bancshares (HBAN) and Commerce Bancshares (CBSH). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Currently, both Huntington Bancshares and Commerce Bancshares are holding a Zacks Rank of # 2 (Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one factor that value investors are interested in.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
HBAN currently has a forward P/E ratio of 12.25, while CBSH has a forward P/E of 15.74. We also note that HBAN has a PEG ratio of 2.98. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. CBSH currently has a PEG ratio of 10.29.
Another notable valuation metric for HBAN is its P/B ratio of 1.24. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, CBSH has a P/B of 2.55.
These are just a few of the metrics contributing to HBAN's Value grade of B and CBSH's Value grade of C.
Both HBAN and CBSH are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that HBAN is the superior value option right now.
Zacks Investment Research
Commerce Bancshares, Inc. CBSH is well-positioned for growth, given the decent loan demand, high interest rates and its balance sheet repositioning strategy. Moreover, solid liquidity and non-interest income growth will further support its financials.
Over the past week, the Zacks Consensus Estimate for both 2024 and 2025 earnings has moved marginally upward to $3.94 and $3.89, respectively. CBSH currently sports a Zacks Rank #1 (Strong Buy).
Year to date, shares of Commerce Bancshares have gained 16.2%, outperforming the industry’s growth of 9.2%.
What Makes the Stock Worth Betting on
Earnings Growth: Commerce Bancshares witnessed earnings growth of 8.9% over the past three to five years. This was driven by the company’s organic growth strategy, solid customer relationships and strong risk management.
Our projections for earnings indicate a 4.8%, 1% and 6% rise in 2024, 2025 and 2026, respectively.
Revenue Strength: Driven by growth in loan demand and fee income, Commerce Bancshares’ total revenues witnessed a compound annual growth rate of 3.5% over the last five years (2018-2023). The trend continued in the first half of 2024 as well. Organic growth measures and a high-interest-rate scenario are likely to support top-line expansion, though rising funding costs will weigh on it to some extent.
Further, its balance sheet repositioning strategy is likely to boost net interest income through the sale of debt securities and reinvesting the proceeds at higher yields.
Our estimates for total revenues indicate 3.6%, 1.4% and 1.9% growth in 2024, 2025 and 2026, respectively.
Strong Balance Sheet: As of Jun 30, 2024, CBSH’s total cash and cash equivalents (consisting of cash and due from banks and interest-earning deposits with banks) were $2.5 billion. Total debt (comprising other liabilities and other borrowings) was $580.4 million. Also, the company maintains investment grade ratings of A- and a stable outlook from Standard & Poor’s. Hence, a solid liquidity position allows the company to address its near-term obligations.
Impressive Capital Distributions: Commerce Bancshares’ capital distribution activities are encouraging. The company has been paying a 5% stock dividend over the past 25 years, with the most recent one announced in December 2023. The company has been consistently paying quarterly cash dividends and has a share repurchase plan in place. As of Jun 30, 2024, roughly 4.3 million shares remained available under the authorization.
Given its decent earnings strength and strong liquidity position, the company is expected to continue efficient capital distributions, thus enhancing shareholder value.
Superior Return on Equity : CBSH’s trailing 12-month ROE reflects its superiority in terms of utilizing shareholders’ funds. The company’s ROE of 16.5% compares favorably with 10.9% of the industry.
Other Bank Stocks to Consider
Some other top-ranked stocks from the banking space worth a look are 1st Source Corporation SRCE and Farmers National Banc Corp. FMNB, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for SRCE’s current-year earnings has moved 10.7% north over the past 30 days. Shares of the company have gained 17.1% in the past six months.
The Zacks Consensus Estimate for FMNB’s 2024 earnings has moved 3.8% upward in the past month. Over the past six months, shares of the company have risen 7.5%.
Zacks Investment Research
Reporter Name | Kellerhals Patricia R |
Relationship | Senior Vice President |
Type | Sell |
Amount | $91,230 |
SEC Filing | Form 4 |
Patricia R Kellerhals, Senior Vice President at Commerce Bancshares, sold 1,500 shares of common stock on August 12, 2024, at a price of $60.82 per share, totaling $91,230. Following the transaction, Kellerhals directly owns 25,381 shares of the company.
SEC Filing: COMMERCE BANCSHARES INC /MO/ [ CBSH ] - Form 4 - Aug. 14, 2024
Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. Has Interactive Brokers Group, Inc. been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Interactive Brokers Group, Inc. is one of 860 individual stocks in the Finance sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Interactive Brokers Group, Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for IBKR's full-year earnings has moved 3.3% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, IBKR has gained about 39.3% so far this year. Meanwhile, stocks in the Finance group have gained about 9.3% on average. This means that Interactive Brokers Group, Inc. is outperforming the sector as a whole this year.
Another stock in the Finance sector, Commerce Bancshares , has outperformed the sector so far this year. The stock's year-to-date return is 13.3%.
The consensus estimate for Commerce Bancshares' current year EPS has increased 11.9% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Interactive Brokers Group, Inc. is a member of the Financial - Investment Bank industry, which includes 16 individual companies and currently sits at #195 in the Zacks Industry Rank. On average, this group has gained an average of 9.4% so far this year, meaning that IBKR is performing better in terms of year-to-date returns.
Commerce Bancshares, however, belongs to the Banks - Midwest industry. Currently, this 29-stock industry is ranked #45. The industry has moved +6% so far this year.
Investors interested in the Finance sector may want to keep a close eye on Interactive Brokers Group, Inc. and Commerce Bancshares as they attempt to continue their solid performance.
Zacks Investment Research
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