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5 Bank Stocks Ready to Rise With the Housing Recovery: UBS

2. Umpqua Holdings

Shares of Umpqua Holdings (UMPQ) of Portland, Ore., closed at $11.76 Tuesday, down 3% year-to-date, after returning 4% in 2011.

The shares trade for 1.3 times tangible book value, and for 13.4 times the consensus 2013 EPS estimate of 88 cents. The consensus 2014 EPS estimate is 90 cents. Based on a quarterly payout of nine cents, the shares have a dividend yield of 3.06%.

The company on Nov. 15 completed its acquisition of Circle Bancorp of Novato, Calif., for $20.4 million in cash. Circle Bancorp's main subsidiary was Circle Bank, which had $326.5 million in total assets as of Sept. 30, with six branches in the San Francisco Bay area.

Umpqua was in third place in the UBS weighted ranking of home price changes, with prices rising 5.73% year-over-year, but was in first place for September, with home prices rising a weighted 1.09% within its market footprint, from the previous month.

Scinicariello rates Umpqua a "Buy," with a price target of $14.50, saying on Oct. 18 that the company's third-quarter "loan growth remained solid and asset quality continued to improve. A 56% sequential increase in mortgage banking led to a 16% increase in fee income while expenses held steady."

While saying that Umpqua was trading at "a modest premium to peers," the analyst said that "we believe outsized growth potential supports this valuation."

Scinicariello estimates that Umpqua will earn 90 cents a share in 2013, increasing to 97 cents in 2014.

Interested in more on Umpqua Holdings? See TheStreet Ratings' report card for this stock.

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