Forbright, Inc. (NASDAQ:FRBT) Stock Has Consensus Price Target of $23.00

Forbright, Inc. (NASDAQ:FRBT) has earned a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $23.17.

A number of brokerages have recently issued reports on FRBT. Weiss Ratings started coverage on Forbright in a research report on Tuesday, September 8th. They set a “sell (e)” rating for the company. Wall Street Zen raised Forbright from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Zacks Research raised shares of Forbright from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. 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. Finally, TD Cowen upped their price target on shares of Forbright from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, October 30th.

Hedge Funds Weigh In On Forbright

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new stake in shares of Forbright in the 2nd quarter worth $47,496,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Forbright by 8.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 894,208 shares of the company’s stock valued at $16,284,000 after purchasing an additional 68,705 shares in the last quarter. State Street Corp bought a new position in shares of Forbright during the third quarter valued at $1,142,000. HighTower Advisors LLC purchased a new stake in shares of Forbright during the third quarter valued at $648,000. Finally, Readystate Asset Management LP purchased a new stake in shares of Forbright during the second quarter valued at $640,000.

Forbright Stock Performance

NASDAQ FRBT traded down $0.60 on Friday, hitting $18.74. 161,757 shares of the stock traded hands, compared to its average volume of 82,328. The stock’s fifty day simple moving average is $18.12. Forbright has a 12 month low of $16.50 and a 12 month high of $22.00. The company has a market cap of $951.24 million and a price-to-earnings ratio of 37.48. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.95 and a quick ratio of 0.88.

Forbright (NASDAQ:FRBT) last issued its earnings results on Thursday, October 29th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. The firm had revenue of $89.06 million during the quarter. Analysts expect that Forbright will post 1.13 EPS for the current fiscal year.

About Forbright

Forbright, Inc. is the holding company for Forbright Bank, a full-service bank focused on commercial banking and sustainable finance. Its products and services include business banking, deposits, commercial lending and financing for clean-energy and other sustainability-focused projects. The bank traces its history to Congressional Bank, which adopted the Forbright name in 2022. Based in the Washington, D.C., area, it serves businesses and consumers through local banking operations and provides financing to clients in markets across the United States.