Forbright (NASDAQ:FRBT) Upgraded at Zacks Research

by · The Markets Daily

Zacks Research upgraded shares of Forbright (NASDAQ:FRBT – Free Report) from a strong sell rating to a hold rating in a research report released on Tuesday,Zacks reports.

Other analysts have also issued research reports about the company. Wells Fargo & Company cut their target price on Forbright from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. TD Cowen assumed coverage on Forbright in a research note on Monday, July 6th. They issued a “buy” rating for the company. JPMorgan Chase & Co. upgraded Forbright from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $23.00 to $22.00 in a report on Thursday, October 1st. Piper Sandler initiated coverage on Forbright in a report on Monday, July 6th. They issued a “neutral” rating and a $21.50 price objective on the stock. Finally, The Goldman Sachs Group assumed coverage on Forbright in a report on Monday, July 6th. They set a “buy” rating and a $23.50 target price for the company. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.40.

View Our Latest Analysis on Forbright

Forbright Price Performance

Shares of FRBT stock opened at $18.08 on Tuesday. 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 stock has a market capitalization of $917.74 million and a price-to-earnings ratio of 200.89. The stock’s 50-day moving average is $18.58. Forbright has a 1-year low of $16.81 and a 1-year high of $22.00.

Forbright (NASDAQ:FRBT – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.24 million. Sell-side analysts anticipate that Forbright will post 1.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Forbright

A hedge fund recently bought a new stake in Forbright stock. Wellington Management Group LLP acquired a new position in shares of Forbright, Inc. (NASDAQ:FRBT – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,596,821 shares of the company’s stock, valued at approximately $47,496,000. Wellington Management Group LLP owned 5.23% of Forbright at the end of the most recent quarter.

Forbright Company Profile

(Get Free Report)

Forbright Inc operates as the bank holding company for Forbright Bank which provides various financial services for consumers and businesses principally in the United States. It offers checking and savings accounts, certificates of deposit, and other account and branch banking services and corporate, fund, healthcare, lender, and real estate financing as well as credit cards. Forbright Inc is based in Chevy Chase, Maryland.

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