Atlantic Union Bankshares Corp Lowers Holdings in Genuine Parts Company (NYSE:GPC)

Atlantic Union Bankshares Corp cut its stake in Genuine Parts Company (NYSE:GPC - Free Report) by 54.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,940 shares of the specialty retailer's stock after selling 4,783 shares during the quarter. Atlantic Union Bankshares Corp's holdings in Genuine Parts were worth $469,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in GPC. Envestnet Portfolio Solutions Inc. increased its stake in shares of Genuine Parts by 1.7% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,512 shares of the specialty retailer's stock worth $877,000 after acquiring an additional 128 shares during the period. Royal London Asset Management Ltd. lifted its holdings in Genuine Parts by 2.4% in the fourth quarter. Royal London Asset Management Ltd. now owns 58,596 shares of the specialty retailer's stock worth $6,842,000 after purchasing an additional 1,354 shares during the period. Lee Danner & Bass Inc. acquired a new position in Genuine Parts in the fourth quarter worth approximately $52,000. Millstone Evans Group LLC purchased a new stake in shares of Genuine Parts during the fourth quarter worth $25,000. Finally, Virtu Financial LLC raised its holdings in Genuine Parts by 414.2% in the 4th quarter. Virtu Financial LLC now owns 8,053 shares of the specialty retailer's stock worth $940,000 after acquiring an additional 6,487 shares during the period. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wall Street Zen cut Genuine Parts from a "buy" rating to a "hold" rating in a report on Saturday, April 26th. Evercore ISI reduced their price target on shares of Genuine Parts from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. The Goldman Sachs Group reaffirmed a "sell" rating and set a $114.00 target price (down previously from $133.00) on shares of Genuine Parts in a research report on Tuesday, April 1st. Argus upgraded Genuine Parts to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Truist Financial increased their target price on shares of Genuine Parts from $133.00 to $137.00 and gave the company a "buy" rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $130.86.

Genuine Parts Stock Down 0.6%

GPC opened at $122.82 on Monday. Genuine Parts Company has a twelve month low of $104.01 and a twelve month high of $149.22. The firm has a market cap of $17.05 billion, a price-to-earnings ratio of 20.17 and a beta of 0.74. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.52 and a current ratio of 1.15. The firm's 50-day simple moving average is $124.24 and its 200-day simple moving average is $120.66.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.09. Genuine Parts had a return on equity of 23.71% and a net margin of 3.60%. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.83 billion. Equities research analysts anticipate that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Friday, June 6th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Friday, June 6th. Genuine Parts's payout ratio is 67.65%.

Genuine Parts Company 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.

Want to see what other hedge funds are holding GPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genuine Parts Company (NYSE:GPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.