Washington Trust Bank Has $331,000 Holdings in Genuine Parts (NYSE:GPC)

Washington Trust Bank decreased its position in Genuine Parts (NYSE:GPC) by 5.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,832 shares of the specialty retailer’s stock after selling 157 shares during the period. Washington Trust Bank’s holdings in Genuine Parts were worth $331,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in shares of Genuine Parts in the fourth quarter worth $28,000. First Command Advisory Services Inc. purchased a new stake in Genuine Parts in the 4th quarter worth about $28,000. Compass Planning Associates Inc acquired a new stake in Genuine Parts during the 4th quarter worth about $29,000. Synergy Asset Management LLC purchased a new position in Genuine Parts during the 4th quarter valued at about $32,000. Finally, OFI Invest Asset Management purchased a new position in Genuine Parts during the 4th quarter valued at about $34,000. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Genuine Parts Trading Down 1.5 %

Shares of NYSE:GPC opened at $118.93 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $16.50 billion, a PE ratio of 18.38 and a beta of 0.93. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The firm has a fifty day moving average price of $120.99 and a 200 day moving average price of $124.83.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.07. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the company posted $2.26 EPS. Analysts expect that Genuine Parts will post 7.9 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be given a $1.03 dividend. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, March 7th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.46%. Genuine Parts’s dividend payout ratio (DPR) is currently 63.68%.

Wall Street Analyst Weigh In

Several research firms recently commented on GPC. Loop Capital started coverage on shares of Genuine Parts in a report on Thursday, January 16th. They set a “buy” rating and a $155.00 price target for the company. Evercore ISI cut their target price on shares of Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Northcoast Research cut shares of Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Finally, Truist Financial increased their price objective on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Eight equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $137.63.

Genuine Parts 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.