Truist Financial Corp Acquires 259 Shares of Penske Automotive Group, Inc. $PAG

Truist Financial Corp boosted its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 11.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,506 shares of the company’s stock after buying an additional 259 shares during the period. Truist Financial Corp’s holdings in Penske Automotive Group were worth $431,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Penske Automotive Group by 0.3% during the first quarter. Vanguard Group Inc. now owns 2,004,832 shares of the company’s stock worth $288,656,000 after acquiring an additional 5,641 shares in the last quarter. Burgundy Asset Management Ltd. increased its holdings in Penske Automotive Group by 7.0% during the 1st quarter. Burgundy Asset Management Ltd. now owns 863,529 shares of the company’s stock worth $124,331,000 after purchasing an additional 56,669 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Penske Automotive Group by 28.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock worth $54,751,000 after purchasing an additional 84,045 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Penske Automotive Group by 3.4% in the first quarter. Invesco Ltd. now owns 223,630 shares of the company’s stock valued at $32,198,000 after purchasing an additional 7,276 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Penske Automotive Group by 30.9% in the first quarter. Millennium Management LLC now owns 167,905 shares of the company’s stock valued at $24,175,000 after purchasing an additional 39,622 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Analysts Set New Price Targets

A number of analysts have recently commented on PAG shares. Citigroup boosted their price target on Penske Automotive Group from $200.00 to $206.00 and gave the company a “buy” rating in a report on Thursday, September 25th. Benchmark raised their price target on shares of Penske Automotive Group from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, September 17th. Morgan Stanley raised their price target on shares of Penske Automotive Group from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. increased their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Weiss Ratings restated a “buy (b+)” rating on shares of Penske Automotive Group in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $185.17.

Penske Automotive Group Trading Down 1.1%

NYSE PAG opened at $169.13 on Friday. The company has a market cap of $11.17 billion, a PE ratio of 11.77 and a beta of 0.88. The company has a current ratio of 0.90, a quick ratio of 0.21 and a debt-to-equity ratio of 0.16. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $189.51. The stock has a 50 day moving average of $178.58 and a 200-day moving average of $169.30.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $7.98 billion. During the same period in the prior year, the firm posted $3.61 earnings per share. The company’s quarterly revenue was down .4% compared to the same quarter last year. On average, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 2nd. Stockholders of record on Friday, November 14th will be paid a dividend of $1.38 per share. The ex-dividend date is Friday, November 14th. This represents a $5.52 annualized dividend and a dividend yield of 3.3%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.32. Penske Automotive Group’s dividend payout ratio (DPR) is presently 36.74%.

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.