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UMPQ - Umpqua: A 'Safe' 4.77% Yield But Be Prepared To Wait
Umpqua Holdings Corporation
I last reviewed Umpqua (UMPQ) after 3Q 2019 on October 21, 2019. The stock was drifting up, and I suggested that at five-year lows in P/E and price x tangible book with a sustainable 5.3% yield, $28.8 billion-asset UMPQ was a reasonable buy for value investors with a three- to five-year investment horizon. Yes, I do have skin in this game; at the time, I was down 9.3% on my position.
Since then, the bank reported 4Q 2019 and full-year earnings to mixed reviews. There was a sharp coronavirus-inspired sell-off and snap-back and long rates