Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) announced a quarterly dividend on Thursday, May 12th, Zacks reports. Stockholders of record on Monday, May 23rd will be given a dividend of 0.50 per share on Wednesday, June 1st. This represents a $2.00 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Friday, May 20th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.47.
Penske Automotive Group has raised its dividend payment by an average of 7.8% annually over the last three years and has increased its dividend every year for the last 3 years. Penske Automotive Group has a dividend payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Penske Automotive Group to earn $13.83 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 13.6%.
Penske Automotive Group stock opened at $115.94 on Friday. The firm has a 50 day moving average of $101.66 and a 200 day moving average of $102.42. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 6.66, a P/E/G ratio of 3.50 and a beta of 1.25. Penske Automotive Group has a 12-month low of $72.35 and a 12-month high of $116.72. The company has a current ratio of 0.97, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33.
PAG has been the subject of several analyst reports. StockNews.com raised shares of Penske Automotive Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 7th. Morgan Stanley upped their price target on Penske Automotive Group from $90.00 to $95.00 and gave the stock an “underweight” rating in a research note on Tuesday, March 8th. JPMorgan Chase & Co. dropped their price target on Penske Automotive Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, April 7th. Finally, Zacks Investment Research upgraded Penske Automotive Group from a “hold” rating to a “strong-buy” rating and set a $129.00 price target for the company in a research note on Monday, May 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Penske Automotive Group has an average rating of “Buy” and a consensus target price of $118.83.
Several hedge funds and other institutional investors have recently bought and sold shares of PAG. Morgan Stanley boosted its position in shares of Penske Automotive Group by 75.4% during the 2nd quarter. Morgan Stanley now owns 606,567 shares of the company’s stock valued at $45,789,000 after acquiring an additional 260,834 shares during the last quarter. BlackRock Inc. boosted its position in shares of Penske Automotive Group by 13.9% during the 4th quarter. BlackRock Inc. now owns 1,619,163 shares of the company’s stock valued at $173,607,000 after acquiring an additional 197,894 shares during the last quarter. Norges Bank bought a new position in shares of Penske Automotive Group during the 4th quarter valued at approximately $11,919,000. Marshall Wace LLP bought a new position in shares of Penske Automotive Group during the 4th quarter valued at approximately $3,461,000. Finally, Sei Investments Co. boosted its position in shares of Penske Automotive Group by 20.1% during the 1st quarter. Sei Investments Co. now owns 166,246 shares of the company’s stock valued at $15,580,000 after acquiring an additional 27,812 shares during the last quarter. Hedge funds and other institutional investors own 50.13% of the company’s stock.
About Penske Automotive Group (Get Rating)
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. 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.
- Get a free copy of the StockNews.com research report on Penske Automotive Group (PAG)
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