Wellington Management Group LLP Buys New Position in Forbright, Inc. $FRBT

Key Points

• Wellington Management Group acquired 2,596,821 Forbright shares worth approximately $47.5 million, representing about 5.23% of the company.
• Forbright reported quarterly EPS of $0.09, missing the $0.13 consensus estimate, while revenue of $84.87 million was slightly below expectations.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus rating and an average price target of $22.60 versus the stock’s recent price of $19.09.

Wellington Management Group LLP purchased a new position in Forbright, Inc. (NASDAQ:FRBT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Forbright Stock Performance

Shares of NASDAQ:FRBT opened at $19.09 on Friday. Forbright, Inc. has a twelve month low of $17.48 and a twelve month high of $22.00. The stock has a 50 day simple moving average of $19.14.

Forbright (NASDAQ:FRBT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.24 million. On average, analysts forecast that Forbright, Inc. will post 1.09 earnings per share for the current year.

Wall Street Analyst Weigh In

FRBT has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Forbright from $21.00 to $23.00 and gave the company a "neutral" rating in a report on Friday, July 31st. Zacks Research raised shares of Forbright to a "hold" rating in a research report on Tuesday, July 7th. TD Cowen assumed coverage on shares of Forbright in a research note on Monday, July 6th. They set a "buy" rating on the stock. The Goldman Sachs Group initiated coverage on shares of Forbright in a report on Monday, July 6th. They issued a "buy" rating and a $23.50 price target for the company. Finally, Piper Sandler began coverage on shares of Forbright in a report on Monday, July 6th. They set a "neutral" rating and a $21.50 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.60.

Forbright Company Profile

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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