Forbright, Inc. (NASDAQ:FRBT) Given Average Rating of “Moderate Buy” by Analysts

Shares of Forbright, Inc. (NASDAQ:FRBT) have earned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $22.60.

A number of research analysts have recently commented on the stock. Piper Sandler assumed coverage on shares of Forbright in a research report on Monday, July 6th. They set a “neutral” rating and a $21.50 price objective for the company. JPMorgan Chase & Co. lifted their target price on Forbright from $21.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. The Goldman Sachs Group started coverage on Forbright in a research note on Monday, July 6th. They set a “buy” rating and a $23.50 price target on the stock. Zacks Research raised Forbright to a “hold” rating in a report on Tuesday, July 7th. Finally, TD Cowen began coverage on Forbright in a research report on Monday, July 6th. They issued a “buy” rating for the company.

Forbright Stock Down 0.3%

NASDAQ:FRBT opened at $18.65 on Tuesday. Forbright has a one year low of $17.48 and a one year high of $22.00. The firm’s fifty day moving average is $19.07.

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

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Forbright stock. Readystate Asset Management LP purchased 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 (SEC). The fund purchased 35,000 shares of the company’s stock, valued at approximately $640,000. Readystate Asset Management LP owned approximately 0.07% of Forbright at the end of the most recent reporting period.

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.