Readystate Asset Management LP purchased a new stake in Forbright, Inc. (NASDAQ:FRBT – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 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 SEC filing.
Separately, Wellington Management Group LLP acquired a new stake in shares of Forbright during the second quarter worth $47,496,000.
Analysts Set New Price Targets
A number of brokerages recently weighed in on FRBT. TD Cowen started coverage on shares of Forbright in a research note on Monday, July 6th. They issued a “buy” rating for the company. Piper Sandler started coverage on Forbright in a research note on Monday, July 6th. They issued a “neutral” rating and a $21.50 price target on the stock. The Goldman Sachs Group began coverage on Forbright in a report on Monday, July 6th. They issued a “buy” rating and a $23.50 price target on the stock. Zacks Research raised Forbright to a “hold” rating in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. increased their price objective on Forbright from $21.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Forbright has a consensus rating of “Moderate Buy” and an average price target of $22.60.
Forbright Stock Performance
Shares of FRBT stock opened at $19.14 on Tuesday. The stock has a fifty day simple moving average of $19.17. Forbright, Inc. has a 12 month low of $17.48 and a 12 month high of $22.00.
Forbright (NASDAQ:FRBT – Get Free Report) last released its earnings results 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 company had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.24 million. Analysts anticipate that Forbright, Inc. will post 1.09 earnings per share for the current fiscal year.
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.
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