Forbright (NASDAQ:FRBT) Price Target Raised to $24.00

Forbright (NASDAQ:FRBT) had its target price raised by Barclays from $23.00 to $24.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently issued reports on FRBT. Wells Fargo & Company reduced their price target on shares of Forbright from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. JPMorgan Chase & Co. upgraded shares of Forbright from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $23.00 to $22.00 in a research note on Thursday, October 1st. Piper Sandler started coverage on shares of Forbright in a report on Monday, July 6th. They issued a “neutral” rating and a $21.50 target price on the stock. Weiss Ratings began coverage on Forbright in a research note on Tuesday, September 8th. They issued a “sell (e)” rating for the company. Finally, Wall Street Zen raised Forbright from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.40.

Forbright Trading Up 0.2%

FRBT stock opened at $18.11 on Monday. 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 firm has a market cap of $919.26 million and a price-to-earnings ratio of 201.22. Forbright has a 12-month low of $16.81 and a 12-month high of $22.00. The firm’s 50 day moving average price is $18.61.

Forbright (NASDAQ:FRBT) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $84.87 million for the quarter, compared to analysts’ expectations of $85.24 million. On average, research analysts forecast that Forbright will post 1.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Forbright

A hedge fund recently bought a new position in Forbright stock. Readystate Asset Management LP acquired a new stake in Forbright, Inc. (NASDAQ:FRBT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 35,000 shares of the company’s stock, valued at approximately $640,000. Readystate Asset Management LP owned about 0.07% of Forbright as of its most recent SEC filing.

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.