Penske Automotive Group, Inc. (PAG) Declares Quarterly Dividend of $0.33
Penske Automotive Group, Inc. (NYSE:PAG) announced a quarterly dividend on Wednesday, October 11th, Wall Street Journal reports. Shareholders of record on Friday, November 10th will be paid a dividend of 0.33 per share on Friday, December 1st. This represents a $1.32 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Thursday, November 9th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.32.
Penske Automotive Group has increased its dividend by an average of 21.1% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Penske Automotive Group has a payout ratio of 29.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Penske Automotive Group to earn $4.55 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 28.1%.
Shares of Penske Automotive Group (NYSE PAG) traded down 1.54% during midday trading on Wednesday, reaching $45.50. The company’s stock had a trading volume of 384,936 shares. Penske Automotive Group has a 52 week low of $38.33 and a 52 week high of $56.05. The firm’s 50 day moving average is $44.20 and its 200 day moving average is $43.92. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 10.85 and a beta of 1.45.
Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Thursday, July 27th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.20 by $0.07. Penske Automotive Group had a return on equity of 19.13% and a net margin of 1.75%. The company had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.44 billion. During the same period last year, the company posted $1.11 earnings per share. The firm’s revenue was up 2.5% compared to the same quarter last year. Equities analysts forecast that Penske Automotive Group will post $4.30 EPS for the current fiscal year.
Several research analysts have commented on PAG shares. KeyCorp reissued a “hold” rating on shares of Penske Automotive Group in a research report on Wednesday, October 4th. BidaskClub raised Penske Automotive Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Berenberg Bank began coverage on Penske Automotive Group in a research report on Wednesday, October 4th. They set a “hold” rating and a $52.00 target price on the stock. Northcoast Research began coverage on Penske Automotive Group in a research report on Thursday, September 28th. They set a “buy” rating and a $56.00 target price on the stock. Finally, ValuEngine lowered Penske Automotive Group from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $53.43.
In other news, EVP Claude H. Denker III sold 5,000 shares of Penske Automotive Group stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $41.27, for a total transaction of $206,350.00. Following the sale, the executive vice president now directly owns 22,243 shares of the company’s stock, valued at $917,968.61. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 40.70% of the stock is currently owned by insiders.
An institutional investor recently raised its position in Penske Automotive Group stock. The Manufacturers Life Insurance Company lifted its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 7.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,499 shares of the company’s stock after acquiring an additional 175 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Penske Automotive Group were worth $110,000 as of its most recent filing with the SEC. Institutional investors own 39.83% 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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