Barclays Forecasts Strong Price Appreciation for Forbright (NASDAQ:FRBT) Stock

Forbright (NASDAQ:FRBT) had its target price hoisted by analysts at Barclays from $23.00 to $24.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 33.11% from the company’s previous close.

Several other research firms have also recently commented on FRBT. Piper Sandler started coverage on Forbright in a research note on Monday, July 6th. They set a “neutral” rating and a $21.50 price target for the company. Zacks Research lowered shares of Forbright from a “hold” rating to a “strong sell” rating in a research report on Friday, September 11th. TD Cowen began coverage on shares of Forbright in a research note on Monday, July 6th. They issued a “buy” rating on the stock. Weiss Ratings began coverage on shares of Forbright in a research report on Tuesday, September 8th. They set a “sell (e)” rating for the company. Finally, Wall Street Zen upgraded shares of Forbright from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $22.40.

Forbright Price Performance

NASDAQ FRBT opened at $18.03 on Monday. Forbright has a 52-week low of $16.81 and a 52-week high of $22.00. The business’s 50-day moving average is $18.64. 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 (NASDAQ:FRBT) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $85.24 million. On average, equities analysts forecast that Forbright will post 1.09 EPS for the current year.

Institutional Trading of Forbright

An institutional investor recently bought a new stake in Forbright stock. Readystate Asset Management LP acquired a new position in Forbright, Inc. (NASDAQ:FRBT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 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.