Forbright (NASDAQ:FRBT) Price Target Raised to $22.00

Forbright (NASDAQ:FRBT) had its price objective increased by equities researchers at Wells Fargo & Company from $21.00 to $22.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 14.58% from the company’s previous close.

Several other research firms have also issued reports on FRBT. TD Cowen lifted their price objective on shares of Forbright from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, October 30th. 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. Zacks Research raised shares of Forbright from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. JPMorgan Chase & Co. raised their target price on Forbright from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, October 30th. Finally, Wall Street Zen raised Forbright from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Five 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.17.

Forbright Stock Down 2.6%

NASDAQ FRBT opened at $19.20 on Monday. 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 firm has a market capitalization of $974.59 million and a PE ratio of 213.33. The company has a 50 day simple moving average of $18.05. Forbright has a 12-month low of $16.50 and a 12-month high of $22.00.

Forbright (NASDAQ:FRBT) last posted its earnings results on Thursday, October 29th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. The business had revenue of $89.06 million during the quarter. As a group, equities analysts anticipate that Forbright will post 1.13 EPS for the current year.

Hedge Funds Weigh In On Forbright

Several large investors have recently made changes to their positions in FRBT. Allspring Global Investments Holdings LLC lifted its position in shares of Forbright by 8.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 894,208 shares of the company’s stock worth $16,284,000 after purchasing an additional 68,705 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Forbright during the 3rd quarter valued at approximately $191,000. Smithbridge Asset Management Inc. DE acquired a new stake in Forbright in the 3rd quarter valued at approximately $382,000. Readystate Asset Management LP acquired a new stake in Forbright in the 2nd quarter valued at approximately $640,000. Finally, Wellington Management Group LLP acquired a new stake in Forbright in the 2nd quarter valued at approximately $47,496,000.

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.