Hsbc Holdings PLC Invests $1.19 Million in Penske Automotive Group, Inc. $PAG

Key Points

• HSBC Holdings acquired 6,702 shares of Penske Automotive Group in the second quarter, valued at approximately $1.19 million. Institutional investors collectively own 77.08% of PAG.
• Penske reported quarterly EPS of $3.62, beating estimates of $3.42, while revenue reached $8.51 billion and rose 11.1% year over year.
• The company increased its quarterly dividend to $1.44 per share, equivalent to an annualized $5.76 payout and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $208.50.

Hsbc Holdings PLC acquired a new stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 6,702 shares of the company's stock, valued at approximately $1,188,000.

A number of other large investors also recently added to or reduced their stakes in PAG. Parallel Advisors LLC boosted its position in Penske Automotive Group by 15.1% during the first quarter. Parallel Advisors LLC now owns 441 shares of the company's stock valued at $66,000 after buying an additional 58 shares during the period. Bessemer Group Inc. increased its holdings in shares of Penske Automotive Group by 8.5% in the first quarter. Bessemer Group Inc. now owns 830 shares of the company's stock worth $124,000 after buying an additional 65 shares during the period. California State Teachers Retirement System increased its holdings in shares of Penske Automotive Group by 0.4% in 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. Rothschild Investment LLC increased its holdings in shares of Penske Automotive Group by 37.5% in the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company's stock worth $38,000 after buying an additional 66 shares during the period. Finally, Focus Partners Advisor Solutions LLC lifted its stake in shares of Penske Automotive Group by 2.7% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 2,630 shares of the company's stock valued at $416,000 after acquiring an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Penske Automotive Group Stock Performance

Penske Automotive Group stock opened at $216.36 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average of $205.10 and a 200-day moving average of $177.06. The firm has a market cap of $14.21 billion, a P/E ratio of 15.93 and a beta of 0.84. Penske Automotive Group, Inc. has a 1-year low of $140.12 and a 1-year high of $227.00.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.42 by $0.20. The company had revenue of $8.51 billion for the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.Penske Automotive Group's revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.78 EPS. Sell-side analysts expect that Penske Automotive Group, Inc. will post 13.61 EPS for the current year.

Penske Automotive Group Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Stephens increased their target price on Penske Automotive Group from $166.00 to $210.00 and gave the company an "equal weight" rating in a report on Monday, August 3rd. Barclays lifted their price target on Penske Automotive Group from $220.00 to $225.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Morgan Stanley reiterated an "overweight" rating and issued a $190.00 price objective on shares of Penske Automotive Group in a research report on Thursday, May 7th. JPMorgan Chase & Co. increased their price objective on Penske Automotive Group from $170.00 to $215.00 and gave the company a "neutral" rating in a research note on Tuesday, August 4th. Finally, UBS Group set a $190.00 target price on shares of Penske Automotive Group in a report on Friday, July 10th. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $208.50.

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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