Raymond James analyst David Long lowered his rating for UMB Financial (UMBF) of Kansas City, Mo., to "Underperform" from "Market Perform," while lowering his 2012 EPS estimate to $2.72 from $2.76, and his 2013 EPS estimate to $2.93 from $2.98.
UMB's shares closed at $44.49 Tuesday, returning 20% year-to-date, after an 8% decline during 2011. The shares trade for twice their tangible book value, and for 14 times the consensus 2013 earnings estimate of $3.15. The consensus 2012 EPS estimate is $3.24.
Long cut his rating for the shares after they "substantially outperformed its peers over the last three months," adding that "we believe revenue expectations are too high for the second half of 2012 given pressure on its NIM and trust and securities processing fees."Interested in more on UMB Financial? See TheStreet Ratings' report card for this stock.