Umpqua (UMPQ) Stock Rating Cut at Wells Fargo
NEW YORK (TheStreet) -- Umpqua (UMPQ) - Get Report stock was downgraded to "market perform" from "outperform" at Wells Fargo on Monday, the Fly reports.
The Portland, OR-based company is the parent to Umpqua Bank.
The firm also reduced its price target range for shares to $16 to $17 from $17 to $18, according to the Fly.
Wells Fargo said recent management changes likely remove the company as a near-term "combination candidate." That should eliminate the premium multiple, the firm added.
Last month, Umpqua said president and CEO Ray Davis will move into a new role as executive chair of the board.
Cort O'Haver, the current president of Umpqua Bank, will succeed Davis, and will be elected to the company's board of directors in January 2017.
Shares of Umpqua closed higher by 0.74% to $15.73 on Monday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its increase in net income, good cash flow from operations, growth in earnings per share, expanding profit margins and notable return on equity.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: UMPQ