UPDATE: J.P. Morgan Lowers PT on Umpqua Holdings from $14.00 to $13.50

J.P. Morgan maintained a Neutral rating on Umpqua Holdings

and lowered its price target from $14 to $13.50. J.P. Morgan wrote, “Umpqua reported 2Q12 core EPS of $0.19 which fell short of our $0.20 forecast and consensus of $0.21. A penny miss vs. our forecast was on spread revenue coming in light of expectations. Loan growth was better than expected with average loans increasing at a 7.3% annualized pace. On the call management pointed to a still strong $1.7 billion loans in the pipeline and remained bullish on the outlook for loan growth.” Umpqua closed at $12.84 on Thursday.