Truist Financial Issues Positive Forecast for Genuine Parts (NYSE:GPC) Stock Price

Genuine Parts (NYSE:GPC) had its target price increased by Truist Financial from $146.00 to $162.00 in a research note published on Thursday morning, Marketbeat reports. The brokerage currently has a buy rating on the specialty retailer’s stock.

A number of other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Genuine Parts from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, October 23rd. Evercore ISI set a $175.00 price objective on shares of Genuine Parts in a research report on Wednesday. The Goldman Sachs Group upgraded shares of Genuine Parts from a “sell” rating to a “neutral” rating and increased their price objective for the company from $130.00 to $142.00 in a research note on Thursday, November 13th. Weiss Ratings restated a “hold (c-)” rating on shares of Genuine Parts in a research note on Monday, December 29th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Genuine Parts in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $154.14.

Genuine Parts Stock Down 1.5%

Shares of NYSE:GPC opened at $146.97 on Thursday. The business’s 50 day moving average is $133.03 and its 200 day moving average is $133.42. Genuine Parts has a 12-month low of $104.01 and a 12-month high of $151.57. The stock has a market cap of $20.45 billion, a price-to-earnings ratio of 25.30 and a beta of 0.74. The company has a quick ratio of 0.51, a current ratio of 1.14 and a debt-to-equity ratio of 0.78.

Genuine Parts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Friday, December 5th were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, December 5th. Genuine Parts’s payout ratio is 70.91%.

Hedge Funds Weigh In On Genuine Parts

Several institutional investors and hedge funds have recently bought and sold shares of GPC. FineMark National Bank & Trust raised its stake in shares of Genuine Parts by 23.2% in the fourth quarter. FineMark National Bank & Trust now owns 2,371 shares of the specialty retailer’s stock valued at $292,000 after buying an additional 446 shares during the period. Northwest & Ethical Investments L.P. increased its holdings in Genuine Parts by 3.5% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 8,001 shares of the specialty retailer’s stock worth $984,000 after acquiring an additional 268 shares during the last quarter. DRW Securities LLC purchased a new stake in Genuine Parts in the 4th quarter worth about $307,000. Insigneo Advisory Services LLC raised its stake in Genuine Parts by 12.6% in the 4th quarter. Insigneo Advisory Services LLC now owns 4,467 shares of the specialty retailer’s stock valued at $549,000 after acquiring an additional 500 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Genuine Parts during the fourth quarter valued at about $278,000. 78.83% of the stock is owned by institutional investors.

About Genuine Parts

Genuine Parts Company (NYSE: GPC) is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.