Sterne Agee Maintains UMPQ Estimates

Sterne Agee is maintaining its FY11E of $0.59 per share and its FY12E of $0.75 per share following Umpqua Holdings Corporation UMPQ reporting 1Q11 results. “We expect continued modest improvement in operating income the next few quarters, noting credit quality should be a positive driver for profitability until meaningful growth/M&A develop in UMPQ's footprint,” Sterne Agee writes. Umpqua Holdings closed Thursday at $11.31.