JPMorgan Chase & Co. Upgrades Forbright (NASDAQ:FRBT) to Overweight

Forbright (NASDAQ:FRBT) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Thursday, Briefing.com reports. The brokerage currently has a $22.00 price target on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 29.18% from the stock’s current price.

FRBT has been the subject of a number of other reports. Piper Sandler began coverage on Forbright in a report on Monday, July 6th. They issued a “neutral” rating and a $21.50 price objective for the company. Wall Street Zen upgraded shares of Forbright from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. TD Cowen started coverage on shares of Forbright in a report on Monday, July 6th. They issued a “buy” rating for the company. Weiss Ratings assumed coverage on shares of Forbright in a research report on Tuesday, September 8th. They issued a “sell (e)” rating for the company. Finally, The Goldman Sachs Group assumed coverage on shares of Forbright in a research note on Monday, July 6th. They set a “buy” rating and a $23.50 target price on the stock. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Forbright currently has a consensus rating of “Hold” and a consensus price target of $22.20.

Forbright Trading Down 0.2%

FRBT stock opened at $17.03 on Thursday. The company has a fifty day moving average of $18.78. Forbright has a 1 year low of $16.81 and a 1 year high of $22.00.

Forbright (NASDAQ:FRBT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $84.87 million for the quarter, compared to analysts’ expectations of $85.24 million. As a group, analysts predict that Forbright will post 1.09 EPS for the current year.

Institutional Trading of Forbright

An institutional investor recently bought a new position in Forbright stock. Readystate Asset Management LP bought a new position in shares of Forbright, Inc. (NASDAQ:FRBT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 35,000 shares of the company’s stock, valued at approximately $640,000. Readystate Asset Management LP owned approximately 0.07% of Forbright as of its most recent filing with the Securities and Exchange Commission (SEC).

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.