Forbright (NASDAQ:FRBT) Stock Gets Price Target Increase from Barclays

Key Points

• Barclays raised Forbright’s price target to $24 from $23 and maintained an “overweight” rating, implying approximately 37% upside from the stock’s $17.52 trading price.
• Analyst sentiment remains mixed: five analysts rate Forbright a Buy, one rates it Hold, and two rate it Sell, resulting in a consensus “Hold” rating and a $22.40 average price target.
• Forbright’s latest quarterly results missed expectations, with EPS of $0.09 versus $0.13 expected and revenue of $84.87 million versus $85.24 million forecast.

Forbright (NASDAQ:FRBT - Get Free Report) had its price target increased by Barclays from $23.00 to $24.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's target price indicates a potential upside of 36.99% from the company's current price.

Several other research analysts have also recently issued reports on the company. TD Cowen initiated coverage on Forbright in a research 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 research report on Friday, September 11th. JPMorgan Chase & Co. raised Forbright from a "neutral" rating to an "overweight" rating and dropped their target price for the company from $23.00 to $22.00 in a report on Thursday. The Goldman Sachs Group started coverage on shares of Forbright in a report on Monday, July 6th. They set a "buy" rating and a $23.50 price target for the company. Finally, Piper Sandler began coverage on Forbright in a report on Monday, July 6th. They issued a "neutral" rating and a $21.50 target price for the company. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $22.40.

Forbright Stock Performance

Shares of NASDAQ:FRBT traded down $0.27 during trading on Monday, hitting $17.52. The company's stock had a trading volume of 15,339 shares, compared to its average volume of 137,458. The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.16. Forbright has a fifty-two week low of $16.81 and a fifty-two week high of $22.00. The firm's 50 day simple moving average is $18.72.

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

Institutional Investors Weigh In On Forbright

A hedge fund recently bought a new stake in Forbright stock. Readystate Asset Management LP purchased a new position in Forbright, Inc. (NASDAQ:FRBT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 35,000 shares of the company's stock, valued at approximately $640,000. Readystate Asset Management LP owned about 0.07% of Forbright at the end of the most recent quarter.

About Forbright

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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