Astoria Financial Corporation
) reached a new 52-week high, touching $12.95 in the second half
of the trading session on Aug 15. However, the stock closed at
$12.92, reflecting a year-to-date return of 37.6%. The trading
volume for the session was 1.3 million shares.
Despite the strong price appreciation, this Zacks Rank #2 (Buy)
bank has considerable upside left, given its positive estimate
revisions over the last 30 days.
Astoria Financial's impressive price performance came on the back
of strong second-quarter 2013 results, including positive
earnings surprise of 33.33%. The company also maintains a robust
capital position in compliance with regulatory guidelines.
On Jul 17, Astoria Financial declared second-quarter adjusted
earnings of 16 cents per share, beating the Zacks Consensus
Estimate of 12 cents. Moreover, net income of $15.7 million
marked a 22.2% year-over-year increase.
Total non-interest income was 18.6 million, up 20.3% from the
year-ago quarter. Further, net loan charge-offs fell to $4.8
million in the reported quarter from $11.8 million in the
Tier 1 risk- based capital ratio was 11.56% compared with 14.41%
in second-quarter 2012. Further, Tier 1 leverage ratio was 9.53%
as against 8.60% in the prior-year quarter.
Astoria Financial has delivered positive earnings surprises in
the trailing 4 quarters with an average beat of 15.89%.
Estimate Revisions Show Potency
In the last 30 days, the Zacks Consensus Estimate for 2013
increased 10.0% to 55 cents per share. For 2014, the Zacks
Consensus Estimate advanced 9.3% to 59 cents per share over the
same time frame.
Apart from Astoria Financial, other banks which are worth
Flushing Financial Corp.
Investors Bancorp Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).
ASTORIA FINL CP (AF): Free Stock Analysis
BANNER CORP (BANR): Free Stock Analysis
FLUSHING FINL (FFIC): Free Stock Analysis
INVESTORS BANCP (ISBC): Free Stock Analysis
To read this article on Zacks.com click here.