Forbright (NASDAQ:FRBT) Stock Price Expected to Rise, TD Cowen Analyst Says

Key Points

• TD Cowen raised Forbright’s price target from $24 to $25 and maintained a “buy” rating, implying 38.66% upside from the stock’s previous close.
• Analyst sentiment is broadly positive: five analysts rate Forbright a Buy, two a Hold and one a Sell, resulting in a consensus “Moderate Buy” rating and an average target price of $22.83.
• Forbright reported quarterly EPS of $0.41, beating the $0.32 consensus estimate, while shares traded at $18.03 and the company had a market capitalization of approximately $915 million.

Forbright (NASDAQ:FRBT - Get Free Report) had its price target increased by analysts at TD Cowen from $24.00 to $25.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's price target would suggest a potential upside of 38.66% from the company's previous close.

FRBT has been the topic of several other research reports. JPMorgan Chase & Co. upgraded Forbright from a "neutral" rating to an "overweight" rating and cut their price target for the company from $23.00 to $22.00 in a research note on Thursday, October 1st. Wells Fargo & Company decreased their price target on Forbright from $22.00 to $21.00 and set an "overweight" rating for the company in a research note on Wednesday, September 30th. Wall Street Zen raised shares of Forbright from a "sell" rating to a "hold" rating in a report on Monday, July 20th. Zacks Research upgraded Forbright from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 6th. Finally, The Goldman Sachs Group initiated coverage on Forbright in a research report on Monday, July 6th. They issued a "buy" rating and a $23.50 target price on the stock. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Forbright currently has a consensus rating of "Moderate Buy" and an average target price of $22.83.

Forbright Stock Performance

Shares of FRBT traded down $0.40 during mid-day trading on Friday, hitting $18.03. 53,054 shares of the stock were exchanged, compared to its average volume of 124,941. The stock has a market cap of $915.20 million and a P/E ratio of 200.33. Forbright has a 52-week low of $16.50 and a 52-week high of $22.00. The stock has a 50-day simple moving average of $17.99. The company has a current ratio of 0.95, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16.

Forbright (NASDAQ:FRBT - Get Free Report) last announced its earnings results on Thursday, October 29th. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.09. The company had revenue of $89.06 million during the quarter. On average, sell-side analysts predict that Forbright will post 1.14 EPS for the current year.

Hedge Funds Weigh In On Forbright

Several large investors have recently bought and sold shares of FRBT. Smithbridge Asset Management Inc. DE purchased a new position in Forbright during the 3rd quarter worth $382,000. Readystate Asset Management LP acquired a new stake in Forbright during the 2nd quarter valued at $640,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Forbright during the 2nd quarter worth about $47,496,000.

About Forbright

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.