JPMorgan Chase & Co. Issues Positive Forecast for Forbright (NASDAQ:FRBT) Stock Price

Forbright (NASDAQ:FRBT) had its price target boosted by equities research analysts at JPMorgan Chase & Co. from $22.00 to $23.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 26.58% from the stock’s current price.

A number of other research analysts have also recently weighed in on FRBT. Barclays boosted their target price on shares of Forbright from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Monday, October 5th. TD Cowen raised their price target on shares of Forbright from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday. Wall Street Zen raised Forbright from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Wells Fargo & Company decreased their target price on shares of Forbright from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, September 30th. Finally, Zacks Research upgraded Forbright from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Forbright Price Performance

FRBT traded down $0.26 during trading hours on Friday, hitting $18.17. 102,235 shares of the stock were exchanged, compared to its average volume of 125,494. The firm has a market capitalization of $922.31 million and a PE 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. The stock has a 50-day simple moving average of $17.99. Forbright has a 12 month low of $16.50 and a 12 month high of $22.00.

Forbright (NASDAQ:FRBT) last issued its earnings results on Thursday, October 29th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. The firm had revenue of $89.06 million during the quarter. Sell-side analysts expect that Forbright will post 1.14 EPS for the current year.

Hedge Funds Weigh In On Forbright

Several large investors have recently modified their holdings of the business. Smithbridge Asset Management Inc. DE purchased a new position in Forbright in the third quarter worth $382,000. Readystate Asset Management LP acquired a new stake in Forbright during the second quarter worth about $640,000. Finally, Wellington Management Group LLP acquired a new stake in Forbright during the 2nd quarter worth $47,496,000.

About Forbright

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.