Penske Automotive Group, Inc. (NYSE:PAG) Plans Dividend Increase - $0.96 Per Share

Penske Automotive Group, Inc. (NYSE:PAG - Get Free Report) announced a quarterly dividend on Thursday, May 9th, Zacks reports. Investors of record on Monday, May 20th will be paid a dividend of 0.96 per share on Tuesday, June 4th. This represents a $3.84 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Friday, May 17th. This is an increase from Penske Automotive Group's previous quarterly dividend of $0.87.

Penske Automotive Group has raised its dividend payment by an average of 49.0% per year over the last three years and has raised its dividend every year for the last 5 years. Penske Automotive Group has a dividend payout ratio of 24.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Penske Automotive Group to earn $13.95 per share next year, which means the company should continue to be able to cover its $3.48 annual dividend with an expected future payout ratio of 24.9%.

Penske Automotive Group Stock Down 0.4 %

NYSE PAG traded down $0.67 during trading hours on Friday, hitting $155.41. 185,472 shares of the company were exchanged, compared to its average volume of 199,675. The company has a 50 day moving average of $153.90 and a two-hundred day moving average of $152.94. The firm has a market cap of $10.39 billion, a price-to-earnings ratio of 10.85 and a beta of 1.21. Penske Automotive Group has a 52-week low of $136.45 and a 52-week high of $180.84. The company has a quick ratio of 0.23, a current ratio of 0.98 and a debt-to-equity ratio of 0.30.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its earnings results on Tuesday, April 30th. The company reported $3.21 EPS for the quarter, missing analysts' consensus estimates of $3.35 by ($0.14). The firm had revenue of $7.45 billion for the quarter, compared to analyst estimates of $7.52 billion. Penske Automotive Group had a return on equity of 21.72% and a net margin of 3.27%. The business's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.31 EPS. Equities research analysts anticipate that Penske Automotive Group will post 13.8 earnings per share for the current year.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, Director Greg C. Smith sold 1,604 shares of the business's stock in a transaction on Friday, February 16th. The stock was sold at an average price of $149.38, for a total value of $239,605.52. Following the completion of the transaction, the director now directly owns 51,001 shares in the company, valued at approximately $7,618,529.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director John Barr sold 1,600 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $154.05, for a total value of $246,480.00. Following the completion of the sale, the director now directly owns 716 shares in the company, valued at approximately $110,299.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Greg C. Smith sold 1,604 shares of the business's stock in a transaction on Friday, February 16th. The stock was sold at an average price of $149.38, for a total transaction of $239,605.52. Following the transaction, the director now directly owns 51,001 shares in the company, valued at $7,618,529.38. The disclosure for this sale can be found here. 52.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PAG shares. Bank of America increased their price objective on Penske Automotive Group from $175.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, April 10th. Morgan Stanley raised their price objective on shares of Penske Automotive Group from $107.00 to $115.00 and gave the stock an "underweight" rating in a research report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Penske Automotive Group has an average rating of "Hold" and a consensus target price of $163.20.

About Penske Automotive Group

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.