Forbright (NASDAQ:FRBT) Price Target Raised to $23.00

Forbright (NASDAQ:FRBT) had its price target increased by JPMorgan Chase & Co. from $22.00 to $23.00 in a report published on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research analysts also recently commented on FRBT. Wells Fargo & Company reduced their price objective on Forbright from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, September 30th. The Goldman Sachs Group assumed coverage on shares of Forbright in a research report on Monday, July 6th. They issued a “buy” rating and a $23.50 price objective for the company. Wall Street Zen raised shares of Forbright from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Barclays boosted their price target on Forbright from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Monday, October 5th. Finally, Weiss Ratings initiated coverage on Forbright in a research report on Tuesday, September 8th. They issued a “sell (e)” rating on the stock. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Forbright presently has an average rating of “Moderate Buy” and an average price target of $23.00.

Forbright Price Performance

FRBT opened at $18.17 on Friday. 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 50 day simple moving average of $17.97. Forbright has a 12-month low of $16.50 and a 12-month high of $22.00. The firm has a market cap of $922.31 million and a price-to-earnings ratio of 201.89.

Forbright (NASDAQ:FRBT) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. The company had revenue of $89.06 million for the quarter. As a group, analysts anticipate that Forbright will post 1.14 earnings per share for the current year.

Hedge Funds Weigh In On Forbright

A number of hedge funds have recently bought and sold shares of FRBT. Wellington Management Group LLP acquired a new position in Forbright during the 2nd quarter worth approximately $47,496,000. Readystate Asset Management LP purchased a new position in shares of Forbright during the 2nd quarter valued at approximately $640,000. Finally, Smithbridge Asset Management Inc. DE bought a new stake in Forbright in the third quarter valued at $382,000.

Trending Headlines about Forbright

Here are the key news stories impacting Forbright this week:

• Positive Sentiment: Analyst price targets increased: JPMorgan raised its target from $22 to $23 and maintained an “overweight” rating, implying approximately 26.6% upside based on the reference price. JPMorgan Forbright rating information
• Positive Sentiment: TD Cowen lifted its price target from $24 to $25 and assigned a “buy” rating, representing approximately 37.6% potential upside based on the reference price. The target increase suggests improving analyst confidence in Forbright’s earnings outlook. TD Cowen Forbright rating information
• Positive Sentiment: Third-quarter earnings beat expectations: Forbright reported earnings of $0.41 per share, exceeding the $0.32 consensus estimate by $0.09. Revenue totaled $89.06 million, while the company’s reported results were characterized as strong third-quarter growth. Forbright third-quarter earnings report
• Neutral Sentiment: Additional analysis is focusing on Forbright’s key operating metrics versus Wall Street estimates and year-ago results, which could clarify whether the earnings beat reflects sustainable business momentum. Zacks Forbright earnings metrics analysis
• Neutral Sentiment: Despite the favorable earnings and analyst revisions, Forbright trades at a relatively high trailing price-to-earnings ratio, making continued earnings growth important to justify the valuation.

About Forbright

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.