Peapack Gladstone Financial Corp Reduces Stock Holdings in Genuine Parts (NYSE:GPC)

Peapack Gladstone Financial Corp lessened its stake in shares of Genuine Parts (NYSE:GPC - Free Report) by 7.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 134,859 shares of the specialty retailer's stock after selling 11,326 shares during the period. Peapack Gladstone Financial Corp owned about 0.10% of Genuine Parts worth $15,746,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Millstone Evans Group LLC purchased a new stake in Genuine Parts in the fourth quarter worth $25,000. Kestra Investment Management LLC bought a new stake in Genuine Parts in the 4th quarter valued at about $28,000. First Command Advisory Services Inc. bought a new position in Genuine Parts during the fourth quarter worth about $28,000. Compass Planning Associates Inc purchased a new position in shares of Genuine Parts in the fourth quarter worth about $29,000. Finally, Synergy Asset Management LLC bought a new stake in shares of Genuine Parts in the fourth quarter valued at approximately $32,000. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GPC shares. Loop Capital began coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a "buy" rating and a $155.00 price target for the company. Northcoast Research cut Genuine Parts from a "buy" rating to a "neutral" rating in a research report on Friday, January 17th. Evercore ISI upgraded shares of Genuine Parts from an "in-line" rating to an "outperform" rating and raised their price objective for the company from $128.00 to $135.00 in a research report on Friday, April 4th. Truist Financial upped their target price on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Finally, The Goldman Sachs Group reissued a "sell" rating and issued a $114.00 price target (down from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Genuine Parts has a consensus rating of "Hold" and an average price target of $135.88.

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Genuine Parts Trading Up 0.6 %

Genuine Parts stock traded up $0.63 during mid-day trading on Friday, hitting $113.92. The company's stock had a trading volume of 329,188 shares, compared to its average volume of 1,250,289. The business has a 50 day moving average price of $120.33 and a 200-day moving average price of $122.39. Genuine Parts has a 12 month low of $104.01 and a 12 month high of $164.45. The stock has a market cap of $15.81 billion, a price-to-earnings ratio of 17.65 and a beta of 0.82. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.07. The business had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.71 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. During the same period last year, the company earned $2.26 EPS. As a group, analysts forecast that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th were issued a dividend of $1.03 per share. This is a positive change from Genuine Parts's previous quarterly dividend of $1.00. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend was Friday, March 7th. Genuine Parts's dividend payout ratio is currently 63.68%.

Genuine Parts Profile

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.