Forbright (NASDAQ:FRBT) Upgraded to Overweight at JPMorgan Chase & Co.

Forbright (NASDAQ:FRBT) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Thursday, Briefing.com reports. The brokerage currently has a $22.00 price objective on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 29.18% from the company’s previous close.

Several other analysts also recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of Forbright in a research note on Monday, July 6th. They set a “buy” rating and a $23.50 target price on the stock. TD Cowen began coverage on Forbright in a report on Monday, July 6th. They set a “buy” rating on the stock. Wall Street Zen raised Forbright from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Zacks Research downgraded Forbright from a “hold” rating to a “strong sell” rating in a research note on Friday, September 11th. Finally, Piper Sandler initiated coverage on Forbright in a research report on Monday, July 6th. They set a “neutral” rating and a $21.50 price objective for the company. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.20.

Forbright Trading Down 0.2%

Shares of Forbright stock opened at $17.03 on Thursday. Forbright has a 12-month low of $16.81 and a 12-month high of $22.00. The stock’s fifty day moving average is $18.78.

Forbright (NASDAQ:FRBT) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $85.24 million. Equities research analysts predict that Forbright will post 1.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Forbright stock. Wellington Management Group LLP bought a new position in Forbright, Inc. (NASDAQ:FRBT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,596,821 shares of the company’s stock, valued at approximately $47,496,000. Wellington Management Group LLP owned about 5.23% of Forbright as of its most recent filing with the Securities and 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.