The Manufacturers Life Insurance Company Buys New Shares in Penske Automotive Group, Inc. $PAG

Key Points

• The Manufacturers Life Insurance Company purchased 14,735 shares of Penske Automotive Group valued at approximately $2.64 million during the second quarter. Institutional investors and hedge funds collectively own 77.08% of PAG.
• Penske reported quarterly earnings of $3.62 per share, exceeding the $3.42 consensus estimate, while revenue rose 11.1% year over year to $8.51 billion.
• The company increased its quarterly dividend to $1.44 per share, representing an annualized dividend of $5.76 and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $208.50.

The Manufacturers Life Insurance Company purchased a new position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,735 shares of the company's stock, valued at approximately $2,637,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PAG. Navalign LLC bought a new stake in shares of Penske Automotive Group during the 4th quarter worth $26,000. International Assets Investment Management LLC acquired a new position in shares of Penske Automotive Group in the 4th quarter valued at $30,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Penske Automotive Group in the 2nd quarter valued at $35,000. Rothschild Investment LLC increased its stake in Penske Automotive Group by 37.5% in the 4th quarter. Rothschild Investment LLC now owns 242 shares of the company's stock worth $38,000 after purchasing an additional 66 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Penske Automotive Group in the 1st quarter worth about $42,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Penske Automotive Group Price Performance

Shares of PAG opened at $218.29 on Thursday. The business's 50-day moving average is $206.60 and its 200-day moving average is $177.67. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.98 and a quick ratio of 0.21. The company has a market capitalization of $14.33 billion, a price-to-earnings ratio of 16.07 and a beta of 0.84. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week high of $227.00.

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

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a dividend of $1.44 per share. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.42. The ex-dividend date of this dividend was Friday, August 14th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.6%. Penske Automotive Group's dividend payout ratio (DPR) is 42.42%.

Wall Street Analyst Weigh In

PAG has been the subject of a number of analyst reports. Citigroup lowered shares of Penske Automotive Group from a "buy" rating to a "neutral" rating and upped their price objective for the company from $199.00 to $210.00 in a research note on Thursday, July 23rd. Benchmark lowered shares of Penske Automotive Group from a "buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Stephens upped their price target on shares of Penske Automotive Group from $166.00 to $210.00 and gave the company an "equal weight" rating in a research report on Monday, August 3rd. Bank of America raised their price objective on shares of Penske Automotive Group from $200.00 to $238.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $190.00 price objective on shares of Penske Automotive Group in a research report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Penske Automotive Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $208.50.

Penske Automotive Group Company Profile

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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