Forbright (NASDAQ:FRBT) Stock Price Target Raised at TD Cowen

Forbright (NASDAQ:FRBT) had its price target upped by stock analysts at TD Cowen from $24.00 to $25.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen‘s target price suggests a potential upside of 38.66% from the stock’s previous close.

FRBT has been the topic of a number of other reports. Zacks Research raised shares of Forbright from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Piper Sandler started coverage on Forbright in a report on Monday, July 6th. They issued a “neutral” rating and a $21.50 price objective 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 objective for the company. Barclays upped 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, Wells Fargo & Company dropped their price target on shares of Forbright from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.83.

Forbright Price Performance

FRBT traded down $0.40 during trading on Friday, hitting $18.03. The company had a trading volume of 53,054 shares, compared to its average volume of 124,941. The company has a market cap of $915.20 million and a P/E ratio of 200.33. The stock has a 50-day moving average of $17.99. The company has a current ratio of 0.95, a quick ratio of 0.88 and a debt-to-equity ratio of 0.16. Forbright has a 1-year low of $16.50 and a 1-year high of $22.00.

Forbright (NASDAQ:FRBT) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The business had revenue of $89.06 million for the quarter. Research analysts forecast that Forbright will post 1.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new position in Forbright during the second quarter worth about $47,496,000. Readystate Asset Management LP bought a new stake in shares of Forbright in the second quarter valued at approximately $640,000. Finally, Smithbridge Asset Management Inc. DE purchased a new stake in shares of Forbright during the third quarter worth $382,000.

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.