Forbright (NASDAQ:FRBT) Shares Up 5.6% on Analyst Upgrade

Forbright, Inc. (NASDAQ:FRBT) was up 5.6% during mid-day trading on Thursday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $22.00 price target on the stock, down from their previous price target of $23.00. Forbright traded as high as $17.98 and last traded at $17.98. 36,386 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 137,278 shares. The stock had previously closed at $17.03.

Several other equities analysts have also commented on the company. Zacks Research lowered Forbright from a “hold” rating to a “strong sell” rating in a report on Friday, September 11th. TD Cowen initiated coverage on Forbright in a report on Monday, July 6th. They issued a “buy” rating on the stock. Weiss Ratings assumed coverage on Forbright in a research report on Tuesday, September 8th. They set a “sell (e)” rating for the company. Wall Street Zen upgraded Forbright from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Finally, The Goldman Sachs Group assumed 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. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.20.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Forbright stock. Readystate Asset Management LP acquired a new stake in shares of Forbright, Inc. (NASDAQ:FRBT) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 SEC filing.

Forbright Stock Performance

The firm’s 50 day moving average price is $18.78.

Forbright (NASDAQ:FRBT) last announced its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share (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. Sell-side analysts forecast that Forbright, Inc. will post 1.09 EPS for the current fiscal year.

Forbright Company Profile

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.