GSA Capital Partners LLP Raises Stake in Penske Automotive Group, Inc. $PAG

Key Points

• GSA Capital Partners LLP sharply increased its Penske Automotive Group stake by 590.3% in the fourth quarter, bringing its holdings to 11,383 shares valued at about $1.8 million.
• Penske Automotive Group reported better-than-expected quarterly results, with EPS of $3.05 versus the $2.91 consensus and revenue of $7.86 billion versus $7.71 billion expected.
• The company also raised its quarterly dividend to $1.42 per share, implying an annualized payout of $5.68 and a 3.6% yield.

GSA Capital Partners LLP boosted its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 590.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,383 shares of the company's stock after purchasing an additional 9,734 shares during the quarter. GSA Capital Partners LLP's holdings in Penske Automotive Group were worth $1,802,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of PAG. PNC Financial Services Group Inc. grew its stake in Penske Automotive Group by 2.1% during the third quarter. PNC Financial Services Group Inc. now owns 3,226 shares of the company's stock worth $561,000 after buying an additional 65 shares during the period. Aptus Capital Advisors LLC grew its stake in Penske Automotive Group by 5.4% during the third quarter. Aptus Capital Advisors LLC now owns 1,261 shares of the company's stock worth $219,000 after buying an additional 65 shares during the period. California State Teachers Retirement System grew its stake in Penske Automotive Group by 0.4% during the second quarter. California State Teachers Retirement System now owns 18,434 shares of the company's stock worth $3,167,000 after buying an additional 65 shares during the period. Jones Financial Companies Lllp grew its stake in Penske Automotive Group by 11.0% during the third quarter. Jones Financial Companies Lllp now owns 674 shares of the company's stock worth $116,000 after buying an additional 67 shares during the period. Finally, Truist Financial Corp grew its stake in Penske Automotive Group by 2.8% during the third quarter. Truist Financial Corp now owns 2,576 shares of the company's stock worth $448,000 after buying an additional 70 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PAG has been the topic of a number of recent research reports. Weiss Ratings cut shares of Penske Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, March 16th. Stephens boosted their target price on shares of Penske Automotive Group from $155.00 to $160.00 and gave the stock an "equal weight" rating in a research report on Monday, May 4th. Citigroup boosted their target price on shares of Penske Automotive Group from $193.00 to $199.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Barclays reduced their target price on shares of Penske Automotive Group from $195.00 to $190.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $165.00 to $170.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $184.86.

Penske Automotive Group Trading Down 2.0%

PAG opened at $156.51 on Wednesday. The stock has a market capitalization of $10.29 billion, a PE ratio of 11.68, a P/E/G ratio of 2.07 and a beta of 0.90. The firm's fifty day moving average price is $156.22 and its 200 day moving average price is $160.29. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.96 and a quick ratio of 0.22. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $189.51.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping analysts' consensus estimates of $2.91 by $0.14. The company had revenue of $7.86 billion for the quarter, compared to analysts' expectations of $7.71 billion. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The firm's revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $3.66 earnings per share. As a group, research analysts expect that Penske Automotive Group, Inc. will post 13.44 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 26th will be issued a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.6%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Tuesday, May 26th. Penske Automotive Group's dividend payout ratio is currently 41.79%.

About Penske Automotive Group

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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