Penske Automotive Group, Inc. (NYSE:PAG – Get Free Report) announced a quarterly dividend on Wednesday, January 17th, Zacks reports. Shareholders of record on Thursday, February 15th will be paid a dividend of 0.87 per share on Friday, March 1st. This represents a $3.48 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Wednesday, February 14th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.79.
Penske Automotive Group has increased its dividend payment by an average of 49.0% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Penske Automotive Group has a dividend payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Penske Automotive Group to earn $14.99 per share next year, which means the company should continue to be able to cover its $3.48 annual dividend with an expected future payout ratio of 23.2%.
Penske Automotive Group Stock Up 3.1 %
Shares of NYSE:PAG opened at $152.66 on Monday. The stock’s 50-day moving average price is $154.33 and its two-hundred day moving average price is $157.02. The company has a current ratio of 1.00, a quick ratio of 0.25 and a debt-to-equity ratio of 0.30. Penske Automotive Group has a 12-month low of $128.37 and a 12-month high of $180.84. The firm has a market cap of $10.26 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 3.13 and a beta of 1.19.
Insider Activity at Penske Automotive Group
In related news, Director Sandra E. Pierce sold 8,750 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $151.62, for a total transaction of $1,326,675.00. Following the completion of the transaction, the director now owns 20,500 shares in the company, valued at approximately $3,108,210. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 46.60% of the company’s stock.
Institutional Trading of Penske Automotive Group
Several hedge funds have recently added to or reduced their stakes in PAG. JPMorgan Chase & Co. raised its stake in Penske Automotive Group by 2.4% during the 1st quarter. JPMorgan Chase & Co. now owns 120,271 shares of the company’s stock valued at $11,272,000 after acquiring an additional 2,842 shares in the last quarter. Raymond James & Associates raised its stake in Penske Automotive Group by 9.7% during the 1st quarter. Raymond James & Associates now owns 32,424 shares of the company’s stock valued at $3,039,000 after acquiring an additional 2,877 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Penske Automotive Group by 1.2% during the 1st quarter. Bank of New York Mellon Corp now owns 307,996 shares of the company’s stock valued at $28,864,000 after acquiring an additional 3,730 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Penske Automotive Group by 1.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,367 shares of the company’s stock valued at $784,000 after acquiring an additional 137 shares in the last quarter. Finally, Citigroup Inc. raised its stake in Penske Automotive Group by 3.5% during the 1st quarter. Citigroup Inc. now owns 25,355 shares of the company’s stock valued at $2,376,000 after acquiring an additional 860 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have recently commented on PAG. Benchmark restated a “buy” rating and issued a $196.00 price objective on shares of Penske Automotive Group in a report on Thursday, October 26th. JPMorgan Chase & Co. decreased their target price on Penske Automotive Group from $145.00 to $140.00 and set an “underweight” rating for the company in a research report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $166.60.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.
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