BlackRock Increases Stake in UMB Financial

By Brian Browdie February 05, 2013, 2:35 p.m. EST 1 Min Read

Community banking

Expenses Hurt 4Q Earnings at UMB

Higher costs weighed on UMB Financial (UMBF) in Kansas City, Mo., in the fourth quarter. Earnings at the $14.9 billion-asset company fell 9.4% from a year earlier, to $21.1 million.

By Brian Browdie

January 23

BlackRock (BLK) has increased its stake in UMB Financial (UMBF) in Kansas City, Mo.

The nation's biggest asset manager now owns roughly 6% of the outstanding stock in UMB, the companies disclosed in Tuesday filings with the Securities and Exchange Commission.

BlackRock owns 2.4 million shares in the $14.9 billion-asset banking company, compared to 1.5 million shares at the end of the third quarter.

The move makes BlackRock, which had $3.7 trillion in assets under management at the end of 2012, one of UMB's top shareholders.

A UMB spokeswoman declined to comment on the investment, which was first reported by the Kansas City Business Journal. A BlackRock spokeswoman did not respond immediately to a request for comment.

UMB's quarterly earnings rose 15.3% in 2012 from a year earlier, to $122.7 million, although expenses were an issue for the company.

Brian Browdie

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