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

Key Points

• Wells Fargo raised Forbright’s price target to $22 from $21 and maintained an “overweight” rating, implying 14.58% potential upside from the current price.
• Analyst sentiment is moderately positive: Forbright has a consensus “Moderate Buy” rating and an average price target of $23.17, with five Buy, two Hold, and one Sell rating.
• Forbright reported quarterly EPS of $0.41, beating the $0.32 consensus estimate by $0.09; quarterly revenue was $89.06 million.

Forbright (NASDAQ:FRBT - Get Free Report) had its price objective lifted by investment analysts at Wells Fargo & Company from $21.00 to $22.00 in a report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 14.58% from the stock's current price.

FRBT has been the subject of several other research reports. Barclays raised their target price on Forbright from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Monday, October 5th. Zacks Research raised Forbright from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 6th. Wall Street Zen raised Forbright from a "sell" rating to a "hold" rating in a research note on Monday, July 20th. TD Cowen increased their price objective on Forbright from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, October 30th. Finally, Weiss Ratings assumed coverage on Forbright in a research report on Tuesday, September 8th. They set a "sell (e)" rating for the company. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Forbright currently has a consensus rating of "Moderate Buy" and an average target price of $23.17.

Forbright Price Performance

FRBT stock opened at $19.20 on Monday. Forbright has a 52-week low of $16.50 and a 52-week high of $22.00. The company's 50 day moving average price is $18.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.95 and a quick ratio of 0.88. The firm has a market capitalization of $974.59 million and a price-to-earnings ratio of 213.33.

Forbright (NASDAQ:FRBT - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.09. The firm had revenue of $89.06 million during the quarter. Sell-side analysts predict that Forbright will post 1.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Forbright

A number of hedge funds have recently modified their holdings of FRBT. Kestra Advisory Services LLC purchased a new stake in shares of Forbright during the third quarter worth $191,000. Smithbridge Asset Management Inc. DE acquired a new stake in Forbright during the third quarter valued at $382,000. Readystate Asset Management LP purchased a new position in Forbright in the second quarter valued at about $640,000. Allspring Global Investments Holdings LLC grew its stake 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 purchasing an additional 68,705 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new position in Forbright in the second quarter valued at about $47,496,000.

Forbright Company Profile

Forbright is a financial services company centered on Forbright Bank, a mission-driven full-service bank that provides commercial and consumer banking services. The company focuses on financing businesses, organizations and projects that support sustainable economic development, including clean energy, affordable housing, health care, education and nonprofit initiatives.

Forbright Bank offers deposit accounts, treasury and cash-management services, commercial real estate lending, commercial and industrial loans, residential lending and other financing solutions.

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