UPDATE: KBW Lowers PT on Astoria Financial to $11

KBW is out with its report today on Astoria Financial AF, lowering its PT to $11. In a note to clients, KBW writes, "Operating EPS of $0.18 disappointed on the margin, fees, expenses & provision. The margin fell 6 bps to 2.34% as lower earning asset yields were met with an uptick in funding costs. A higher provision was the result of less reserve release based on an uneven housing recovery & limited relief in problem loans. Trimming estimates & target." At the time of posting, shares of AF were trading at $11.91, down 2.70% from Thursday's close.