Piper Sandler raised the firm’s price target on UMB Financial (UMBF) to $143 from $142 and keeps an Overweight rating on the shares. The firm cites additional outperformance expected given legacy UMB’s superior PPNR growth outlook in the current rate environment. Piper also anticipates the soon-to-close and progressing-as-planned Heartland Financial (HTLF) acquisition will result in consistently superior through-cycle profitability via the added scale, a likely conservative 27.5% cost saves target and with the addition of Heartland Financial’s high-quality, relatively lower-cost deposit base.
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