PNC Financial Services Group Inc. Has $14.43 Million Position in Genuine Parts (NYSE:GPC)

PNC Financial Services Group Inc. decreased its stake in Genuine Parts (NYSE:GPC) by 4.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 104,162 shares of the specialty retailer’s stock after selling 4,463 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Genuine Parts were worth $14,426,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. WealthPlan Investment Management LLC lifted its position in shares of Genuine Parts by 2,571,950.0% in the third quarter. WealthPlan Investment Management LLC now owns 51,441 shares of the specialty retailer’s stock worth $7,427,000 after buying an additional 51,439 shares during the last quarter. Main Street Financial Solutions LLC boosted its position in Genuine Parts by 17.7% during the third quarter. Main Street Financial Solutions LLC now owns 2,118 shares of the specialty retailer’s stock worth $306,000 after purchasing an additional 318 shares during the period. MGO One Seven LLC grew its holdings in Genuine Parts by 6.2% during the third quarter. MGO One Seven LLC now owns 9,617 shares of the specialty retailer’s stock valued at $1,389,000 after purchasing an additional 560 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Genuine Parts by 17.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 207,940 shares of the specialty retailer’s stock valued at $30,022,000 after purchasing an additional 30,517 shares during the period. Finally, NBC Securities Inc. acquired a new stake in shares of Genuine Parts in the third quarter worth $355,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Analyst Upgrades and Downgrades

GPC has been the topic of several research analyst reports. Evercore ISI lowered their price target on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. Wedbush reiterated a “neutral” rating and set a $170.00 price target (up from $140.00) on shares of Genuine Parts in a report on Friday, April 19th. StockNews.com downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. Jefferies Financial Group lifted their price objective on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a report on Friday, April 19th. Finally, Truist Financial upped their target price on Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $173.10.

Insider Activity at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the sale, the director now directly owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the transaction, the director now owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Wendy B. Needham sold 3,000 shares of Genuine Parts stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $151.29, for a total transaction of $453,870.00. Following the completion of the sale, the director now owns 13,006 shares in the company, valued at $1,967,677.74. The disclosure for this sale can be found here. 0.37% of the stock is owned by corporate insiders.

Genuine Parts Price Performance

Shares of GPC stock opened at $149.56 on Thursday. The company has a quick ratio of 0.59, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $170.57. The firm has a market cap of $20.83 billion, a price-to-earnings ratio of 16.67 and a beta of 0.94. The stock has a 50-day moving average price of $154.27 and a 200 day moving average price of $145.42.

Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.07. The business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.14 earnings per share. Research analysts expect that Genuine Parts will post 9.92 EPS for the current year.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, June 7th. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

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.