Jun 08, 2023
Synovus Financial Corp Trims Holdings in Genuine Parts (NYSE:GPC)
Synovus Financial Corp decreased its stake in shares of Genuine Parts (NYSE:GPC - Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the SEC.
Synovus Financial Corp decreased its stake in shares of Genuine Parts (NYSE:GPC - Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 263,760 shares of the specialty retailer's stock after selling 2,114 shares during the quarter. Synovus Financial Corp owned about 0.19% of Genuine Parts worth $44,130,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Genuine Parts by 2.9% during the first quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer's stock worth $2,153,442,000 after buying an additional 481,039 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Genuine Parts by 4.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,378,334 shares of the specialty retailer's stock worth $910,664,000 after buying an additional 205,421 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Genuine Parts by 388.2% during the first quarter. Envestnet Asset Management Inc. now owns 3,241,510 shares of the specialty retailer's stock worth $119,159,000 after acquiring an additional 2,577,514 shares during the last quarter. Bank of America Corp DE increased its stake in Genuine Parts by 8.7% during the fourth quarter. Bank of America Corp DE now owns 2,943,306 shares of the specialty retailer's stock worth $510,693,000 after acquiring an additional 235,228 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Genuine Parts by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 2,940,897 shares of the specialty retailer's stock worth $509,370,000 after acquiring an additional 56,335 shares during the last quarter. Hedge funds and other institutional investors own 80.67% of the company's stock.
Genuine Parts stock traded up $1.01 during midday trading on Friday, reaching $153.55. The company's stock had a trading volume of 354,310 shares, compared to its average volume of 1,014,862. The business has a 50-day simple moving average of $160.29 and a 200-day simple moving average of $164.02. Genuine Parts has a fifty-two week low of $145.30 and a fifty-two week high of $187.73. The company has a quick ratio of 0.58, a current ratio of 1.15 and a debt-to-equity ratio of 0.73. The company has a market cap of $21.56 billion, a P/E ratio of 17.86, a P/E/G ratio of 1.87 and a beta of 0.90.
Genuine Parts (NYSE:GPC - Get Free Report) last released its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.10. The business had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.96 billion. Genuine Parts had a return on equity of 32.43% and a net margin of 5.30%. The business's revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.20 EPS. On average, research analysts expect that Genuine Parts will post 9.24 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Thursday, September 7th. Genuine Parts's dividend payout ratio (DPR) is presently 44.44%.
Several equities research analysts have issued reports on GPC shares. Bank of America raised Genuine Parts from a "neutral" rating to a "buy" rating and raised their target price for the stock from $185.00 to $189.00 in a research note on Thursday, June 1st. Evercore ISI cut their target price on Genuine Parts from $170.00 to $165.00 in a research note on Friday, July 21st. Northcoast Research started coverage on Genuine Parts in a research note on Wednesday, June 28th. They set a "buy" rating and a $195.00 target price for the company. Stephens cut their target price on Genuine Parts from $172.00 to $168.00 and set an "equal weight" rating for the company in a research note on Friday, July 21st. Finally, JPMorgan Chase & Co. dropped their price objective on Genuine Parts from $190.00 to $184.00 and set an "overweight" rating for the company in a research note on Friday, July 21st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Genuine Parts presently has an average rating of "Moderate Buy" and an average price target of $177.00.
Read Our Latest Research Report on Genuine Parts
In other news, insider Randall P. Breaux purchased 500 shares of the business's stock in a transaction dated Thursday, June 1st. The stock was acquired at an average price of $149.44 per share, with a total value of $74,720.00. Following the purchase, the insider now directly owns 20,523 shares of the company's stock, valued at approximately $3,066,957.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.39% of the company's stock.
Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates through 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 accessory and supply items used by various automotive aftermarket customers, such as 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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