Umpqua Holdings Corp (UMPQ) Sees Significant Decrease in Short Interest
Umpqua Holdings Corp (NASDAQ:UMPQ) was the recipient of a significant decline in short interest in October. As of October 15th, there was short interest totalling 3,373,336 shares, a decline of 27.7% from the September 28th total of 4,668,425 shares. Based on an average trading volume of 1,577,748 shares, the days-to-cover ratio is currently 2.1 days. Currently, 1.5% of the shares of the stock are short sold.
Several brokerages have commented on UMPQ. Hovde Group set a $24.00 target price on Umpqua and gave the stock a “hold” rating in a research note on Monday, July 23rd. Zacks Investment Research downgraded Umpqua from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. JPMorgan Chase & Co. lowered their target price on Umpqua from $26.00 to $25.00 and set a “$22.72” rating for the company in a research note on Monday, July 23rd. Sandler O’Neill restated a “buy” rating and set a $25.00 price target on shares of Umpqua in a report on Friday, July 20th. Finally, Barclays reduced their price target on Umpqua from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Friday, July 20th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $23.85.
Several large investors have recently added to or reduced their stakes in UMPQ. Aperio Group LLC boosted its holdings in Umpqua by 1.3% in the second quarter. Aperio Group LLC now owns 187,770 shares of the bank’s stock valued at $4,242,000 after acquiring an additional 2,436 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Umpqua by 3.0% in the second quarter. Oregon Public Employees Retirement Fund now owns 85,169 shares of the bank’s stock valued at $1,924,000 after acquiring an additional 2,477 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in Umpqua by 25.8% in the third quarter. Raymond James Trust N.A. now owns 12,561 shares of the bank’s stock valued at $261,000 after acquiring an additional 2,578 shares during the last quarter. Abbrea Capital LLC boosted its holdings in Umpqua by 12.8% in the second quarter. Abbrea Capital LLC now owns 27,381 shares of the bank’s stock valued at $624,000 after acquiring an additional 3,110 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in Umpqua by 2.5% in the second quarter. Arizona State Retirement System now owns 152,861 shares of the bank’s stock valued at $3,453,000 after acquiring an additional 3,758 shares during the last quarter. Institutional investors own 88.73% of the company’s stock.
Umpqua (NASDAQ:UMPQ) last released its quarterly earnings results on Wednesday, October 17th. The bank reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The company had revenue of $313.76 million for the quarter, compared to analysts’ expectations of $309.37 million. Umpqua had a return on equity of 7.74% and a net margin of 24.23%. During the same period in the previous year, the business posted $0.28 earnings per share. As a group, sell-side analysts anticipate that Umpqua will post 1.44 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were issued a dividend of $0.21 per share. This is a boost from Umpqua’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 4.50%. The ex-dividend date was Thursday, September 27th. Umpqua’s payout ratio is 78.50%.
Umpqua Holdings Corporation, through its subsidiaries, provides commercial and retail banking, and retail brokerage services. It operates through four segments: Commercial Bank, Wealth Management, Retail Bank, and Home Lending. The company offers deposit products, including non-interest bearing checking, interest bearing checking and savings, and money market accounts, as well as certificates of deposit.
See Also: Insider Trading – What You Need to Know
Receive News & Ratings for Umpqua Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Umpqua and related companies with MarketBeat.com's FREE daily email newsletter.