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

Fifth Third Bancorp grew its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 31.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 528 shares of the company’s stock after purchasing an additional 125 shares during the quarter. Fifth Third Bancorp’s holdings in Penske Automotive Group were worth $76,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Two Sigma Investments LP raised its stake in shares of Penske Automotive Group by 21.0% in the 4th quarter. Two Sigma Investments LP now owns 10,253 shares of the company’s stock valued at $1,563,000 after purchasing an additional 1,777 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Penske Automotive Group by 6.4% in the 4th quarter. Bank of Montreal Can now owns 2,651 shares of the company’s stock valued at $404,000 after purchasing an additional 160 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Penske Automotive Group by 4.7% in the 4th quarter. Rhumbline Advisers now owns 54,063 shares of the company’s stock valued at $8,241,000 after purchasing an additional 2,446 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Penske Automotive Group in the 4th quarter valued at about $3,018,000. Finally, Squarepoint Ops LLC raised its stake in shares of Penske Automotive Group by 4.7% in the 4th quarter. Squarepoint Ops LLC now owns 19,643 shares of the company’s stock valued at $2,994,000 after purchasing an additional 873 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Insiders Place Their Bets

In other Penske Automotive Group news, CEO Roger S. Penske sold 77,357 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.37, for a total value of $12,483,099.09. Following the completion of the transaction, the chief executive officer now owns 140,042 shares in the company, valued at approximately $22,598,577.54. This represents a 35.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Shane M. Spradlin sold 3,158 shares of the company’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $167.10, for a total transaction of $527,701.80. Following the completion of the transaction, the executive vice president now owns 36,152 shares of the company’s stock, valued at approximately $6,040,999.20. This trade represents a 8.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 82,044 shares of company stock worth $13,257,948. Insiders own 51.70% of the company’s stock.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $173.63 on Friday. The company has a quick ratio of 0.23, a current ratio of 0.90 and a debt-to-equity ratio of 0.18. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $180.12. The firm has a 50-day simple moving average of $161.42 and a 200 day simple moving average of $159.48. The company has a market cap of $11.49 billion, a PE ratio of 12.23, a P/E/G ratio of 1.64 and a beta of 0.91.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.12. Penske Automotive Group had a net margin of 3.10% and a return on equity of 17.80%. The business had revenue of $7.60 billion during the quarter, compared to the consensus estimate of $7.68 billion. During the same quarter in the prior year, the firm earned $3.21 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group declared that its board has approved a stock repurchase program on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Tuesday, May 27th were given a $1.26 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.22. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $5.04 annualized dividend and a yield of 2.90%. Penske Automotive Group’s dividend payout ratio is 35.49%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PAG. Bank of America upped their target price on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Wall Street Zen upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. cut their target price on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research note on Thursday, March 27th. Citigroup upped their target price on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Monday, May 19th. Finally, Stephens reaffirmed an “equal weight” rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $172.00.

Penske Automotive Group 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.