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

Truist Financial Corp cut its position in shares of Genuine Parts (NYSE:GPC) by 16.4% during the fourth quarter, according to its most recent Form 13F filing with the 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 0.77% of Genuine Parts worth $125,754,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in Genuine Parts during the third quarter valued at $26,000. Capital Performance Advisors LLP purchased a new position in Genuine Parts during the third quarter valued at $31,000. Synergy Asset Management LLC purchased a new position in Genuine Parts during the fourth quarter valued at $32,000. Concord Wealth Partners lifted its holdings in Genuine Parts by 79.3% during the third quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after purchasing an additional 119 shares in the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new position in Genuine Parts during the third quarter valued at $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 Genuine Parts stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $120.78, for a total transaction of $194,214.24. Following the completion of the sale, the director now directly owns 11,357 shares in the company, valued at $1,371,698.46. This trade represents a 12.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GPC shares. Evercore ISI increased their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a report on Tuesday, October 22nd. Loop Capital assumed coverage on shares of Genuine Parts in a report on Thursday, January 16th. They set a “buy” rating and a $155.00 price objective on the stock. Northcoast Research downgraded shares of Genuine Parts from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. The Goldman Sachs Group decreased their price target on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Finally, UBS Group decreased their price target on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Eight investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $141.50.

Genuine Parts Price Performance

Genuine Parts stock opened at $124.87 on Monday. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45. The stock has a market cap of $17.36 billion, a P/E ratio of 16.07 and a beta of 0.94. The company has a 50-day moving average price of $118.36 and a 200 day moving average price of $127.61. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81.

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend was Friday, December 6th. Genuine Parts’s payout ratio is currently 51.48%.

About Genuine Parts

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.