Vanguard Group Inc. Has $288.66 Million Position in Penske Automotive Group, Inc. $PAG

Key Points

• Vanguard Group Inc. has increased its stake in Penske Automotive Group by 0.3%, owning 3.03% of the company, which is valued at approximately $288.66 million.
• A number of equity analysts have upgraded their price targets for Penske Automotive Group, with Bank of America raising its target from $190 to $205 while maintaining a "buy" rating.
• Penske Automotive Group has recently declared an increase in its quarterly dividend to $1.32 per share, reflecting a 2.9% yield and part of a new share buyback program allowing for $250 million in repurchases.

Vanguard Group Inc. boosted its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 0.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,004,832 shares of the company's stock after purchasing an additional 5,641 shares during the quarter. Vanguard Group Inc. owned 3.03% of Penske Automotive Group worth $288,656,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Renasant Bank bought a new position in Penske Automotive Group in the first quarter valued at approximately $246,000. New Age Alpha Advisors LLC lifted its stake in Penske Automotive Group by 23.6% in the first quarter. New Age Alpha Advisors LLC now owns 19,620 shares of the company's stock valued at $2,825,000 after buying an additional 3,745 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Penske Automotive Group by 7.0% in the first quarter. PNC Financial Services Group Inc. now owns 3,359 shares of the company's stock valued at $484,000 after buying an additional 221 shares in the last quarter. US Bancorp DE lifted its stake in Penske Automotive Group by 24.2% in the first quarter. US Bancorp DE now owns 1,833 shares of the company's stock valued at $264,000 after buying an additional 357 shares in the last quarter. Finally, Bayforest Capital Ltd grew its holdings in shares of Penske Automotive Group by 1,772.7% during the first quarter. Bayforest Capital Ltd now owns 1,236 shares of the company's stock worth $178,000 after buying an additional 1,170 shares in the last quarter. Institutional investors own 77.08% of the company's stock.

Insider Activity

In other Penske Automotive Group news, Director Greg C. Smith sold 1,529 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were 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 can be accessed through this hyperlink. Also, Director Lisa Ann Davis sold 1,604 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $180.74, for a total transaction of $289,906.96. Following the sale, the director owned 1,529 shares in the company, valued at $276,351.46. The trade was a 51.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,748 shares of company stock valued at $13,748,660. Company insiders own 51.70% of the company's stock.

Penske Automotive Group Stock Performance

Shares of PAG stock traded up $6.1150 on Friday, hitting $187.1050. The company's stock had a trading volume of 237,765 shares, compared to its average volume of 240,553. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.21 and a current ratio of 0.90. The stock's 50 day moving average is $175.89 and its 200-day moving average is $164.81. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $188.43. The company has a market capitalization of $12.36 billion, a PE ratio of 13.02 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $3.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.56 by $0.22. The firm had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a net margin of 3.13% and a return on equity of 17.43%. The business's revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the company posted $3.61 earnings per share. Equities research analysts expect 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 initiated a share repurchase program on Wednesday, May 14th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Penske Automotive Group Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PAG shares. JPMorgan Chase & Co. raised shares of Penske Automotive Group from an "underweight" rating to a "neutral" rating and boosted their price objective for the stock from $155.00 to $175.00 in a research report on Tuesday, August 5th. Bank of America upped their price target on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Stephens reissued an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. Morgan Stanley upped their price target on shares of Penske Automotive Group from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Finally, Citigroup upped their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Four equities 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 currently has an average rating of "Moderate Buy" and an average price target of $181.00.

Penske Automotive Group Company 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.