Wellington Management Group LLP Takes $47.50 Million Position in Forbright, Inc. $FRBT

Wellington Management Group LLP bought a new position in Forbright, Inc. (NASDAQ:FRBT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,596,821 shares of the company’s stock, valued at approximately $47,496,000. Wellington Management Group LLP owned about 0.05% of Forbright as of its most recent SEC filing.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Forbright from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, August 10th. TD Cowen assumed coverage on shares of Forbright in a report on Monday, July 6th. They set a “buy” rating for the company. Piper Sandler began coverage on shares of Forbright in a research note on Monday, July 6th. They issued a “neutral” rating and a $21.50 target price for the company. Zacks Research raised shares of Forbright to a “hold” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen upgraded shares of Forbright from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Forbright has a consensus rating of “Moderate Buy” and a consensus price target of $22.60.

Forbright Trading Up 4.1%

Shares of FRBT stock opened at $19.09 on Friday. Forbright, Inc. has a 12-month low of $17.48 and a 12-month high of $22.00. The business’s 50 day simple moving average is $19.14.

Forbright (NASDAQ:FRBT) last announced its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $84.87 million during the quarter, compared to analyst estimates of $85.24 million. On average, research analysts predict that Forbright, Inc. will post 1.09 EPS for the current year.

Forbright 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.