Forbright, Inc. (NASDAQ:FRBT) Receives Average Rating of “Hold” from Brokerages

Forbright, Inc. (NASDAQ:FRBT) has received an average rating of “Hold” from the eight ratings firms that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $22.60.

Several analysts have recently weighed in on the company. Wells Fargo & Company upped their price objective on Forbright from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Zacks Research lowered Forbright from a “hold” rating to a “strong sell” rating in a report on Friday, September 11th. TD Cowen initiated coverage on shares of Forbright in a research report on Monday, July 6th. They issued a “buy” rating on the stock. The Goldman Sachs Group began coverage on shares of Forbright in a report on Monday, July 6th. They issued a “buy” rating and a $23.50 price target for the company. Finally, JPMorgan Chase & Co. raised their price objective on shares of Forbright from $21.00 to $23.00 and gave the company a “neutral” rating in a research report on Friday, July 31st.

Forbright Trading Down 6.3%

NASDAQ FRBT opened at $17.65 on Friday. Forbright has a 12 month low of $17.48 and a 12 month high of $22.00. The company’s 50 day moving average is $19.05.

Forbright (NASDAQ:FRBT) last released its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $84.87 million during the quarter, compared to analysts’ expectations of $85.24 million. Sell-side analysts predict that Forbright will post 1.09 EPS for the current fiscal year.

Institutional Trading of Forbright

An institutional investor recently bought a new position in Forbright stock. Readystate Asset Management LP purchased a new position in Forbright, Inc. (NASDAQ:FRBT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 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 filing with the Securities & Exchange Commission.

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.