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

Shares of Forbright, Inc. (NASDAQ:FRBT) have received an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $22.60.

FRBT has been the subject of a number of recent research reports. Wall Street Zen raised Forbright from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Piper Sandler started coverage on Forbright in a research note on Monday, July 6th. They issued a “neutral” rating and a $21.50 price target on the stock. Zacks Research upgraded Forbright to a “hold” rating in a research report on Tuesday, July 7th. Wells Fargo & Company increased their price objective on Forbright from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Finally, Barclays initiated coverage on Forbright in a report on Monday, July 6th. They set an “overweight” rating and a $23.00 price objective for the company.

Forbright Price Performance

NASDAQ:FRBT opened at $18.65 on Tuesday. Forbright has a 12-month low of $17.48 and a 12-month high of $22.00. The business has a 50-day simple moving average of $19.07.

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

Institutional Investors Weigh In On Forbright

An institutional investor recently bought a new position in Forbright stock. Wellington Management Group LLP purchased a new stake in shares of Forbright, Inc. (NASDAQ:FRBT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,596,821 shares of the company’s stock, valued at approximately $47,496,000. Wellington Management Group LLP owned about 5.23% of Forbright as of its most recent SEC filing.

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.