Readystate Asset Management LP Makes New Investment in Forbright, Inc. $FRBT

Readystate Asset Management LP acquired a new position in shares of Forbright, Inc. (NASDAQ:FRBT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 35,000 shares of the company’s stock, valued at approximately $640,000.

Separately, Wellington Management Group LLP bought a new position in shares of Forbright in the second quarter valued at $47,496,000.

Wall Street Analyst Weigh In

Several research firms have issued reports on FRBT. Wells Fargo & Company upped their price target on shares of Forbright from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Piper Sandler assumed coverage on shares of Forbright in a research report on Monday, July 6th. They issued a “neutral” rating and a $21.50 price objective for the company. TD Cowen started coverage on shares of Forbright in a research report on Monday, July 6th. They issued a “buy” rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Forbright from $21.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Finally, Barclays initiated coverage on shares of Forbright in a report on Monday, July 6th. They issued an “overweight” rating and a $23.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.60.

Forbright Stock Performance

FRBT opened at $19.14 on Tuesday. Forbright, Inc. has a 1-year low of $17.48 and a 1-year high of $22.00. The firm has a fifty day simple moving average of $19.17.

Forbright (NASDAQ:FRBT) last released its quarterly earnings data 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. As a group, equities analysts expect that Forbright, Inc. will post 1.09 earnings per share for the current year.

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.