UMB Financial Corporation Announces $0.32 Quarterly Cash Dividend and Common Share Repurchase Authorization

Rhea-AI Summary

UMB Financial Corporation (Nasdaq: UMBF) announced a quarterly cash dividend of $0.32 per share, set for payment on July 1, 2021. Shareholders of record must hold their shares by the close of business on June 10, 2021. In addition, the Board approved a new share repurchase program allowing the buyback of up to 2,000,000 shares of common stock. This program will remain active until the regular Board meeting following the 2022 annual shareholder meeting, with shares potentially used for compensation plans and dividend reinvestment.

Positive

• Declaration of a quarterly dividend of $0.32 enhances shareholder value.
• Approval of a $2,000,000 share buyback program indicates confidence in the company's financial health.

Negative

• None.

During a meeting of the Board of Directors (the “Board”) of UMB Financial Corporation (Nasdaq: UMBF) held today, the Board declared a $0.32 per share quarterly cash dividend, payable on July 1, 2021 to the company’s shareholders of record on the close of business on June 10, 2021.

As in prior years, the Board has approved the repurchase of up to 2,000,000 shares of the company’s common stock. Share repurchases may occur from time to time at any point until the regular meeting of the Board that immediately follows the 2022 annual meeting of the company’s shareholders. Shares acquired under the repurchase program may be available for reissuance or resale, including in connection with the company's compensation plans and dividend reinvestment plan. Under the repurchase program, the company may acquire the shares from time to time in open market or privately negotiated transactions, at the discretion of management.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB’s operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005187/en/

FAQ

What is the dividend amount declared by UMB Financial Corporation?

UMB Financial Corporation declared a quarterly cash dividend of $0.32 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on July 1, 2021, to shareholders of record as of June 10, 2021.

What is the purpose of the share repurchase program announced by UMBF?

The share repurchase program is intended to enhance shareholder value and may involve shares for compensation plans and dividend reinvestment.

How many shares can UMB Financial Corporation repurchase under the new program?

UMB Financial Corporation has approved the repurchase of up to 2,000,000 shares of its common stock.

When does the share repurchase program end?

The share repurchase program will remain in effect until the regular meeting of the Board following the 2022 annual shareholder meeting.