Wells Fargo & Company Cuts Forbright (NASDAQ:FRBT) Price Target to $21.00

Forbright (NASDAQ:FRBT) had its price objective trimmed by Wells Fargo & Company from $22.00 to $21.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of Forbright in a research report on Monday, July 6th. They set a “buy” rating and a $23.50 price target for the company. JPMorgan Chase & Co. upped their price target on Forbright from $21.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Piper Sandler initiated coverage on Forbright in a research note on Monday, July 6th. They issued a “neutral” rating and a $21.50 price objective for the company. Barclays initiated coverage on Forbright in a research note on Monday, July 6th. They issued an “overweight” rating and a $23.00 price objective for the company. Finally, TD Cowen started coverage on Forbright in a report on Monday, July 6th. They set a “buy” rating for the company. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $22.20.

Forbright Stock Down 2.3%

Shares of FRBT opened at $17.79 on Wednesday. Forbright has a 52-week low of $16.81 and a 52-week high of $22.00. The company has a 50-day moving average of $18.72.

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 company had revenue of $84.87 million for the quarter, compared to analysts’ expectations of $85.24 million. On average, equities research analysts forecast that Forbright will post 1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Forbright

An institutional investor recently bought a new stake in Forbright stock. Readystate Asset Management LP acquired a new stake in shares of Forbright, Inc. (NASDAQ:FRBT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 35,000 shares of the company’s stock, valued at approximately $640,000. Readystate Asset Management LP owned 0.07% of Forbright as of its most recent filing with the Securities & Exchange Commission.

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.