Forbright (NASDAQ:FRBT) Price Target Raised to $25.00

Forbright (NASDAQ:FRBT) had its price objective increased by TD Cowen from $24.00 to $25.00 in a research note published on Friday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. raised Forbright from a “neutral” rating to an “overweight” rating and lowered their price objective for the stock from $23.00 to $22.00 in a research note on Thursday, October 1st. Weiss Ratings started coverage on Forbright in a report on Tuesday, September 8th. They set a “sell (e)” rating for the company. The Goldman Sachs Group started coverage on Forbright in a research report on Monday, July 6th. They issued a “buy” rating and a $23.50 target price on the stock. Wall Street Zen upgraded shares of Forbright from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Finally, Wells Fargo & Company reduced 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 analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.00.

Forbright Price Performance

Shares of FRBT stock opened at $18.17 on Friday. The company has a market capitalization of $922.31 million and a price-to-earnings ratio of 201.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.88 and a current ratio of 0.95. Forbright has a 12 month low of $16.50 and a 12 month high of $22.00. The stock has a fifty day simple moving average of $17.97.

Forbright (NASDAQ:FRBT) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.09. The business had revenue of $89.06 million during the quarter. On average, equities analysts predict that Forbright will post 1.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forbright

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP bought a new stake in Forbright in the 2nd quarter worth about $47,496,000. Readystate Asset Management LP purchased a new stake in Forbright in the 2nd quarter worth approximately $640,000. Finally, Smithbridge Asset Management Inc. DE purchased a new position in shares of Forbright during the 3rd quarter worth approximately $382,000.

Forbright News Roundup

Here are the key news stories impacting Forbright this week:

• Positive Sentiment: Analyst price targets increased: JPMorgan raised its target from $22 to $23 and maintained an “overweight” rating, implying approximately 26.6% upside based on the reference price. JPMorgan Forbright rating information
• Positive Sentiment: TD Cowen lifted its price target from $24 to $25 and assigned a “buy” rating, representing approximately 37.6% potential upside based on the reference price. The target increase suggests improving analyst confidence in Forbright’s earnings outlook. TD Cowen Forbright rating information
• Positive Sentiment: Third-quarter earnings beat expectations: Forbright reported earnings of $0.41 per share, exceeding the $0.32 consensus estimate by $0.09. Revenue totaled $89.06 million, while the company’s reported results were characterized as strong third-quarter growth. Forbright third-quarter earnings report
• Neutral Sentiment: Additional analysis is focusing on Forbright’s key operating metrics versus Wall Street estimates and year-ago results, which could clarify whether the earnings beat reflects sustainable business momentum. Zacks Forbright earnings metrics analysis
• Neutral Sentiment: Despite the favorable earnings and analyst revisions, Forbright trades at a relatively high trailing price-to-earnings ratio, making continued earnings growth important to justify the valuation.

Forbright Company Profile

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.