Keefe, Bruyette, & Woods Reiterates Market Perform on Umpqua Holdings (UMPQ)
Keefe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform rating on Umpqua Holdings Corp. (NASDAQ: UMPQ); it has a $13.00 price target on the stock.
The KBW analysts said that the company’s reported operating EPS of $0.04 beat their forecast. This was largely due to a lighter provision, partially offset by weaker fee income and expenses.
They analysts were encouraged by “a return to profitability alongside a resilient margin & credit quality that improved across the board.” Apparently, the benefit of FDIC deals that the company has been seeing continues to flow through to results. KBW raised estimates on the name.
Umpqua Holdings is a retail-oriented bank based in Portland, Oregon. UMPQ has 150 branches (which the company calls "stores") and $9.4 billion in assets.
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