Forbright (NASDAQ:FRBT) Price Target Raised to $22.00

by · The Cerbat Gem

Forbright (NASDAQ:FRBT – Free Report) had its price target increased by Wells Fargo & Company from $21.00 to $22.00 in a research report report published on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other brokerages also recently weighed in on FRBT. Zacks Research upgraded shares of Forbright from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. JPMorgan Chase & Co. raised their price target on shares of Forbright from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Weiss Ratings initiated coverage on shares of Forbright in a research note on Tuesday, September 8th. They set a “sell (e)” rating for the company. Wall Street Zen upgraded shares of Forbright from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Barclays upped their price objective on shares of Forbright from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Monday, October 5th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.17.

View Our Latest Research Report on FRBT

Forbright Trading Up 2.6%

Forbright stock opened at $19.25 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $18.11. Forbright has a fifty-two week low of $16.50 and a fifty-two week high of $22.00.

Forbright (NASDAQ:FRBT – Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The firm had revenue of $89.06 million during the quarter. As a group, analysts expect that Forbright will post 1.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forbright

Several large investors have recently made changes to their positions in the company. Wellington Management Group LLP purchased a new stake in Forbright during the second quarter worth $47,496,000. Allspring Global Investments Holdings LLC increased its holdings in Forbright by 8.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 894,208 shares of the company’s stock valued at $16,284,000 after buying an additional 68,705 shares in the last quarter. HighTower Advisors LLC purchased a new position in Forbright in the third quarter valued at $648,000. Readystate Asset Management LP acquired a new position in shares of Forbright in the second quarter worth about $640,000. Finally, Smithbridge Asset Management Inc. DE acquired a new position in shares of Forbright in the third quarter worth about $382,000.

Forbright Company Profile

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Forbright, Inc. is the holding company for Forbright Bank, a full-service bank focused on commercial banking and sustainable finance. Its products and services include business banking, deposits, commercial lending and financing for clean-energy and other sustainability-focused projects. The bank traces its history to Congressional Bank, which adopted the Forbright name in 2022. Based in the Washington, D.C., area, it serves businesses and consumers through local banking operations and provides financing to clients in markets across the United States.

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