Friday's Financial Winners & Losers

Astoria Financial(AF Quote) lost ground after the New York metropolitan area lender reported a poor third quarter.

The thrift said profit fell 31% in the third quarter and fell short of analyst expectations. Astoria earned $41 million, or 43 cents a share, compared with $59.2 million, or 57 cents a share, in the year-ago period. Analysts surveyed by Thomson Financial were looking for earnings of 45 cents a share. Shares were trading down 30 cents, or 1%, to $29.70.

BankAtlantic Bancorp(BBX Quote) gained after the Fort Lauderdale, Fla.-based savings and loan was upgraded by Sandler O'Neill to hold from sell. But at the same time, the bank was downgraded by Bear Stearns to underperform from peer perform. Shares were trading up 22 cents, or 1.7%, to $12.88.

Ameriprise Financial(AMP Quote) advanced after Bernstein initiated coverage of the Minneapolis-based asset-management company with an outperform rating. Shares were climbing 62 cents, or 1.3%, to $49.92.

Frontier Financial(FTBK Quote) climbed after the Everett, Wash.-based bank saw third-quarter income rise more than 36%. The company earned $18.5 million, or 40 cents a share, up from $13.6 million, or 32 cents a share, a year ago. Shares were trading up $1.23, or 4.4%, to $29.10.

UnionBanCal(UB Quote) slipped after the San Francisco-based bank warned on fourth-quarter earnings and the stock was downgraded by an analyst. Shares were trading down $4.60, or 7.4%, to $57.34.