Raymond James Financial Inc. Buys New Stake in Advance Auto Parts, Inc. (NYSE:AAP)

Raymond James Financial Inc. bought a new position in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 186,544 shares of the company's stock, valued at approximately $8,822,000. Raymond James Financial Inc. owned about 0.31% of Advance Auto Parts at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Versant Capital Management Inc increased its stake in Advance Auto Parts by 207.4% during the 4th quarter. Versant Capital Management Inc now owns 541 shares of the company's stock valued at $26,000 after purchasing an additional 365 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Advance Auto Parts by 1,543.4% during the fourth quarter. Allworth Financial LP now owns 871 shares of the company's stock valued at $40,000 after buying an additional 818 shares during the last quarter. Vision Financial Markets LLC bought a new stake in shares of Advance Auto Parts during the fourth quarter valued at approximately $42,000. KBC Group NV raised its holdings in Advance Auto Parts by 29.1% in the 3rd quarter. KBC Group NV now owns 1,749 shares of the company's stock worth $68,000 after acquiring an additional 394 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Advance Auto Parts by 198.3% in the 4th quarter. GAMMA Investing LLC now owns 1,575 shares of the company's stock valued at $74,000 after acquiring an additional 1,047 shares in the last quarter. Hedge funds and other institutional investors own 88.75% of the company's stock.

Insider Activity at Advance Auto Parts

In related news, CEO Shane M. Okelly bought 1,500 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average cost of $36.79 per share, with a total value of $55,185.00. Following the completion of the purchase, the chief executive officer now owns 183,121 shares of the company's stock, valued at approximately $6,737,021.59. The trade was a 0.83 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eugene I. Lee, Jr. acquired 14,640 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $34.15 per share, with a total value of $499,956.00. Following the transaction, the director now owns 34,070 shares of the company's stock, valued at approximately $1,163,490.50. This represents a 75.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.35% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on AAP. Wells Fargo & Company lifted their target price on Advance Auto Parts from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Monday, January 6th. Royal Bank of Canada reduced their price objective on Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating for the company in a report on Thursday, February 27th. Evercore ISI dropped their price target on shares of Advance Auto Parts from $37.00 to $35.00 and set an "in-line" rating on the stock in a report on Tuesday, March 11th. BMO Capital Markets dropped their target price on shares of Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating on the stock in a report on Thursday, February 27th. Finally, Truist Financial cut their price objective on Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating for the company in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Advance Auto Parts presently has an average rating of "Hold" and an average target price of $45.13.

Advance Auto Parts Price Performance

AAP stock traded down $0.97 during trading on Tuesday, reaching $37.62. The company's stock had a trading volume of 1,291,405 shares, compared to its average volume of 2,109,049. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The company's fifty day moving average is $43.00 and its 200-day moving average is $41.89. The company has a market capitalization of $2.25 billion, a P/E ratio of 51.53, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27. Advance Auto Parts, Inc. has a 1 year low of $33.08 and a 1 year high of $87.36.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Friday, April 11th. Advance Auto Parts's dividend payout ratio is currently -17.86%.

Advance Auto Parts Profile

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.