UMB Financial Corp (UMBF) saw its stock price plummet by 5.05% during Monday's intraday trading session. The sharp decline came after Citigroup downgraded the financial services company to a "Neutral" rating from a previous "Buy" recommendation.
In addition to the rating downgrade, Citigroup also lowered its price target on UMBF shares to $127, down from the previous $130 target. While UMB Financial had reported strong recent earnings, the analyst firm cited concerns that likely prompted the downgrade and reduced price outlook.
Despite the negative news, UMB Financial still maintains an average "Overweight" rating among analysts polled by FactSet, with a consensus mean price target of $138.78. However, the Citigroup downgrade and lowered price target appear to have spooked investors, leading to the sell-off in UMBF shares on Monday.
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