Penske Automotive Group, Inc. (NYSE:PAG) Raises Dividend to $0.32 Per Share
Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Wednesday, July 26th, Wall Street Journal reports. Stockholders of record on Thursday, August 10th will be paid a dividend of 0.32 per share on Friday, September 1st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Tuesday, August 8th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.31.
Penske Automotive Group has increased its dividend payment by an average of 21.1% per year over the last three years and has raised its dividend every year for the last 6 years. Penske Automotive Group has a payout ratio of 28.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Penske Automotive Group to earn $4.51 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 27.5%.
Shares of Penske Automotive Group (NYSE PAG) traded up 1.60% on Wednesday, hitting $44.37. The stock had a trading volume of 535,699 shares. Penske Automotive Group has a 1-year low of $34.72 and a 1-year high of $56.05. The company has a market capitalization of $3.82 billion, a PE ratio of 10.94 and a beta of 1.49. The firm has a 50-day moving average of $43.05 and a 200 day moving average of $47.08.
Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, April 26th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.01. Penske Automotive Group had a return on equity of 19.06% and a net margin of 1.70%. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the company posted $0.90 EPS. Penske Automotive Group’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities analysts anticipate that Penske Automotive Group will post $4.30 earnings per share for the current fiscal year.
A number of equities analysts have issued reports on PAG shares. ValuEngine lowered Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Gabelli raised Penske Automotive Group from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Thursday, April 27th. Zacks Investment Research raised Penske Automotive Group from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, April 11th. BidaskClub raised Penske Automotive Group from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and issued a $46.00 target price (down from $54.00) on shares of Penske Automotive Group in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. Penske Automotive Group presently has an average rating of “Hold” and a consensus target price of $52.67.
In related news, EVP Shane M. Spradlin sold 1,900 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $43.64, for a total transaction of $82,916.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Robert H. Kurnick, Jr. sold 11,172 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $42.48, for a total value of $474,586.56. Following the sale, the president now directly owns 89,405 shares in the company, valued at $3,797,924.40. The disclosure for this sale can be found here. Corporate insiders own 40.70% of the company’s stock.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
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