Astoria Financial Attains 52-Week High - Analyst Blog

By
A A A

Shares of Astoria Financial Corporation ( AF ) hit a new 52-week high, touching $14.26 four times in the first half of the trading session on Jan 2. However, the stock closed the session at $14.01, reflecting a return of 49.5% over the past year. The trading volume for the session was 924,783 shares.

Despite the strong price appreciation, this Zacks Rank #2 (Buy) bank has considerable upside left, given its expected earnings per share (EPS) growth rate of 7.04% for 2013.

Growth Drivers

Astoria Financial's impressive performance came on the back of strong third-quarter 2013 results, which included a positive earnings surprise of 7.14%. The company also maintains a robust capital position in compliance with the regulatory guidelines.

On Oct 16, Astoria Financial declared third-quarter earnings of 15 cents per share, which beat the Zacks Consensus Estimate of 14 cents. Moreover, net income of $14.7 million marked a 10.3% year-over-year increase.

Net interest income was $86.2 million, up 0.2% year over year. Further, provision for loan losses was $2.5 million, down 73.3% from the prior-year quarter. Additionally, non-interest expenses dropped 0.2% year over year to $72.5 million. However, total non-interest income was 15.3 million, down 7.6% from the year-ago quarter.

Additionally, Astoria Financial has delivered positive earnings surprises in the trailing 4 quarters with an average beat of 13.83%.

Estimate Revisions

In the last 60 days, the Zacks Consensus Estimate for 2013 moved up 2% to 58 cents. For 2014, the Zacks Consensus Estimate also moved up 2% to 64 cents over the same time span.

Apart from Astoria Financial, other banks that are worth a look include Banner Corporation ( BANR ), Mutualfirst Financial Inc. ( MFSF ) and Washington Federal Inc. ( WAFD ). All these stocks carry a Zacks Rank #1 (Strong Buy).




ASTORIA FINL CP (AF): Free Stock Analysis Report

BANNER CORP (BANR): Free Stock Analysis Report

MUTUALFIRST FIN (MFSF): Free Stock Analysis Report

WASH FEDL INC (WAFD): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: AF , BANR , EPS , MFSF , WAFD

Zacks.com

Zacks.com

More from Zacks.com:

Related Videos

Stocks

Referenced

Most Active by Volume

33,110,376
  • $113.99 ▲ 1.77%
25,034,179
    $17.98 unch
24,486,872
  • $7.41 ▲ 2.07%
20,864,535
  • $7.39 ▼ 2.76%
18,600,501
  • $8.30 ▼ 0.36%
17,530,211
  • $8.14 ▲ 3.17%
17,299,208
  • $93.79 ▲ 2.74%
14,669,760
  • $25.78 ▼ 0.19%
As of 12/26/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com