JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Forbright (NASDAQ:FRBT) Stock

Key Points

• JPMorgan raised Forbright’s price target from $22 to $23 and maintained an “overweight” rating, implying 26.58% potential upside from the stock’s $18.17 price.
• Analyst sentiment is broadly positive: Forbright has a “Moderate Buy” consensus rating and an average price target of $23, with five Buy, two Hold and one Sell recommendation.
• Forbright reported quarterly earnings of $0.41 per share, beating estimates of $0.32, while revenue reached $89.06 million; shares fell 1.4% in Friday trading.

Forbright (NASDAQ:FRBT - Get Free Report) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $22.00 to $23.00 in a research report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 26.58% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. Barclays lifted their target price on shares of Forbright from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Monday, October 5th. TD Cowen upped their price objective on shares of Forbright from $24.00 to $25.00 and gave the company a "buy" rating in a report on Friday. The Goldman Sachs Group assumed coverage on shares of Forbright in a research note on Monday, July 6th. They issued a "buy" rating and a $23.50 target price on the stock. Weiss Ratings started coverage on Forbright in a research report on Tuesday, September 8th. They set a "sell (e)" rating on the stock. Finally, Zacks Research upgraded shares of Forbright from a "strong sell" rating to a "hold" rating in a report on Tuesday, October 6th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $23.00.

Forbright Stock Down 1.4%

Shares of FRBT traded down $0.26 during mid-day trading on Friday, hitting $18.17. The stock had a trading volume of 102,235 shares, compared to its average volume of 125,494. The company's fifty day moving average price is $17.99. The stock has a market capitalization of $922.31 million and a P/E ratio of 201.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 0.95. Forbright has a fifty-two week low of $16.50 and a fifty-two week high of $22.00.

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

Institutional Trading of Forbright

Several hedge funds have recently bought and sold shares of FRBT. Wellington Management Group LLP bought a new stake in shares of Forbright during the 2nd quarter worth $47,496,000. Readystate Asset Management LP purchased a new position in Forbright during the second quarter worth $640,000. Finally, Smithbridge Asset Management Inc. DE purchased a new stake in Forbright in the third quarter worth about $382,000.

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.