Sterne Agee Raising Estimates On UMB Financial

According to Sterne Agee, UMB Financial UMBF 2011E EPS is raised slightly. Sterne Agee said that it met with the management of UMBF's personal wealth management and asset management businesses. “Both teams were optimistic about growth—in top-line and bottom-line—prospects going forward. Although many focus on UMBF's under-earning balance sheet ($13B; $10B deposits; $4.7B loans), wealth and asset management are outsized compared to peers, and represent a meaningful component of earnings growth and value, in our opinion. We are raising our 2011E EPS by $0.03 to $2.73.” UMB Financial closed yesterday at $41.63.