Forbright (NASDAQ:FRBT) Shares Up 5.6% Following Analyst Upgrade

Forbright, Inc. (NASDAQ:FRBT)’s share price rose 5.6% on Thursday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $22.00 price target on the stock, down from their previous price target of $23.00. Forbright traded as high as $17.98 and last traded at $17.98. 36,386 shares were traded during trading, a decline of 73% from the average session volume of 137,278 shares. The stock had previously closed at $17.03.

FRBT has been the subject of a number of other research reports. Wall Street Zen raised Forbright from a “sell” rating to a “hold” rating in a report on Monday, July 20th. TD Cowen assumed coverage on shares of Forbright in a research note on Monday, July 6th. They set a “buy” rating on the stock. Zacks Research lowered shares of Forbright from a “hold” rating to a “strong sell” rating in a report on Friday, September 11th. Wells Fargo & Company dropped their target price on shares of Forbright from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Weiss Ratings assumed coverage on shares of Forbright in a research note on Tuesday, September 8th. They issued a “sell (e)” rating on the stock. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $22.20.

Hedge Funds Weigh In On Forbright

A hedge fund recently bought a new position in Forbright stock. Readystate Asset Management LP acquired a new position in Forbright, Inc. (NASDAQ:FRBT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 35,000 shares of the company’s stock, valued at approximately $640,000. Readystate Asset Management LP owned 0.07% of Forbright at the end of the most recent reporting period.

Forbright Stock Performance

The business’s 50 day simple moving average is $18.78.

Forbright (NASDAQ:FRBT) last issued 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 for the quarter, compared to the consensus estimate of $85.24 million. As a group, sell-side analysts expect that Forbright, Inc. will post 1.09 earnings per share for the current fiscal year.

About Forbright

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.