UPDATE: Sterne Agee Lowers PT on UMB Financial To $46

Sterne Agee has published a research report on UMB Financial UMBF and has lowered the price target from $50 to $46. In the report, Sterne Agee writes, "For most of the 13 years we have covered UMBF, its returns have been below those of high quality peers. Going forward we expect better results, and would note that UMBF's operating ROE improved to 9.8% (ROTE: 12.8%) in 2Q11 versus 8.5% in 2Q10 and 7.2% in 2Q09 despite suffering 31 bp and 44 bp of margin pressure over the past one- and two-year periods, respectively." Sterne Agee maintains its Buy rating on UMB Financial, which closed Friday at $36.87.