Penske Automotive Group (NYSE:PAG) Coverage Initiated by Analysts at Bank of America

Bank of America assumed coverage on shares of Penske Automotive Group (NYSE:PAG) in a research report report published on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $195.00 price target on the stock.

Several other analysts have also recently issued reports on the company. Benchmark increased their price objective on Penske Automotive Group from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Penske Automotive Group in a research report on Friday, October 31st. JPMorgan Chase & Co. decreased their price objective on Penske Automotive Group from $180.00 to $175.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Morgan Stanley upped their target price 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. Finally, Barclays initiated coverage on shares of Penske Automotive Group in a research note on Tuesday, November 11th. They issued an “overweight” rating and a $195.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $184.43.

Penske Automotive Group Trading Up 0.7%

NYSE PAG opened at $165.33 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.21 and a current ratio of 0.97. The firm has a market cap of $10.89 billion, a price-to-earnings ratio of 11.64 and a beta of 0.92. The firm has a 50 day simple moving average of $163.85 and a 200-day simple moving average of $171.39. Penske Automotive Group has a one year low of $134.05 and a one year high of $189.51.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, October 29th. The company reported $3.23 earnings per share for the quarter, missing the consensus estimate of $3.48 by ($0.25). Penske Automotive Group had a return on equity of 16.84% and a net margin of 3.08%.The business had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.71 billion. During the same period in the previous year, the company earned $3.39 earnings per share. Penske Automotive Group’s quarterly revenue was up 1.4% on a year-over-year basis. Equities research analysts anticipate that Penske Automotive Group will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 2nd. Stockholders of record on Friday, November 14th were issued a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, November 14th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.32. Penske Automotive Group’s dividend payout ratio (DPR) is presently 38.85%.

Insider Activity

In related news, CFO Michelle Hulgrave sold 2,100 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $160.17, for a total transaction of $336,357.00. Following the transaction, the chief financial officer owned 16,822 shares in the company, valued at $2,694,379.74. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 52.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PAG. Allworth Financial LP lifted its position in Penske Automotive Group by 0.6% during the 3rd quarter. Allworth Financial LP now owns 49,522 shares of the company’s stock worth $8,612,000 after acquiring an additional 275 shares during the period. CIBC Bancorp USA Inc. acquired a new position in Penske Automotive Group in the 3rd quarter valued at $510,000. Blue Chip Partners LLC raised its position in Penske Automotive Group by 5.6% during the 3rd quarter. Blue Chip Partners LLC now owns 12,472 shares of the company’s stock worth $2,169,000 after buying an additional 662 shares during the last quarter. Verition Fund Management LLC raised its position in Penske Automotive Group by 62.8% during the 3rd quarter. Verition Fund Management LLC now owns 12,475 shares of the company’s stock worth $2,170,000 after buying an additional 4,813 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC acquired a new stake in shares of Penske Automotive Group in the 3rd quarter worth $599,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

About Penske Automotive Group

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.