Bank of America Corp DE Has $80.47 Million Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Bank of America Corp DE lowered its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 17.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 527,907 shares of the company's stock after selling 112,036 shares during the period. Bank of America Corp DE owned approximately 0.79% of Penske Automotive Group worth $80,474,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PAG. GAMMA Investing LLC lifted its position in shares of Penske Automotive Group by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 262 shares of the company's stock worth $40,000 after buying an additional 81 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Penske Automotive Group in the fourth quarter worth about $40,000. Headlands Technologies LLC bought a new position in shares of Penske Automotive Group in the fourth quarter worth about $76,000. TD Waterhouse Canada Inc. increased its stake in shares of Penske Automotive Group by 42.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company's stock worth $81,000 after purchasing an additional 158 shares during the period. Finally, KBC Group NV increased its stake in shares of Penske Automotive Group by 33.5% in the fourth quarter. KBC Group NV now owns 749 shares of the company's stock worth $114,000 after purchasing an additional 188 shares during the period. Institutional investors and hedge funds own 77.08% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. StockNews.com upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Citigroup assumed coverage on Penske Automotive Group in a research note on Wednesday, April 23rd. They issued a "buy" rating and a $185.00 price objective on the stock. Stephens reiterated an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research note on Monday, May 5th. Finally, JPMorgan Chase & Co. dropped their price objective on 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $165.00.

Insider Activity

In related news, Director John Barr sold 1,529 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 51.70% of the company's stock.

Penske Automotive Group Stock Performance

PAG traded up $0.51 on Friday, hitting $166.32. 226,272 shares of the stock traded hands, compared to its average volume of 195,616. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $180.12. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $11.00 billion, a PE ratio of 12.10 and a beta of 0.90. The business has a fifty day moving average price of $152.47 and a two-hundred day moving average price of $158.68.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.12. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The firm had revenue of $7.60 billion for the quarter, compared to analyst estimates of $7.68 billion. During the same period in the previous year, the company posted $3.21 earnings per share. The company's quarterly revenue was up 2.1% compared to the same quarter last year. On average, research analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th will be paid a $1.26 dividend. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.22. This represents a $5.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend is Tuesday, May 27th. Penske Automotive Group's dividend payout ratio is currently 35.49%.

Penske Automotive Group announced that its board has approved a share buyback program on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

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.