Forbright, Inc. (NASDAQ:FRBT) Stock Now Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts rate Forbright “Moderate Buy”: Five of eight analysts recommend buying, two say hold and one says sell. The average 12-month price target is $23.
• Forbright beat quarterly earnings expectations: It reported EPS of $0.41 versus the $0.32 consensus estimate, with revenue of $89.06 million.
• Shares opened at $19.71, compared with a 50-day moving average of $18.05; institutional investors, including Wellington Management, also disclosed new or increased positions.

Shares of Forbright, Inc. (NASDAQ:FRBT - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $23.00.

FRBT has been the subject of several research reports. Wall Street Zen upgraded shares of Forbright from a "sell" rating to a "hold" rating in a research note on Monday, July 20th. Wells Fargo & Company lowered their price target on shares of Forbright from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Wednesday, September 30th. JPMorgan Chase & Co. boosted their price objective on shares of Forbright from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, October 30th. Weiss Ratings initiated coverage on shares of Forbright in a report on Tuesday, September 8th. They issued a "sell (e)" rating on the stock. Finally, Barclays upped their price objective on shares of Forbright from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Monday, October 5th.

Institutional Trading of Forbright

Several hedge funds and other institutional investors have recently made changes to their positions in FRBT. Readystate Asset Management LP bought a new position in Forbright during the 2nd quarter valued at approximately $640,000. Wellington Management Group LLP bought a new stake in Forbright in the second quarter worth $47,496,000. Allspring Global Investments Holdings LLC boosted its holdings in Forbright by 8.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 894,208 shares of the company's stock worth $16,284,000 after acquiring an additional 68,705 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Forbright in the third quarter worth $191,000. Finally, Smithbridge Asset Management Inc. DE bought a new stake in Forbright in the third quarter worth $382,000.

Forbright Stock Up 2.9%

Shares of FRBT stock opened at $19.71 on Friday. The business has a fifty day moving average price of $18.05. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 0.95. The stock has a market capitalization of $1.00 billion and a PE ratio of 219.00. Forbright has a twelve month low of $16.50 and a twelve month high of $22.00.

Forbright (NASDAQ:FRBT - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.32 by $0.09. The firm had revenue of $89.06 million for the quarter. Equities research analysts expect that Forbright will post 1.13 earnings per share for the current fiscal year.

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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