Deutsche Bank AG Buys 8,974 Shares of Penske Automotive Group, Inc. $PAG

Deutsche Bank AG increased its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 40.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,150 shares of the company's stock after acquiring an additional 8,974 shares during the period. Deutsche Bank AG's holdings in Penske Automotive Group were worth $4,485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of PAG. Moran Wealth Management LLC lifted its stake in shares of Penske Automotive Group by 65.4% in the 1st quarter. Moran Wealth Management LLC now owns 153,605 shares of the company's stock valued at $22,116,000 after acquiring an additional 60,734 shares during the last quarter. GAMMA Investing LLC raised its position in Penske Automotive Group by 21,771.8% during the 1st quarter. GAMMA Investing LLC now owns 57,304 shares of the company's stock valued at $8,251,000 after purchasing an additional 57,042 shares during the last quarter. Millennium Management LLC raised its position in Penske Automotive Group by 43.9% during the 4th quarter. Millennium Management LLC now owns 128,283 shares of the company's stock valued at $19,555,000 after purchasing an additional 39,113 shares during the last quarter. Northern Trust Corp raised its position in Penske Automotive Group by 18.5% during the 4th quarter. Northern Trust Corp now owns 155,560 shares of the company's stock valued at $23,714,000 after purchasing an additional 24,274 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Penske Automotive Group by 3.5% during the 4th quarter. AQR Capital Management LLC now owns 606,709 shares of the company's stock valued at $92,487,000 after purchasing an additional 20,506 shares during the last quarter. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $180.34 on Monday. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $11.91 billion, a P/E ratio of 12.55 and a beta of 0.87. The stock's 50 day moving average is $174.36 and its 200 day moving average is $164.21. Penske Automotive Group, Inc. has a twelve month low of $134.05 and a twelve month high of $186.55.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.22. The company had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%. The firm's quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.61 EPS. On average, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group announced that its Board of Directors has approved a stock repurchase plan 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 plans are often an indication that the company's management believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be paid a $1.32 dividend. This represents a $5.28 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, August 15th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio (DPR) is currently 36.74%.

Insider Buying and Selling

In other Penske Automotive Group news, Director Greg C. Smith sold 1,529 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $161.64, for a total transaction of $247,147.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Roger S. Penske sold 77,357 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $161.37, for a total value of $12,483,099.09. Following the sale, the chief executive officer owned 140,042 shares in the company, valued at approximately $22,598,577.54. This represents a 35.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 82,044 shares of company stock worth $13,257,948 in the last 90 days. Insiders own 51.70% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on PAG. Wall Street Zen raised Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. raised Penske Automotive Group from an "underweight" rating to a "neutral" rating and upped their price target for the company from $155.00 to $175.00 in a research report on Tuesday, August 5th. Bank of America upped their target price on Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Citigroup upped their target price on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, Stephens reiterated an "equal weight" rating and set a $140.00 target price on shares of Penske Automotive Group in a report on Wednesday, June 11th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $181.00.

Penske Automotive Group Profile

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.

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