Forbright (NASDAQ:FRBT) Stock Price Up 6% on Earnings Beat

Forbright, Inc. (NASDAQ:FRBT)’s share price rose 6% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $18.49 and last traded at $18.28. 4,560 shares were traded during trading, a decline of 96% from the average daily volume of 125,734 shares. The stock had previously closed at $17.24.

The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.09. The business had revenue of $89.06 million during the quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Forbright from a “neutral” rating to an “overweight” rating and decreased their price objective for the company from $23.00 to $22.00 in a report on Thursday, October 1st. Wells Fargo & Company decreased their price target on shares of Forbright from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. Zacks Research raised Forbright from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. Barclays boosted their target price on shares of Forbright from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Monday, October 5th. Finally, Piper Sandler began coverage on shares of Forbright in a research note on Monday, July 6th. They issued a “neutral” rating and a $21.50 price objective for the company. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.40.

Hedge Funds Weigh In On Forbright

A number of hedge funds have recently made changes to their positions in the stock. Smithbridge Asset Management Inc. DE acquired a new stake in shares of Forbright during the third quarter worth $382,000. Readystate Asset Management LP acquired a new stake in shares of Forbright in the 2nd quarter valued at about $640,000. Finally, Wellington Management Group LLP acquired a new stake in Forbright in the second quarter valued at approximately $47,496,000.

Forbright Stock Performance

The stock has a market cap of $928.91 million and a P/E ratio of 203.33. The firm has a fifty day simple moving average of $17.99. The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.16.

Forbright Company Profile

Forbright is a financial services company centered on Forbright Bank, a mission-driven full-service bank that provides commercial and consumer banking services. The company focuses on financing businesses, organizations and projects that support sustainable economic development, including clean energy, affordable housing, health care, education and nonprofit initiatives.

Forbright Bank offers deposit accounts, treasury and cash-management services, commercial real estate lending, commercial and industrial loans, residential lending and other financing solutions.