Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) declared a quarterly dividend on Thursday, May 12th, Zacks reports. Stockholders of record on Monday, May 23rd will be paid a dividend of 0.50 per share on Wednesday, June 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Friday, May 20th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.47.
Penske Automotive Group has increased its dividend by an average of 7.8% per year over the last three years and has raised its dividend annually for the last consecutive 3 years. Penske Automotive Group has a dividend payout ratio of 12.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Penske Automotive Group to earn $13.83 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 13.6%.
Shares of NYSE:PAG opened at $115.94 on Friday. The stock’s 50 day moving average is $101.66 and its 200-day moving average is $102.42. Penske Automotive Group has a twelve month low of $72.35 and a twelve month high of $116.72. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 6.66, a PEG ratio of 3.50 and a beta of 1.25. The company has a quick ratio of 0.26, a current ratio of 0.97 and a debt-to-equity ratio of 0.33.
Penske Automotive Group (NYSE:PAG – Get Rating) last announced its quarterly earnings results on Wednesday, April 27th. The company reported $4.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.99. Penske Automotive Group had a return on equity of 35.33% and a net margin of 5.13%. The business had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $6.32 billion. During the same quarter in the prior year, the company posted $2.26 earnings per share. Penske Automotive Group’s revenue was up 20.8% compared to the same quarter last year. Equities research analysts anticipate that Penske Automotive Group will post 15.79 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the business. Citigroup Inc. its raised holdings in shares of Penske Automotive Group by 3.5% in the 1st quarter. Citigroup Inc. Now owns 25,355 shares of the company’s stock valued at $2,376,000 after acquiring an additional 860 shares in the last quarter. Kingsview Wealth Management LLC increased its position in shares of Penske Automotive Group by 40.8% during the 4th quarter. Kingsview Wealth Management LLC now owns 19,415 shares of the company’s stock valued at $2,082,000 after purchasing an additional 5,629 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Penske Automotive Group by 50.4% during the 4th quarter. Advisors Asset Management Inc. Now owns 16,551 shares of the company’s stock valued shares at $1,775,000 after purchasing an additional 5,547 during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Penske Automotive Group by 1.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. Now owns 8,367 shares of the company’s stock valued at $784,000 after purchasing an additional 137 during the last quarter. Finally, JustInvest LLC bought a new position in shares of Penske Automotive Group during the 4th quarter valued at about $460,000. 50.13% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on the company. Zacks Investment Research upgraded Penske Automotive Group from a “hold” rating to a “strong-buy” rating and set a $129.00 objective price for the company in a research note on Monday, May 9th. Morgan Stanley upped their objective price on Penske Automotive Group from $90.00 to $95.00 and gave the company an “underweight” rating in a research note on Tuesday, March 8th. StockNews.com upgraded Penske Automotive Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 7th. Finally, JPMorgan Chase & Co. dropped their objective price on Penske Automotive Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, April 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $118.83.
About Penske Automotive Group (Get Rating)
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. 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.
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