UPDATE: Keefe, Bruyette & Woods Downgrades Astoria Financial on Lower Balance Sheet Growth

In a report published Tuesday, Keefe, Bruyette & Woods analyst Collyn Gilbert downgraded the rating on Astoria Financial (NYSE: AF) from Outperform to Market Perform, and lowered the price target from $17.00 to $15.50.

In the report, Keefe, Bruyette & Woods noted, “We are transferring coverage of Astoria Financial to Collyn Gilbert from Brian Kleinhanzl and lowering our rating to Market Perform from Outperform to reflect lower balance sheet growth. We are also lowering our 2014 EPS estimate to $0.63 from $0.68, and our 2015 estimates to $0.74 from $0.91. Additionally, we are adjusting our target price to $15.50 from $17, to reflect our three-pronged approach to valuation.”

Astoria Financial closed on Monday at $14.18.