Citi downgraded UMB Financial (UMBF) to Neutral from Buy, citing lower operational trends at Heartland Financial USA (HTLF), which UMBF acquired at the end of January 2025.

UMB Financial will close the acquisition of Heartland Financial USA. As a result, UMB’s asset size will increase to approximately $68 billion (based on assets as of Dec. 31, 2024), expanding its geographic footprint from eight to 13 states.

UMB Financial completes its largest acquisition, expanding into Minnesota and four other states, growing assets to $68B and enhancing wealth management.

Heartland Financial USA underperforms the banking industry in terms of the management of overhead expenses. Read what makes HTLF stock a Hold.

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