Penske Automotive Group, Inc. (NYSE:PAG) Declares Quarterly Dividend of $1.19

Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Thursday, October 17th, Wall Street Journal reports. Investors of record on Friday, November 15th will be paid a dividend of 1.19 per share on Tuesday, December 3rd. This represents a $4.76 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Friday, November 15th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07.

Penske Automotive Group has raised its dividend by an average of 49.0% per year over the last three years. Penske Automotive Group has a payout ratio of 30.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Penske Automotive Group to earn $13.81 per share next year, which means the company should continue to be able to cover its $4.28 annual dividend with an expected future payout ratio of 31.0%.

Penske Automotive Group Trading Up 0.3 %

NYSE PAG traded up $0.50 during trading on Thursday, hitting $158.43. The company had a trading volume of 113,998 shares, compared to its average volume of 187,038. The company’s fifty day moving average is $160.46 and its 200-day moving average is $155.75. The company has a market cap of $10.58 billion, a price-to-earnings ratio of 11.63 and a beta of 1.16. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. Penske Automotive Group has a one year low of $137.95 and a one year high of $179.72.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.39 by $0.22. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The business’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.41 EPS. On average, sell-side analysts predict that Penske Automotive Group will post 13.78 earnings per share for the current year.

Insider Activity

In other Penske Automotive Group news, Director John Barr sold 716 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $170.71, for a total value of $122,228.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 52.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on PAG shares. Stephens initiated coverage on Penske Automotive Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target for the company. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their target price for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. Bank of America raised their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Penske Automotive Group currently has a consensus rating of “Hold” and an average target price of $175.40.

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.