Penske Automotive Group, Inc. (NYSE:PAG) Declares Quarterly Dividend of $1.46

Key Points

• Penske Automotive Group raised its quarterly dividend 1.4% to $1.46 per share, payable December 1 to shareholders of record November 13. The annualized dividend is $5.84, yielding approximately 2.8%.
• The company has increased its dividend for six consecutive years, with a payout ratio near 40%, indicating the dividend remains well covered by earnings.
• Penske’s shares rose 8.9% to $212.05, while its latest quarterly results exceeded expectations with $3.62 in earnings per share and $8.51 billion in revenue, up 11.1% year over year.

Penske Automotive Group, Inc. (NYSE:PAG - Get Free Report) declared a quarterly dividend on Thursday, October 15th. Shareholders of record on Friday, November 13th will be paid a dividend of $1.46 per share on Tuesday, December 1st. This represents a $5.84 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, November 13th. This is a 1.4% increase from Penske Automotive Group's previous quarterly dividend of $1.44.

Penske Automotive Group has raised its dividend by an average of 0.4% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Penske Automotive Group has a payout ratio of 39.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Penske Automotive Group to earn $14.20 per share next year, which means the company should continue to be able to cover its $5.76 annual dividend with an expected future payout ratio of 40.6%.

Penske Automotive Group Stock Up 8.9%

Shares of NYSE PAG traded up $17.26 on Thursday, reaching $212.05. 3,240,535 shares of the company's stock traded hands, compared to its average volume of 355,330. The business's 50 day simple moving average is $211.87 and its two-hundred day simple moving average is $188.84. Penske Automotive Group has a 12 month low of $140.12 and a 12 month high of $227.00. The company has a market cap of $13.92 billion, a price-to-earnings ratio of 15.61 and a beta of 0.92. The company has a quick ratio of 0.21, a current ratio of 0.98 and a debt-to-equity ratio of 0.36.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, topping analysts' consensus estimates of $3.42 by $0.20. The firm had revenue of $8.51 billion for the quarter, compared to analysts' expectations of $7.98 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.78 EPS. As a group, equities research analysts forecast that Penske Automotive Group will post 13.48 EPS for the current fiscal year.

About Penske Automotive Group

Penske Automotive Group, Inc is a diversified international transportation services company that operates automotive and commercial vehicle dealerships. The company sells new and used cars, trucks and other vehicles, representing a broad range of manufacturers and brands.

Its retail automotive operations also provide vehicle financing and insurance products, maintenance and repair services, replacement parts, collision repair, and other related services. Through its commercial vehicle operations, Penske Automotive Group serves businesses and fleet customers with heavy- and medium-duty trucks, parts and service support, and related transportation solutions.

The company serves customers primarily in the United States, the United Kingdom, Germany, Italy and Japan.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.