Truist Financial Corp Trims Stock Position in Genuine Parts (NYSE:GPC)

Truist Financial Corp trimmed its position in shares of Genuine Parts (NYSE:GPC - Free Report) by 16.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,077,031 shares of the specialty retailer's stock after selling 211,396 shares during the period. Truist Financial Corp owned approximately 0.77% of Genuine Parts worth $125,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of GPC. Ashton Thomas Securities LLC bought a new position in shares of Genuine Parts during the 3rd quarter valued at approximately $26,000. Capital Performance Advisors LLP bought a new position in shares of Genuine Parts during the 3rd quarter valued at approximately $31,000. Concord Wealth Partners increased its position in shares of Genuine Parts by 79.3% during the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer's stock valued at $38,000 after purchasing an additional 119 shares during the last quarter. Synergy Asset Management LLC bought a new position in shares of Genuine Parts during the 4th quarter valued at approximately $32,000. Finally, Catalyst Capital Advisors LLC bought a new position in shares of Genuine Parts during the 3rd quarter valued at approximately $44,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Genuine Parts news, Director Wendy B. Needham sold 1,608 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $120.78, for a total value of $194,214.24. Following the completion of the sale, the director now directly owns 11,357 shares in the company, valued at approximately $1,371,698.46. This trade represents a 12.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GPC has been the topic of several analyst reports. Redburn Atlantic raised Genuine Parts to a "hold" rating in a research report on Monday, November 11th. Truist Financial boosted their target price on Genuine Parts from $129.00 to $133.00 and gave the company a "buy" rating in a research report on Wednesday. UBS Group cut their price objective on Genuine Parts from $145.00 to $125.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 23rd. Evercore ISI cut their price objective on Genuine Parts from $128.00 to $125.00 and set an "in-line" rating on the stock in a research report on Wednesday. Finally, Loop Capital initiated coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a "buy" rating and a $155.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $137.63.

Genuine Parts Stock Up 1.1 %

Shares of GPC traded up $1.33 during midday trading on Thursday, reaching $123.40. 1,709,121 shares of the stock were exchanged, compared to its average volume of 1,621,995. Genuine Parts has a 52 week low of $112.74 and a 52 week high of $164.45. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. The company's 50 day moving average is $118.28 and its two-hundred day moving average is $127.27. The company has a market capitalization of $17.16 billion, a P/E ratio of 19.07 and a beta of 0.94.

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 analysts' consensus estimates of $1.54 by $0.07. Genuine Parts had a return on equity of 24.99% and a net margin of 3.85%. The business had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the company earned $2.26 EPS. On average, sell-side analysts anticipate that Genuine Parts will post 7.98 earnings per share for the current year.

Genuine Parts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 7th will be paid a dividend of $1.03 per share. This is a boost 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 3.34%. The ex-dividend date of this dividend is Friday, March 7th. Genuine Parts's dividend payout ratio is 61.82%.

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.