Barclays reiterates an 'Overweight' on Astoria Financial (AF); Pipeline Heating Up as Shrinkage Slows
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Price: $21.50 --0%
Rating Summary:
3 Buy, 7 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 12 | New: 19
Rating Summary:
3 Buy, 7 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 12 | New: 19
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Barclays reiterates an 'Overweight' on Astoria Financial (NYSE: AF) price target lowered to $10.00.
Barclays analyst says, "AF shares dropped 6.77% today (vs. a 0.46% gain in the S&P 500) on a 3Q11 EPS miss of $0.12 (consensus was $0.18) and average earning asset shrinkage of 2.4% sequential quarter. The margin was also under pressure, dropping 7bps, although 2bps of the decline was the result of an extended day count. With core earnings only 1 cent above the $0.13 dividend (excludes the $3M ESOP non-cash charge), it is clear that margin stabilization and loan growth are the needed catalysts for future earnings and dividend sustainability."
"We are revising down our EPS estimates for both 2011 and 2012 to $0.75. We expect growth to begin creeping in during the fourth quarter, and even look to modest (1-2bps) NIM expansion in the latter half of 2012, but lower our estimates on the continuation of depressed economic activity."
For more ratings news on Astoria Financial click here and for the rating history of Astoria Financial click here.
Shares of Astoria Financial closed at $7.99 yesterday.
Barclays analyst says, "AF shares dropped 6.77% today (vs. a 0.46% gain in the S&P 500) on a 3Q11 EPS miss of $0.12 (consensus was $0.18) and average earning asset shrinkage of 2.4% sequential quarter. The margin was also under pressure, dropping 7bps, although 2bps of the decline was the result of an extended day count. With core earnings only 1 cent above the $0.13 dividend (excludes the $3M ESOP non-cash charge), it is clear that margin stabilization and loan growth are the needed catalysts for future earnings and dividend sustainability."
"We are revising down our EPS estimates for both 2011 and 2012 to $0.75. We expect growth to begin creeping in during the fourth quarter, and even look to modest (1-2bps) NIM expansion in the latter half of 2012, but lower our estimates on the continuation of depressed economic activity."
For more ratings news on Astoria Financial click here and for the rating history of Astoria Financial click here.
Shares of Astoria Financial closed at $7.99 yesterday.
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