JPMorgan Sees 25% Upside Potential in This American Financial Services Company

JP Morgan analyst Anthony Elian initiated coverage on UMB Financial Corporation (NASDAQ: UMBF ) with a Overweight rating and announced price forecast of $180. The analyst notes that the company has UMB has grown into a top-25 U.S. bank with $72 billion in assets and ~200 branches across the Midwest, Southwest and West. Its diversified platform spans commercial and consumer banking, private wealth and institutional banking, complemented by growing fee-based businesses. The analyst says that UMB’s diversified model is complemented by a strong traditional banking franchise. Elian expects normalized loan and deposit growth in the high-single-digit range, above the industry’s mid-single-digit average. Its loan-to-deposit ratio was approximately 70% in the second quarter versus about ...