The stock with the biggest percentage loss was Astoria Financial, which last week priced a $135 million preferred stock offering at $25 per share. Before the markets opened on Friday, Fitch Ratings put out a release saying it rated the offering at “B” because “deteriorating asset quality metrics, aggressive capital management or excessive loan growth in the multifamily business could lead to negative ratings pressure.
“Conversely, positive rating action is unlikely in the near term given Astoria’s funding profile, profitability and concentrations.” Astoria closed down 3.33% on Friday.
The other stocks with large percentage losses were Radian, down 3.28%, and Redwood Trust, down 1.14%.
At the other end of the spectrum is Bank of America Corp., up 3.8%, followed by Ellie Mae, up 1.96%, and OceanFirst Financial, up 1.32%.