Umpqua (NASDAQ:UMPQ) Upgraded to Buy at Zacks Investment Research

Umpqua (NASDAQ:UMPQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The brokerage currently has a $22.00 target price on the bank’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.51% from the company’s current price.

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. “

Other analysts have also recently issued reports about the company. Truist Securities cut Umpqua from a “buy” rating to a “hold” rating and dropped their price target for the stock from $22.00 to $21.00 in a report on Wednesday. Truist cut Umpqua from a “buy” rating to a “hold” rating and dropped their price target for the stock from $22.00 to $21.00 in a report on Wednesday. JPMorgan Chase & Co. raised Umpqua from an “underweight” rating to a “neutral” rating and set a $22.50 price target for the company in a report on Monday, July 26th. Truist Financial cut Umpqua to a “hold” rating and set a $21.00 price target for the company. in a report on Wednesday. Finally, Stephens cut Umpqua from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $23.00 to $19.00 in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.31.

Shares of NASDAQ UMPQ opened at $20.09 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.18. Umpqua has a 12 month low of $11.70 and a 12 month high of $21.31. The stock has a 50 day moving average of $19.83 and a 200-day moving average of $18.96. The company has a market capitalization of $4.42 billion, a P/E ratio of 8.85 and a beta of 1.24.

Umpqua (NASDAQ:UMPQ) last issued its earnings results on Tuesday, July 20th. The bank reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.09. Umpqua had a return on equity of 18.56% and a net margin of 34.90%. The company had revenue of $320.84 million during the quarter, compared to the consensus estimate of $311.70 million. During the same period in the previous year, the company posted $0.24 EPS. Analysts predict that Umpqua will post 1.9 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank grew its position in Umpqua by 13.3% during the 2nd quarter. Toronto Dominion Bank now owns 5,095 shares of the bank’s stock worth $94,000 after acquiring an additional 598 shares during the last quarter. Traverso Chambers Private Wealth Management LLC grew its position in Umpqua by 2.8% during the 3rd quarter. Traverso Chambers Private Wealth Management LLC now owns 32,410 shares of the bank’s stock worth $656,000 after acquiring an additional 888 shares during the last quarter. Baird Financial Group Inc. grew its position in Umpqua by 6.4% during the 1st quarter. Baird Financial Group Inc. now owns 16,717 shares of the bank’s stock worth $293,000 after acquiring an additional 1,000 shares during the last quarter. Victory Capital Management Inc. grew its position in Umpqua by 3.9% during the 2nd quarter. Victory Capital Management Inc. now owns 31,983 shares of the bank’s stock worth $590,000 after acquiring an additional 1,187 shares during the last quarter. Finally, FMR LLC grew its position in Umpqua by 117.0% during the 2nd quarter. FMR LLC now owns 2,871 shares of the bank’s stock worth $53,000 after acquiring an additional 1,548 shares during the last quarter. Institutional investors and hedge funds own 87.79% of the company’s stock.

About Umpqua

Umpqua Holdings Corp. operates as a bank holding company, which provides banking and financial services. The firm operates through followings segments: Wholesale Bank, Wealth Management, Retail Bank and Home Lending. The Wholesale Bank segment includes lending, treasury and cash management services and customer risk management products to middle market corporate, commercial and business banking customers and the operations of FinPac.

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