Umpqua (UMPQ) Lowered to Sell at Zacks Investment Research
Umpqua (NASDAQ:UMPQ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
According to Zacks, “UMPQUA HOLDINGS is a financial holding company. Through its subsidiaries, the company engages primarily in the business of commercial and retail banking and the delivery of retail brokerage services. “
Several other equities analysts have also weighed in on UMPQ. Barclays lifted their price target on Umpqua from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, October 20th. SunTrust Banks reiterated a “buy” rating and set a $24.00 price objective on shares of Umpqua in a research note on Wednesday, November 29th. ValuEngine upgraded Umpqua from a “hold” rating to a “buy” rating in a research note on Monday, September 18th. Piper Jaffray Companies reiterated a “sell” rating and set a $16.50 price objective on shares of Umpqua in a research note on Wednesday, October 4th. Finally, Keefe, Bruyette & Woods upgraded Umpqua from a “market perform” rating to an “outperform” rating in a research note on Wednesday, November 8th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $20.17.
Umpqua (NASDAQ:UMPQ) last announced its quarterly earnings results on Wednesday, October 18th. The bank reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). Umpqua had a net margin of 19.04% and a return on equity of 5.79%. The business had revenue of $295.87 million during the quarter, compared to analysts’ expectations of $297.51 million. During the same quarter in the prior year, the firm earned $0.28 EPS. research analysts forecast that Umpqua will post 1.03 earnings per share for the current year.
In other Umpqua news, insider Raymond P. Davis sold 36,829 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $20.60, for a total transaction 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 currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Umpqua by 1.1% in the second quarter. Vanguard Group Inc. now owns 18,972,548 shares of the bank’s stock valued at $348,335,000 after purchasing an additional 205,163 shares in the last quarter. Capital World Investors grew its position in shares of Umpqua by 6.6% in the second quarter. Capital World Investors now owns 15,273,300 shares of the bank’s stock valued at $280,418,000 after purchasing an additional 944,594 shares in the last quarter. Atlanta Capital Management Co. L L C grew its position in shares of Umpqua by 12.8% in the second quarter. Atlanta Capital Management Co. L L C now owns 10,745,502 shares of the bank’s stock valued at $197,288,000 after purchasing an additional 1,219,722 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Umpqua by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 6,125,578 shares of the bank’s stock valued at $112,464,000 after purchasing an additional 207,304 shares in the last quarter. Finally, Macquarie Group Ltd. grew its position in shares of Umpqua by 0.7% in the third quarter. Macquarie Group Ltd. now owns 5,483,338 shares of the bank’s stock valued at $106,980,000 after purchasing an additional 38,047 shares in the last quarter. Institutional investors and hedge funds own 88.15% of the company’s stock.
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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