Truist Financial Corp Sells 24,090 Shares of Genuine Parts Company (NYSE:GPC)

Truist Financial Corp trimmed its position in Genuine Parts Company (NYSE:GPC - Free Report) by 2.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,052,941 shares of the specialty retailer's stock after selling 24,090 shares during the period. Truist Financial Corp owned approximately 0.76% of Genuine Parts worth $125,447,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Strategic Wealth Partners Ltd. lifted its position in shares of Genuine Parts by 4.2% during the fourth quarter. Strategic Wealth Partners Ltd. now owns 2,420 shares of the specialty retailer's stock worth $302,000 after acquiring an additional 98 shares in the last quarter. Keybank National Association OH raised its position in shares of Genuine Parts by 0.5% in the first quarter. Keybank National Association OH now owns 20,862 shares of the specialty retailer's stock worth $2,486,000 after buying an additional 98 shares in the last quarter. Veracity Capital LLC raised its position in shares of Genuine Parts by 4.9% in 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 in the last quarter. Gallagher Fiduciary Advisors LLC raised its position in shares of Genuine Parts by 4.7% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 2,647 shares of the specialty retailer's stock worth $309,000 after buying an additional 118 shares in the last quarter. Finally, Investors Research Corp raised its position in shares of Genuine Parts by 75.3% in the first quarter. Investors Research Corp now owns 291 shares of the specialty retailer's stock worth $35,000 after buying an additional 125 shares in the last quarter. 78.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Genuine Parts Stock Down 0.0%

Shares of NYSE:GPC opened at $127.41 on Friday. The stock's 50-day moving average price is $122.94 and its 200-day moving average price is $120.04. Genuine Parts Company has a 12-month low of $104.01 and a 12-month high of $149.22. The stock has a market capitalization of $17.68 billion, a P/E ratio of 20.92 and a beta of 0.74. The company has a current ratio of 1.15, a quick ratio of 0.52 and a debt-to-equity ratio of 0.85.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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. On average, equities analysts anticipate that Genuine Parts Company will post 7.9 earnings per share for the current year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Stockholders of record on Friday, June 6th were paid a dividend of $1.03 per share. The ex-dividend date was Friday, June 6th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.23%. Genuine Parts's dividend payout ratio (DPR) is currently 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.

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