Basswood Capital is Buying Astoria Financial Corp (NYSE:AF) Shares

In a just published Form 13, filed with the US Securities and Exchange Commission (SEC),...
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In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Astoria Financial Corp (NYSE:AF) reported that Basswood Capital has picked up 1,958,376 of common stock as of 2017-03-10.

The acquisition brings the aggregate amount owned by Basswood Capital to a total of 1,958,376 representing a 1.93% stake in the company.

For those not familiar with the company, Astoria Financial Corporation is the unitary savings and loan holding company of Astoria Bank and its subsidiaries. The Company’s principal business is the operation of its subsidiary, Astoria Bank, which is a local, community-oriented bank. Astoria Bank’s business is attracting retail deposits from the general public and businesses and investing those deposits, together with funds generated from operations, principal repayments on loans and securities and borrowings, in multi-family and commercial real estate mortgage loans, one- to four- family, or residential, mortgage loans, and mortgage-backed securities. Astoria Bank also invests in consumer and other loans, the United States Government, government agency and government-sponsored enterprise (GSE), securities and other investments. The Company offers negotiable order of withdrawal (NOW) and demand deposit accounts, money market accounts, passbook and statement savings accounts, and certificates of deposit.

A glance at Astoria Financial Corp (NYSE:AF)’s key stats reveals a current market capitalization of 2.16 Billion based on 101.23 Million shares outstanding and a price at last close of $21.53 per share.

Looking at insider activity, there are a few transactions worth noting.

Specifically, on 2014-02-05, Corrado picked up 19,700 at a purchase price of $12.75. This brings their total holding to 44,700 as of the date of the filing.

On the sell side, the most recent transaction saw Destefano unload 15,213 shares at a sale price of $18.51. This brings their total holding to 38,032.

It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Astoria Financial Corp (NYSE:AF) as things move forward to see if its progress aligns with these transactions.

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