Forbright (NASDAQ:FRBT) Shares Gap Up on Earnings Beat

Key Points

• Forbright beat earnings expectations: The company reported quarterly EPS of $0.41, exceeding the $0.32 consensus estimate, on revenue of $89.06 million.
• Shares rose following the results, opening at $18.49 versus a prior close of $17.24 and later trading near $18.08.
• Analyst sentiment is generally positive, with an average “Moderate Buy” rating and a $22.40 price target; several institutional investors also recently initiated positions.

Forbright, Inc. (NASDAQ:FRBT - Get Free Report)'s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $17.24, but opened at $18.49. Forbright shares last traded at $18.08, with a volume of 10,801 shares.

The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.09. The business had revenue of $89.06 million during the quarter.

Wall Street Analysts Forecast Growth

FRBT has been the topic of several recent research reports. Wall Street Zen raised shares of Forbright from a "sell" rating to a "hold" rating in a research note on Monday, July 20th. JPMorgan Chase & Co. raised Forbright from a "neutral" rating to an "overweight" rating and decreased their target price for the stock from $23.00 to $22.00 in a report on Thursday, October 1st. TD Cowen started coverage on Forbright in a report on Monday, July 6th. They set a "buy" rating on the stock. Zacks Research upgraded shares of Forbright from a "strong sell" rating to a "hold" rating in a report on Tuesday, October 6th. Finally, Barclays boosted their price objective on Forbright from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Monday, October 5th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Forbright presently has an average rating of "Moderate Buy" and an average price target of $22.40.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FRBT. Wellington Management Group LLP bought a new position in shares of Forbright during the second quarter valued at $47,496,000. Readystate Asset Management LP bought a new stake in shares of Forbright in the 2nd quarter worth $640,000. Finally, Smithbridge Asset Management Inc. DE bought a new position in shares of Forbright during the third quarter valued at $382,000.

Forbright Price Performance

The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $910.20 million and a P/E ratio of 199.22. The firm's 50-day simple moving average is $18.00.

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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