UMB Financial price target raised to $137 from $124 at Piper Sandler

Piper Sandler raised the firm’s price target on UMB Financial (UMBF) to $137 from $124 and keeps an Overweight rating on the shares. Following strong Q3 results with 2% PPNR upside driven by UMB’s higher multiple/less capital intensive fee businesses, the firm remains bullish with additional outperformance expected. Apart from likely continued above average operating leverage in Q4, Piper believes UMB’s pending and progressing-as-planned Heartland Financial (HTLF) acquisition will provide additional company-specific catalysts next year.