Synovus Financial Corp Has $54.71 Million Holdings in Genuine Parts (NYSE:GPC)

Synovus Financial Corp increased its position in shares of Genuine Parts (NYSE:GPC) by 95.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 391,670 shares of the specialty retailer’s stock after purchasing an additional 191,272 shares during the quarter. Genuine Parts accounts for about 0.6% of Synovus Financial Corp’s investment portfolio, making the stock its 26th largest holding. Synovus Financial Corp’s holdings in Genuine Parts were worth $54,708,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC grew its stake in Genuine Parts by 6.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,033 shares of the specialty retailer’s stock valued at $7,059,000 after acquiring an additional 3,014 shares during the period. ORG Partners LLC increased its holdings in shares of Genuine Parts by 4,375.0% during the 2nd quarter. ORG Partners LLC now owns 537 shares of the specialty retailer’s stock worth $73,000 after acquiring an additional 525 shares during the last quarter. Fiduciary Financial Group LLC acquired a new position in shares of Genuine Parts in the second quarter valued at $324,000. Triad Wealth Partners LLC bought a new position in Genuine Parts in the 2nd quarter valued at about $40,000. Finally, Naples Global Advisors LLC increased its stake in shares of Genuine Parts by 7.4% during the second quarter. Naples Global Advisors LLC now owns 12,613 shares of the specialty retailer’s stock worth $1,755,000 after purchasing an additional 865 shares during the period. Institutional investors own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on GPC shares. Evercore ISI increased their target price on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research report on Tuesday, October 22nd. UBS Group decreased their target price on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. Redburn Atlantic upgraded Genuine Parts to a “hold” rating in a research note on Monday, November 11th. The Goldman Sachs Group cut their target price on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. cut their target price on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $139.57.

Genuine Parts Stock Down 1.0 %

Genuine Parts stock opened at $121.73 on Friday. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $16.93 billion, a PE ratio of 15.67 and a beta of 0.94. The firm’s fifty day moving average is $125.86 and its 200 day moving average is $134.77. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, October 22nd. The specialty retailer reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The firm had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. During the same period last year, the business posted $2.49 EPS. The company’s revenue was up 3.0% on a year-over-year basis. As a group, sell-side analysts predict that Genuine Parts will post 8.09 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, December 6th. Genuine Parts’s dividend payout ratio is currently 51.48%.

About Genuine Parts

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.