Business & Tech
Umpqua Holdings, Portland-Based Bank, Boasts 3Q Profit Of $61.3M
Umpqua shares have risen 6 percent since the beginning of the year.
PORTLAND, OR — Umpqua Holdings Corp. (UMPQ), a bank based in Portland, Oregon, on Wednesday reported third-quarter profit of $61.3 million and said it had earnings of 28 cents per share. Earnings, adjusted for costs involving mergers and acquisitions, were 30 cents per share, beating Wall Street's projections.
The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The regional bank posted revenue of $316.1 million in the period. Its adjusted revenue was $295.9 million, missing Wall Street forecasts. Six analysts surveyed by Zacks expected $297.5 million.
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Umpqua shares have risen 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.95, an increase of 29 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UMPQ at https://www.zacks.com/ap/UMPQ