Forbright (NASDAQ:FRBT) Given New $21.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo lowered Forbright’s price target from $22.00 to $21.00 while maintaining an “overweight” rating, implying approximately 22% upside from the stock’s reported $17.21 price.
• Analyst sentiment is mixed: four analysts rate Forbright a Buy, two Hold, and two Sell, resulting in a consensus “Hold” rating and an average target price of $22.40.
• Forbright reported quarterly EPS of $0.09, below the $0.13 consensus estimate, while revenue of $84.87 million was slightly below expectations; analysts project full-year EPS of $1.09.

Forbright (NASDAQ:FRBT - Get Free Report) had its target price lowered by research analysts at Wells Fargo & Company from $22.00 to $21.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 22.02% from the company's current price.

Several other research analysts also recently weighed in on FRBT. Barclays assumed coverage on Forbright in a research note on Monday, July 6th. They issued an "overweight" rating and a $23.00 target price on the stock. TD Cowen started coverage on Forbright in a report on Monday, July 6th. They set a "buy" rating for the company. Zacks Research downgraded shares of Forbright from a "hold" rating to a "strong sell" rating in a report on Friday, September 11th. JPMorgan Chase & Co. boosted their target price on Forbright from $21.00 to $23.00 and gave the stock a "neutral" rating in a research report on Friday, July 31st. Finally, The Goldman Sachs Group initiated coverage on Forbright in a research note on Monday, July 6th. They set a "buy" rating and a $23.50 target price for the company. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $22.40.

Forbright Stock Performance

Forbright stock traded up $0.14 during midday trading on Wednesday, hitting $17.21. 43,542 shares of the company's stock were exchanged, compared to its average volume of 137,181. Forbright has a 12-month low of $16.81 and a 12-month high of $22.00. The business has a 50 day moving average price of $18.83.

Forbright (NASDAQ:FRBT - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.24 million. As a group, equities analysts expect that Forbright will post 1.09 earnings per share for the current year.

Institutional Investors Weigh In On Forbright

An institutional investor recently bought a new position in Forbright stock. Readystate Asset Management LP purchased a new position in Forbright, Inc. (NASDAQ:FRBT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 35,000 shares of the company's stock, valued at approximately $640,000. Readystate Asset Management LP owned 0.07% of Forbright at the end of the most recent reporting period.

Forbright Company Profile

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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