Penske Automotive Group, Inc. $PAG Shares Acquired by Deutsche Bank AG

Deutsche Bank AG increased its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 40.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,150 shares of the company's stock after buying 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. lifted its holdings in Penske Automotive Group by 421.5% in the 1st quarter. UMB Bank n.a. now owns 339 shares of the company's stock valued at $49,000 after purchasing an additional 274 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Penske Automotive Group by 51.9% in the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company's stock worth $57,000 after acquiring an additional 136 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Penske Automotive Group by 31.0% in the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock worth $76,000 after acquiring an additional 125 shares during the last quarter. TD Waterhouse Canada Inc. increased its stake in shares of Penske Automotive Group by 42.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company's stock worth $81,000 after acquiring an additional 158 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Penske Automotive Group in the 4th quarter worth $105,000. Hedge funds and other institutional investors own 77.08% of the company's stock.

Insider Buying and Selling

In other Penske Automotive Group news, EVP Shane M. Spradlin sold 3,158 shares of Penske Automotive Group stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $167.10, for a total value of $527,701.80. Following the completion of the transaction, the executive vice president directly owned 36,152 shares of the company's stock, valued at $6,040,999.20. The trade was a 8.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michelle Hulgrave sold 1,100 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total value of $200,805.00. Following the transaction, the chief financial officer directly owned 18,922 shares of the company's stock, valued at approximately $3,454,211.10. This represents a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,748 shares of company stock worth $13,748,660 over the last 90 days. 51.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PAG. Citigroup raised their target price on Penske Automotive Group from $185.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Bank of America raised their price target on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a report on Monday, June 16th. JPMorgan Chase & Co. upgraded shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and raised their price target for the stock from $155.00 to $175.00 in a report on Tuesday, August 5th. Stephens restated an "equal weight" rating and set a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday, June 11th. Finally, Morgan Stanley raised their price target on shares of Penske Automotive Group from $180.00 to $190.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $181.00.

Penske Automotive Group Trading Up 3.7%

PAG traded up $6.6450 on Friday, hitting $187.6350. The company had a trading volume of 45,758 shares, compared to its average volume of 239,729. The firm has a market cap of $12.39 billion, a P/E ratio of 13.04 and a beta of 0.87. Penske Automotive Group, Inc. has a 1 year low of $134.05 and a 1 year high of $187.77. The company's fifty day moving average price is $175.46 and its 200 day moving average price is $164.69. The company has a current ratio of 0.90, a quick ratio of 0.21 and a debt-to-equity ratio of 0.16.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.22. The firm had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.98 billion. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. Penske Automotive Group's revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.61 EPS. As a group, equities analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group declared that its Board of Directors has approved a share buyback program on Wednesday, May 14th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be given a $1.32 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $5.28 annualized dividend and a yield of 2.8%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio is presently 36.74%.

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.