Astoria Financial: Rising Rates Are A Major Positive, But May Be Baked Into Price

By Ashleigh Rogers:

Astoria Financial (AF) is a small (~$ 1.4B market cap) thrift operating in the New York City area. The firm is one of the most interesting small financials I follow because it has a lot going for it (geographic location, extreme benefit from rising rates, attractive proposition as a takeover target), and a lot working against it (heavy loan origination competition and an undiversified base of operations). On the whole, the firm is definitely interesting as an investment… at the right price. And having seen the price rise more than 10% in the last month, investors might want to wait a little and see if the stock price comes back down a bit before establishing a position.

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Firm Overview and Recent Results:

Astoria is a fairly unique financial company, so a bit of background is probably useful here. AF operates about 85 bank branches in Brooklyn, Queens, Nassau,

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