Umpqua (UMPQ) Sees Large Volume Increase After Dividend Announcement
Umpqua Holdings Corporation (NASDAQ:UMPQ) shares saw strong trading volume on Friday following a dividend announcement from the company. 5,288,596 shares traded hands during mid-day trading, an increase of 247% from the previous session’s volume of 1,522,954 shares.The stock last traded at $21.07 and had previously closed at $20.48.
The newly announced dividend which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.42%. Umpqua’s dividend payout ratio is presently 67.92%.
A number of analysts have commented on the stock. SunTrust Banks reaffirmed a “buy” rating and set a $24.00 price objective on shares of Umpqua in a research note on Wednesday, November 29th. Keefe, Bruyette & Woods raised shares of Umpqua from a “market perform” rating to an “outperform” rating in a research note on Wednesday, November 8th. Barclays upped their price objective on shares of Umpqua from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, October 20th. Wells Fargo & Company upped their price objective on shares of Umpqua from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Friday, October 20th. Finally, Piper Jaffray Companies reaffirmed a “sell” rating and set a $16.50 price objective on shares of Umpqua in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $20.17.
Umpqua (NASDAQ:UMPQ) last posted its quarterly earnings results on Wednesday, October 18th. The bank reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The company had revenue of $295.87 million during the quarter, compared to analysts’ expectations of $297.51 million. Umpqua had a return on equity of 5.79% and a net margin of 19.04%. During the same period last year, the company earned $0.28 earnings per share. research analysts predict that Umpqua Holdings Corporation will post 1.03 EPS for the current fiscal year.
In other news, insider Raymond P. Davis sold 36,829 shares of the stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $20.60, for a total value of $758,677.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.52% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Teacher Retirement System of Texas lifted its position in shares of Umpqua by 1.5% in the second quarter. Teacher Retirement System of Texas now owns 17,684 shares of the bank’s stock worth $325,000 after purchasing an additional 261 shares in the last quarter. Amalgamated Bank lifted its position in shares of Umpqua by 1.3% in the second quarter. Amalgamated Bank now owns 31,429 shares of the bank’s stock worth $577,000 after purchasing an additional 390 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Umpqua by 2.4% in the second quarter. Advisor Group Inc. now owns 22,127 shares of the bank’s stock worth $387,000 after purchasing an additional 523 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Umpqua by 8.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,838 shares of the bank’s stock worth $144,000 after purchasing an additional 632 shares in the last quarter. Finally, QS Investors LLC lifted its position in shares of Umpqua by 1.7% in the second quarter. QS Investors LLC now owns 46,938 shares of the bank’s stock worth $862,000 after purchasing an additional 781 shares in the last quarter. 88.26% of the stock is owned by institutional investors and hedge funds.
Umpqua Company Profile
Umpqua Holdings Corporation is a bank holding company. The Company’s principal operating subsidiaries include Umpqua Bank (the Bank) and Umpqua Investments, Inc (Umpqua Investments). It operates through two segments: Community Banking and Home Lending. The Community Banking segment’s principal business focus is the offering of loan and deposit products to business and retail customers in its primary market areas.
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