Raymond James Financial Inc. Makes New $8.82 Million Investment in Advance Auto Parts, Inc. (NYSE:AAP)

Raymond James Financial Inc. bought a new position in shares of Advance Auto Parts, Inc. (NYSE:AAP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 186,544 shares of the company’s stock, valued at approximately $8,822,000. Raymond James Financial Inc. owned about 0.31% of Advance Auto Parts at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its position in shares of Advance Auto Parts by 207.4% during the fourth quarter. Versant Capital Management Inc now owns 541 shares of the company’s stock worth $26,000 after purchasing an additional 365 shares during the period. Allworth Financial LP raised its position in shares of Advance Auto Parts by 1,543.4% during the fourth quarter. Allworth Financial LP now owns 871 shares of the company’s stock worth $40,000 after purchasing an additional 818 shares during the period. Vision Financial Markets LLC acquired a new stake in shares of Advance Auto Parts during the fourth quarter worth about $42,000. GAMMA Investing LLC raised its position in shares of Advance Auto Parts by 198.3% during the fourth quarter. GAMMA Investing LLC now owns 1,575 shares of the company’s stock worth $74,000 after purchasing an additional 1,047 shares during the period. Finally, Blue Trust Inc. raised its position in shares of Advance Auto Parts by 38.9% during the fourth quarter. Blue Trust Inc. now owns 1,674 shares of the company’s stock worth $79,000 after purchasing an additional 469 shares during the period. Institutional investors own 88.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Truist Financial dropped their price target on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Evercore ISI dropped their target price on Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 11th. Wedbush reissued an “outperform” rating and issued a $55.00 target price on shares of Advance Auto Parts in a research report on Monday, March 3rd. Citigroup dropped their target price on Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Finally, Royal Bank of Canada dropped their target price on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $45.13.

Insider Transactions at Advance Auto Parts

In other Advance Auto Parts news, CEO Shane M. Okelly bought 1,500 shares of Advance Auto Parts stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $36.79 per share, for a total transaction of $55,185.00. Following the purchase, the chief executive officer now owns 183,121 shares of the company’s stock, valued at $6,737,021.59. The trade was a 0.83 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eugene I. Lee, Jr. bought 14,640 shares of Advance Auto Parts stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $34.15 per share, with a total value of $499,956.00. Following the completion of the purchase, the director now directly owns 34,070 shares in the company, valued at $1,163,490.50. This trade represents a 75.35 % increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by corporate insiders.

Advance Auto Parts Stock Down 0.6 %

NYSE:AAP opened at $37.43 on Friday. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 51.27, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27. Advance Auto Parts, Inc. has a twelve month low of $33.08 and a twelve month high of $87.36. The stock’s 50 day moving average price is $43.12 and its two-hundred day moving average price is $41.92. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Advance Auto Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, April 11th. This represents a $1.00 annualized dividend and a dividend yield of 2.67%. Advance Auto Parts’s dividend payout ratio is currently -17.86%.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.