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

Forbright, Inc. (NASDAQ:FRBT) has been given an average recommendation of “Moderate Buy” by the eight analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $23.00.

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company cut their price target on shares of Forbright from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, September 30th. Wall Street Zen upgraded shares of Forbright from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Barclays boosted 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. Weiss Ratings assumed coverage on Forbright in a research report on Tuesday, September 8th. They issued a “sell (e)” rating on the stock. Finally, TD Cowen increased their target price on Forbright from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, October 30th.

Forbright Stock Performance

Shares of FRBT stock opened at $19.71 on Friday. The stock has a market cap of $1.00 billion and a P/E ratio of 219.00. The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.16. Forbright has a one year low of $16.50 and a one year high of $22.00. The company’s 50-day moving average price is $18.05.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FRBT. Allspring Global Investments Holdings LLC boosted its position 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 buying an additional 68,705 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Forbright in the 3rd quarter worth about $191,000. Smithbridge Asset Management Inc. DE purchased a new position in Forbright in the 3rd quarter worth about $382,000. Readystate Asset Management LP purchased a new position in Forbright in the 2nd quarter worth about $640,000. Finally, Wellington Management Group LLP purchased a new position in Forbright in the 2nd quarter worth about $47,496,000.

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.