Penske Automotive Group, Inc. (NYSE:PAG) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp boosted its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 32.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 374 shares of the company’s stock after acquiring an additional 91 shares during the period. Fifth Third Bancorp’s holdings in Penske Automotive Group were worth $56,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Penske Automotive Group by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 2,036,010 shares of the company’s stock valued at $326,800,000 after purchasing an additional 5,399 shares in the last quarter. Burgundy Asset Management Ltd. lifted its position in shares of Penske Automotive Group by 1.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 763,606 shares of the company’s stock worth $123,697,000 after buying an additional 8,143 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Penske Automotive Group by 6.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 300,476 shares of the company’s stock valued at $48,229,000 after buying an additional 18,310 shares in the last quarter. Norges Bank purchased a new position in shares of Penske Automotive Group in the 4th quarter valued at $30,844,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Penske Automotive Group by 2.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 142,246 shares of the company’s stock worth $22,832,000 after acquiring an additional 3,844 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 0.4 %

Shares of NYSE:PAG opened at $168.78 on Tuesday. Penske Automotive Group, Inc. has a 1-year low of $137.95 and a 1-year high of $179.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.22. The stock has a market cap of $11.27 billion, a P/E ratio of 11.74 and a beta of 1.18. The firm has a fifty day moving average price of $157.02 and a 200 day moving average price of $154.35.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, topping the consensus estimate of $3.39 by $0.22. The business had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.59 billion. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.41 earnings per share. Sell-side analysts predict that Penske Automotive Group, Inc. will post 13.81 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th will be paid a $1.07 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.96. This represents a $4.28 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Thursday, August 15th. Penske Automotive Group’s dividend payout ratio (DPR) is 29.76%.

Insider Activity

In other news, Director John Barr sold 716 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $170.71, for a total transaction of $122,228.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 51.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Bank of America upped their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $135.00 to $140.00 and gave the company an “underweight” rating in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Penske Automotive Group has a consensus rating of “Hold” and a consensus target price of $157.75.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. 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.