Penske Automotive Group, Inc. $PAG Shares Bought by M&T Bank Corp

Key Points

• M&T Bank Corp boosted its stake in Penske Automotive by 3,302.9% in Q4 to 64,995 shares, representing a 0.10% ownership stake worth about $10.29 million.
• Wall Street sentiment is a consensus “Moderate Buy” with a $180.43 average price target, although several firms recently trimmed targets (six analysts Buy, three Hold).
• PAG reported a quarterly EPS miss ($2.91 vs. $3.19 est.) with revenue down 3.8% YoY, and the company raised its quarterly dividend to $1.40 (annualized $5.60, ~3.5% yield).

M&T Bank Corp boosted its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 3,302.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,995 shares of the company's stock after buying an additional 63,085 shares during the period. M&T Bank Corp owned 0.10% of Penske Automotive Group worth $10,288,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Meixler Investment Management Ltd. acquired a new position in Penske Automotive Group during the third quarter worth $1,154,000. Convergence Investment Partners LLC acquired a new position in Penske Automotive Group during the third quarter worth $1,157,000. Alps Advisors Inc. acquired a new position in Penske Automotive Group during the third quarter worth $5,585,000. JPMorgan Chase & Co. boosted its stake in Penske Automotive Group by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 111,775 shares of the company's stock worth $19,439,000 after buying an additional 19,561 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Penske Automotive Group by 15.7% during the third quarter. Rhumbline Advisers now owns 58,783 shares of the company's stock worth $10,223,000 after buying an additional 7,978 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PAG. Barclays lowered their price objective on Penske Automotive Group from $195.00 to $190.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. Citigroup lowered their price objective on Penske Automotive Group from $200.00 to $193.00 and set a "buy" rating on the stock in a research note on Wednesday, April 8th. JPMorgan Chase & Co. lowered their price objective on Penske Automotive Group from $170.00 to $165.00 and set a "neutral" rating on the stock in a research note on Friday, April 17th. Finally, Weiss Ratings lowered Penske Automotive Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, March 16th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Penske Automotive Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $180.43.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock opened at $160.76 on Friday. Penske Automotive Group, Inc. has a 52 week low of $140.12 and a 52 week high of $189.51. The business's fifty day simple moving average is $154.61 and its 200-day simple moving average is $160.48. The firm has a market cap of $10.57 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 2.10 and a beta of 0.87. The company has a quick ratio of 0.22, a current ratio of 0.99 and a debt-to-equity ratio of 0.32.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $2.91 EPS for the quarter, missing the consensus estimate of $3.19 by ($0.28). Penske Automotive Group had a net margin of 2.91% and a return on equity of 15.77%. The business had revenue of $7.77 billion during the quarter, compared to analyst estimates of $7.62 billion. During the same period last year, the company earned $3.54 EPS. The business's revenue for the quarter was down 3.8% on a year-over-year basis. Equities analysts forecast that Penske Automotive Group, Inc. will post 13.5 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Wednesday, February 25th were paid a $1.40 dividend. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.38. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $5.60 annualized dividend and a dividend yield of 3.5%. Penske Automotive Group's dividend payout ratio is currently 41.48%.

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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