Bank of America Corp DE Takes Position in Penske Automotive Group, Inc. $PAG

Key Points

• Bank of America acquired 441,829 shares of Penske Automotive Group during the second quarter, worth approximately $79.1 million and representing about 0.67% of the company. Institutional investors collectively own 77.08% of PAG.
• Penske reported quarterly EPS of $3.62, exceeding estimates of $3.42, while revenue rose 11.1% year over year to $8.51 billion. Analysts expect full-year EPS of approximately $13.66.
• The company increased its quarterly dividend to $1.44 per share, or $5.76 annualized, representing a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $211.14.

Bank of America Corp DE acquired a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 441,829 shares of the company's stock, valued at approximately $79,065,000. Bank of America Corp DE owned about 0.67% of Penske Automotive Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Penske Automotive Group in the 2nd quarter valued at $35,000. Rothschild Investment LLC raised its holdings in Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company's stock valued at $38,000 after acquiring an additional 66 shares during the period. Versant Capital Management Inc lifted its position in Penske Automotive Group by 179.0% during the second quarter. Versant Capital Management Inc now owns 279 shares of the company's stock worth $50,000 after acquiring an additional 179 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of Penske Automotive Group in the second quarter valued at approximately $53,000. Finally, Global Assets Advisory LLC bought a new position in shares of Penske Automotive Group during the first quarter worth approximately $60,000. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Price Performance

PAG stock opened at $212.32 on Friday. 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, Inc. has a 12 month low of $140.12 and a 12 month high of $227.00. The firm has a market cap of $13.94 billion, a P/E ratio of 15.63 and a beta of 0.84. The company's 50-day moving average price is $214.66 and its two-hundred day moving average price is $181.95.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.20. The business had revenue of $8.51 billion for the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.78 EPS. On average, analysts anticipate that Penske Automotive Group, Inc. will post 13.66 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $1.44 dividend. This represents a $5.76 annualized dividend and a yield of 2.7%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Friday, August 14th. Penske Automotive Group's payout ratio is 42.42%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barclays upped their price objective on Penske Automotive Group from $220.00 to $225.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Weiss Ratings raised Penske Automotive Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, September 11th. UBS Group set a $190.00 target price on shares of Penske Automotive Group in a research report on Friday, July 10th. Bank of America upped their price target on shares of Penske Automotive Group from $200.00 to $238.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Finally, Stephens raised their price target on shares of Penske Automotive Group from $166.00 to $210.00 and gave the stock an "equal weight" rating in a research report on Monday, August 3rd. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $211.14.

Penske Automotive Group Profile

Penske Automotive Group, Inc NYSE: PAG is a diversified international transportation services company that operates automotive and commercial vehicle dealerships, as well as businesses serving the truck leasing and transportation industries. Its automotive retail operations sell new and used vehicles from a broad range of manufacturers and provide related services, including vehicle financing and insurance products, parts, maintenance and repair.

The company operates automotive dealerships in the United States, the United Kingdom, Australia, Germany and Italy.

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