UMB Financial price target lowered to $135 from $137 at Piper Sandler

Piper Sandler analyst Nathan Race lowered the firm’s price target on UMB Financial (UMBF) to $135 from $137 and keeps an Overweight rating on the shares based on expected upside to estimates as greater cost synergies are likely to emerge tied to its recent HTLF acquisition as well as with UMBF’s superior and more macro resilient organic balance sheet growth prospects. Moreover, the firm believes continued superior growth in UMBF’s more diversified and higher multiple fee income businesses will likely be a driver for future price to earnings expansion.