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UMB Financial stock rallied 3% after strong Q2 results, up 47% for the year, as it has weathered the downturn in CRE loan quality exceptionally well. Deposit growth has been strong and despite higher deposit costs, its focus on institutional clients should generate further growth. Loan quality has been stellar, with low delinquencies and its conservative lending model blunting CRE risk, making UMB well-positioned for potential credit losses.
UMB Financial Corporation (NASDAQ:UMBF ) Q2 2024 Earnings Conference Call July 31, 2024 9:30 AM ET Company Participants Kay Gregory - Investor Relations Mariner Kemper - President & Chief Executive Officer Ram Shankar - Chief Financial Officer Jim Rine - Chief Executive Officer, UMB Bank Tom Terry - Chief Credit Officer Conference Call Participants Jared Shaw - Barclays Chris McGratty - KBW Nathan Race - Piper Sandler John Rodis - Janney Timur Braziler - Wells Fargo Operator Good morning. Thank you for attending today's UMB Financial Second Quarter 2024 Financial Results Call.
UMB Financial's (UMBF) second-quarter 2024 earnings benefit from a rise in loan and deposit balances, along with higher fee income. However, an increase in costs and provisions acts as headwinds.
The headline numbers for UMB (UMBF) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
UMB Financial (UMBF) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $1.96 per share. This compares to earnings of $1.93 per share a year ago.
UMB Financial (UMBF) is well-poised to gain from robust loan and deposit balance, higher interest rates and a solid balance sheet position.
UMB Financial's (UMBF) subsidiary, UMB Fund Services, is set to divest its broker-dealer distribution business to ACA Group.
UMB (UMBF) reported earnings 30 days ago. What's next for the stock?
UMB (UMBF) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
In the largest acquisition in UMB Finanical's (UMBF) history, the bank will acquire Heartland Financial, increase total assets by more than 40% and expand its geographic footprint.