Forbright (NASDAQ:FRBT) Shares Climb 6% on Earnings Beat

Key Points

• Forbright shares rose 6% to $18.28 after the company reported quarterly EPS of $0.41, beating the $0.32 consensus estimate by $0.09. Revenue totaled $89.06 million.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $22.40; five analysts rate the stock Buy, two Hold, and one Sell.
• Institutional investors added positions, including Wellington Management, which acquired a stake valued at approximately $47.5 million. Forbright has a market capitalization of about $928.9 million.

Shares of Forbright, Inc. (NASDAQ:FRBT - Get Free Report) traded up 6% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $18.49 and last traded at $18.28. 4,560 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 125,734 shares. The stock had previously closed at $17.24.

The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.09. The firm had revenue of $89.06 million for the quarter.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Barclays raised their price objective on Forbright from $23.00 to $24.00 and gave the stock an "overweight" rating in a research note on Monday, October 5th. JPMorgan Chase & Co. upgraded Forbright from a "neutral" rating to an "overweight" rating and decreased their price objective for the company from $23.00 to $22.00 in a report on Thursday, October 1st. Piper Sandler began 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. The Goldman Sachs Group began coverage on Forbright in a report on Monday, July 6th. They set a "buy" rating and a $23.50 price target for the company. Finally, Wells Fargo & Company cut their target price on Forbright from $22.00 to $21.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 30th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Forbright currently has a consensus rating of "Moderate Buy" and an average price target of $22.40.

Hedge Funds Weigh In On Forbright

A number of institutional investors have recently made changes to their positions in the business. Smithbridge Asset Management Inc. DE bought a new stake in Forbright in the 3rd quarter valued at about $382,000. Readystate Asset Management LP purchased a new position in Forbright during the 2nd quarter worth approximately $640,000. Finally, Wellington Management Group LLP acquired a new stake in Forbright during the 2nd quarter worth about $47,496,000.

Forbright Stock Up 6.1%

The company has a market capitalization of $928.91 million and a PE ratio of 203.33. 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 business's 50-day moving average is $17.99.

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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