Truist Financial Corp Decreases Position in Genuine Parts Company $GPC

Key Points

• Truist Financial Corp reduced its holdings in Genuine Parts Company by 1.2%, now owning approximately 1,040,234 shares valued at $126.19 million.
• Genuine Parts Company reported a net income increase of 3.4% year-over-year, with earnings per share of $2.10, surpassing estimates of $2.08.
• The firm declared a quarterly dividend of $1.03 per share, providing a 3.0% dividend yield with a payout ratio of approximately 70.91%.

Truist Financial Corp cut its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,040,234 shares of the specialty retailer's stock after selling 12,707 shares during the period. Truist Financial Corp owned approximately 0.75% of Genuine Parts worth $126,191,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GPC. Rossby Financial LCC bought a new stake in shares of Genuine Parts in the 1st quarter valued at about $25,000. Olde Wealth Management LLC bought a new stake in Genuine Parts in the first quarter valued at approximately $27,000. North Capital Inc. purchased a new stake in shares of Genuine Parts during the first quarter valued at approximately $28,000. Golden State Wealth Management LLC grew its holdings in shares of Genuine Parts by 7,950.0% in the first quarter. Golden State Wealth Management LLC now owns 322 shares of the specialty retailer's stock worth $38,000 after purchasing an additional 318 shares during the last quarter. Finally, WPG Advisers LLC purchased a new position in shares of Genuine Parts in the first quarter worth $45,000. 78.83% of the stock is owned by institutional investors.

Insider Transactions at Genuine Parts

In related news, EVP Naveen Krishna sold 5,303 shares of the business's stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $138.12, for a total transaction of $732,450.36. Following the sale, the executive vice president owned 26,112 shares of the company's stock, valued at $3,606,589.44. The trade was a 16.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.42% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Loop Capital increased their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. increased their target price 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. Truist Financial boosted their price target on Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. 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, August 26th. Finally, UBS Group lifted their price objective on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $137.86.

Genuine Parts Stock Down 0.5%

Shares of NYSE:GPC opened at $138.58 on Wednesday. Genuine Parts Company has a 52-week low of $104.01 and a 52-week high of $144.29. The firm has a market capitalization of $19.28 billion, a P/E ratio of 23.85 and a beta of 0.75. The stock has a 50 day moving average price of $136.89 and a 200-day moving average price of $126.52. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.51 and a current ratio of 1.14.

Genuine Parts (NYSE:GPC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.02. The company had revenue of $6.16 billion for 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%.The firm's revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.44 earnings per share. Genuine Parts has set its FY 2025 guidance at 7.500-8.000 EPS. As a group, equities research analysts anticipate that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Friday, September 5th will be paid a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, September 5th. Genuine Parts's dividend payout ratio (DPR) is presently 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.

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