Truist Financial Corp Reduces Stock Position in Genuine Parts Company $GPC

Truist Financial Corp trimmed its position in Genuine Parts Company (NYSE:GPC) by 1.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,022,021 shares of the specialty retailer’s stock after selling 18,213 shares during the quarter. Truist Financial Corp owned about 0.73% of Genuine Parts worth $141,652,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Peoples Financial Services CORP. purchased a new position in Genuine Parts during the 3rd quarter worth approximately $29,000. Golden State Wealth Management LLC increased its stake in shares of Genuine Parts by 8,833.3% in the second quarter. Golden State Wealth Management LLC now owns 268 shares of the specialty retailer’s stock worth $33,000 after acquiring an additional 265 shares during the period. Concord Wealth Partners raised its holdings in shares of Genuine Parts by 148.7% during the second quarter. Concord Wealth Partners now owns 296 shares of the specialty retailer’s stock worth $36,000 after purchasing an additional 177 shares during the last quarter. Hantz Financial Services Inc. lifted its position in Genuine Parts by 7,825.0% during the second quarter. Hantz Financial Services Inc. now owns 317 shares of the specialty retailer’s stock valued at $38,000 after purchasing an additional 313 shares during the period. Finally, Cromwell Holdings LLC boosted its holdings in Genuine Parts by 49.1% in the second quarter. Cromwell Holdings LLC now owns 346 shares of the specialty retailer’s stock valued at $42,000 after purchasing an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GPC. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genuine Parts in a research note on Monday, December 29th. JPMorgan Chase & Co. lifted their price target on Genuine Parts from $145.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, October 23rd. Evercore ISI upped their price objective on Genuine Parts from $148.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. UBS Group raised their price objective on shares of Genuine Parts from $135.00 to $140.00 and gave the stock a “neutral” rating in a research note on Friday, October 10th. Finally, Truist Financial boosted their target price on shares of Genuine Parts from $143.00 to $146.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Genuine Parts has a consensus rating of “Moderate Buy” and a consensus price target of $148.00.

Genuine Parts Stock Up 0.1%

Shares of GPC opened at $139.27 on Wednesday. The firm has a market cap of $19.37 billion, a P/E ratio of 23.97 and a beta of 0.75. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $143.48. The stock’s 50 day moving average is $129.24 and its two-hundred day moving average is $132.07. The company has a current ratio of 1.14, a quick ratio of 0.51 and a debt-to-equity ratio of 0.78.

Genuine Parts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Friday, December 5th were issued a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, December 5th. Genuine Parts’s payout ratio is presently 70.91%.

Genuine Parts Company Profile

Genuine Parts Company (NYSE: GPC) is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.