Penske Automotive Group, Inc. (NYSE:PAG) to Issue Dividend Increase – $0.87 Per Share

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 2.25%. The ex-dividend date of this dividend is Wednesday, February 14th. This is a positive change 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% annually over the last three years and has raised 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. Equities 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 Price Performance

Shares of Penske Automotive Group stock opened at $154.89 on Tuesday. Penske Automotive Group has a one year low of $128.37 and a one year high of $180.84. The stock’s fifty day moving average is $154.34 and its 200 day moving average is $156.97. The stock has a market cap of $10.41 billion, a P/E ratio of 10.01, a P/E/G ratio of 3.13 and a beta of 1.19. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.25 and a current ratio of 1.00.

Penske Automotive Group (NYSE:PAGGet Free Report) last announced its earnings results on Wednesday, February 7th. The company reported $3.45 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 company had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $7.18 billion. During the same period in the prior year, the business posted $4.21 earnings per share. Penske Automotive Group’s revenue for the quarter was up 3.7% compared to the same quarter last year. Sell-side analysts anticipate that Penske Automotive Group will post 15.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PAG has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price target on Penske Automotive Group from $145.00 to $140.00 and set an “underweight” rating for the company in a research note on Tuesday, October 31st. Benchmark reiterated a “buy” rating and issued a $196.00 target price on shares of Penske Automotive Group in a research report on Thursday, October 26th. Two investment 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, the stock presently has an average rating of “Hold” and a consensus price target of $166.60.

Check Out Our Latest Report on PAG

Insiders Place Their Bets

In other Penske Automotive Group news, Director Sandra E. Pierce sold 8,750 shares of Penske Automotive Group stock in a transaction on Monday, December 11th. The shares were sold at an average price of $151.62, for a total value of $1,326,675.00. Following the completion of the transaction, the director now directly owns 20,500 shares of the company’s stock, valued at approximately $3,108,210. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 46.60% of the company’s stock.

Hedge Funds Weigh In On Penske Automotive Group

Large investors have recently made changes to their positions in the company. Bridgefront Capital LLC purchased a new position in shares of Penske Automotive Group during the 2nd quarter worth about $226,000. Captrust Financial Advisors boosted its stake in shares of Penske Automotive Group by 26.7% during the 2nd quarter. Captrust Financial Advisors now owns 2,137 shares of the company’s stock worth $224,000 after purchasing an additional 450 shares during the period. Panagora Asset Management Inc. purchased a new position in shares of Penske Automotive Group during the 4th quarter worth about $214,000. The Manufacturers Life Insurance Company purchased a new position in shares of Penske Automotive Group during the 4th quarter worth about $206,000. Finally, Wexford Capital LP purchased a new position in shares of Penske Automotive Group during the 1st quarter worth about $204,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Company Profile

(Get Free Report)

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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Dividend History for Penske Automotive Group (NYSE:PAG)

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