Forbright (NASDAQ:FRBT) Stock Rating Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Forbright from “strong sell” to “hold,” while broader analyst sentiment remains a “Moderate Buy” with an average price target of $22.40.
• Forbright shares opened at $18.11, near the lower end of their 52-week range of $16.81 to $22.00. The company reported quarterly EPS of $0.09, missing the $0.13 consensus estimate, while revenue was $84.87 million.
• Wellington Management bought approximately 2.6 million shares worth $47.5 million, giving it a roughly 5.23% stake in Forbright.

Forbright (NASDAQ:FRBT - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday, Zacks reports.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. upgraded shares of Forbright from a "neutral" rating to an "overweight" rating and cut their target price for the stock from $23.00 to $22.00 in a report on Thursday, October 1st. The Goldman Sachs Group began coverage on shares of Forbright in a research report on Monday, July 6th. They issued a "buy" rating and a $23.50 price objective for the company. Piper Sandler started coverage on Forbright in a research note on Monday, July 6th. They set a "neutral" rating and a $21.50 price objective on the stock. Wall Street Zen upgraded Forbright from a "sell" rating to a "hold" rating in a report on Monday, July 20th. Finally, TD Cowen started coverage on Forbright in a research note on Monday, July 6th. They issued a "buy" rating for the company. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.40.

Forbright Trading Up 0.2%

Forbright stock opened at $18.11 on Tuesday. 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 cap of $919.26 million and a price-to-earnings ratio of 201.22. The stock's 50-day moving average is $18.61. 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 company had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.24 million. Research analysts anticipate that Forbright will post 1.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Forbright stock. Wellington Management Group LLP purchased a new position in shares of Forbright, Inc. (NASDAQ:FRBT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,596,821 shares of the company's stock, valued at approximately $47,496,000. Wellington Management Group LLP owned approximately 5.23% of Forbright at the end of the most recent reporting period.

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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