Synovus Financial Corp Sells 2,271 Shares of Genuine Parts Company $GPC

Key Points

• Synovus Financial Corp reduced its stake in Genuine Parts Company by 1.2%, owning 186,375 shares valued at approximately $22.2 million at the end of the first quarter.
• Genuine Parts Company reported earnings per share of $2.10 for the quarter, surpassing analysts' expectations, while its revenue increased by 3.4% year-over-year to $6.16 billion.
• The company declared a quarterly dividend of $1.03 to be paid on October 2nd, representing an annualized yield of 3.0%.

Synovus Financial Corp cut its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 1.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 186,375 shares of the specialty retailer's stock after selling 2,271 shares during the period. Synovus Financial Corp owned about 0.13% of Genuine Parts worth $22,205,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Horizon Investments LLC lifted its position in shares of Genuine Parts by 4.8% during the 1st quarter. Horizon Investments LLC now owns 1,996 shares of the specialty retailer's stock worth $238,000 after buying an additional 91 shares in the last quarter. Pinnacle Associates Ltd. increased its position in shares of Genuine Parts by 2.8% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,376 shares of the specialty retailer's stock valued at $402,000 after purchasing an additional 93 shares during the last quarter. Strategic Wealth Partners Ltd. raised its stake in shares of Genuine Parts by 4.2% during the 4th quarter. Strategic Wealth Partners Ltd. now owns 2,420 shares of the specialty retailer's stock worth $302,000 after purchasing an additional 98 shares during the period. Keybank National Association OH grew its position in Genuine Parts by 0.5% during the first quarter. Keybank National Association OH now owns 20,862 shares of the specialty retailer's stock valued at $2,486,000 after buying an additional 98 shares during the period. Finally, Veracity Capital LLC increased its holdings in Genuine Parts by 4.9% during the first quarter. Veracity Capital LLC now owns 2,147 shares of the specialty retailer's stock worth $256,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GPC. Truist Financial increased their target price on shares of Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. UBS Group lifted their price objective on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Loop Capital lifted their target price on shares of Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. raised their price objective on shares of Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Evercore ISI upped their price target on Genuine Parts from $145.00 to $148.00 and gave the company an "outperform" rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $137.86.

Genuine Parts Stock Performance

NYSE GPC traded down $0.41 during trading hours on Thursday, hitting $139.44. The company's stock had a trading volume of 755,738 shares, compared to its average volume of 1,386,889. The company has a market cap of $19.39 billion, a P/E ratio of 24.00 and a beta of 0.75. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.14 and a quick ratio of 0.51. The company's 50 day simple moving average is $129.60 and its two-hundred day simple moving average is $123.90. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $144.44.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.08 by $0.02. The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.10 billion. Genuine Parts had a return on equity of 22.41% and a net margin of 3.40%.Genuine Parts's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.44 EPS. Genuine Parts has set its FY 2025 guidance at 7.500-8.000 EPS. As a group, sell-side analysts expect that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Friday, September 5th will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 5th. Genuine Parts's payout ratio is currently 70.91%.

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.