Fifth Third Bancorp Cuts Stock Holdings in Penske Automotive Group, Inc. $PAG

Fifth Third Bancorp trimmed its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 12.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 462 shares of the company’s stock after selling 66 shares during the period. Fifth Third Bancorp’s holdings in Penske Automotive Group were worth $79,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PAG. Acadian Asset Management LLC purchased a new stake in Penske Automotive Group during the first quarter valued at about $42,000. UMB Bank n.a. boosted its holdings in shares of Penske Automotive Group by 421.5% during the first quarter. UMB Bank n.a. now owns 339 shares of the company’s stock worth $49,000 after purchasing an additional 274 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Penske Automotive Group by 51.9% during the first quarter. GAMMA Investing LLC now owns 398 shares of the company’s stock worth $57,000 after purchasing an additional 136 shares during the period. Brooklyn Investment Group boosted its holdings in shares of Penske Automotive Group by 353.0% during the first quarter. Brooklyn Investment Group now owns 453 shares of the company’s stock worth $65,000 after purchasing an additional 353 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Penske Automotive Group during the first quarter worth about $140,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on PAG shares. Stephens reiterated an “equal weight” rating and set a $140.00 target price on shares of Penske Automotive Group in a report on Wednesday, June 11th. Bank of America increased their target price on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, June 16th. Benchmark increased their target price on shares of Penske Automotive Group from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. JPMorgan Chase & Co. upgraded shares of Penske Automotive Group from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $155.00 to $175.00 in a report on Tuesday, August 5th. Finally, Morgan Stanley increased their target price on shares of Penske Automotive Group from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, August 14th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus price target of $184.33.

Insider Buying and Selling at Penske Automotive Group

In other news, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction on Monday, August 18th. The shares were sold at an average price of $180.74, for a total transaction of $289,906.96. Following the transaction, the director owned 1,529 shares in the company, valued at $276,351.46. This trade represents a 51.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michelle Hulgrave sold 1,100 shares of Penske Automotive Group stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total transaction of $200,805.00. Following the transaction, the chief financial officer owned 18,922 shares in the company, valued at $3,454,211.10. This represents a 5.49% decrease in their position. The disclosure for this sale can be found here. Company insiders own 51.70% of the company’s stock.

Penske Automotive Group Price Performance

Shares of NYSE PAG opened at $176.70 on Thursday. The company has a 50 day simple moving average of $178.84 and a two-hundred day simple moving average of $167.66. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $189.51. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. The company has a market capitalization of $11.67 billion, a price-to-earnings ratio of 12.30 and a beta of 0.88.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 EPS for the quarter, beating analysts’ consensus estimates of $3.56 by $0.22. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. The firm had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.98 billion. During the same quarter in the prior year, the company posted $3.61 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. Analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were issued a $1.32 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.26. This represents a $5.28 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, August 15th. Penske Automotive Group’s dividend payout ratio is 36.74%.

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.