Campbell & CO Investment Adviser LLC Purchases New Position in First Bancorp $FBNC

Campbell & CO Investment Adviser LLC acquired a new position in First Bancorp (NASDAQ:FBNC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,913 shares of the financial services provider’s stock, valued at approximately $393,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Quantbot Technologies LP purchased a new stake in shares of First Bancorp in the 1st quarter worth $25,000. Northwestern Mutual Wealth Management Co. lifted its stake in First Bancorp by 1,412.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 876 shares during the period. GAMMA Investing LLC grew its holdings in First Bancorp by 33.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 475 shares in the last quarter. ZWJ Investment Counsel Inc. purchased a new position in First Bancorp during the 2nd quarter valued at about $236,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of First Bancorp in the 1st quarter valued at about $243,000. 68.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Zacks Research upgraded shares of First Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 3rd. Keefe, Bruyette & Woods increased their target price on First Bancorp from $53.00 to $62.00 and gave the company an “outperform” rating in a research report on Tuesday, September 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a report on Wednesday, October 8th. Stephens upped their price objective on First Bancorp from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Finally, Piper Sandler raised their price objective on First Bancorp from $48.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.67.

First Bancorp Price Performance

Shares of FBNC stock opened at $50.95 on Monday. First Bancorp has a fifty-two week low of $34.50 and a fifty-two week high of $56.45. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 21.41 and a beta of 1.06. The stock’s 50-day simple moving average is $51.28 and its 200-day simple moving average is $48.05.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.93 by $0.08. The firm had revenue of $89.61 million during the quarter, compared to analyst estimates of $113.47 million. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. As a group, equities analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.