Penske Automotive Group, Inc. (PAG) to Issue Quarterly Dividend of $0.87 on March 1st

Penske Automotive Group, Inc. (NYSE:PAGGet 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.

Penske Automotive Group (NYSE:PAGGet Free Report) last issued its quarterly earnings results on Wednesday, February 7th. The company reported $3.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.21). Penske Automotive Group had a return on equity of 24.19% and a net margin of 3.57%. The business had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.18 billion. During the same period in the previous year, the business posted $4.21 earnings per share. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. On average, research analysts forecast that Penske Automotive Group will post 15.11 EPS for the current year.

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.

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Penske Automotive Group Company Profile

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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.

Further Reading

Dividend History for Penske Automotive Group (NYSE:PAG)

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