Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Wednesday, February 12th, Zacks reports. Stockholders of record on Monday, February 24th will be given a dividend of 0.42 per share on Tuesday, March 3rd. This represents a $1.68 annualized dividend and a dividend yield of 3.24%. The ex-dividend date is Friday, February 21st. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.41.
Penske Automotive Group has increased its dividend payment by an average of 9.2% annually over the last three years and has increased its dividend every year for the last 9 years. Penske Automotive Group has a payout ratio of 29.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Penske Automotive Group to earn $5.91 per share next year, which means the company should continue to be able to cover its $1.64 annual dividend with an expected future payout ratio of 27.7%.
Shares of NYSE:PAG traded down $0.23 during trading on Friday, hitting $51.87. 3,261 shares of the company’s stock traded hands, compared to its average volume of 293,687. Penske Automotive Group has a 52 week low of $41.26 and a 52 week high of $53.81. The company has a current ratio of 0.98, a quick ratio of 0.20 and a debt-to-equity ratio of 0.80. The company has a market cap of $4.20 billion, a price-to-earnings ratio of 9.83, a price-to-earnings-growth ratio of 7.88 and a beta of 1.30. The company has a 50-day moving average price of $49.06 and a 200-day moving average price of $47.81.
Several equities analysts have recently weighed in on PAG shares. JPMorgan Chase & Co. lifted their price objective on Penske Automotive Group from $52.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, December 18th. Cfra lifted their price objective on Penske Automotive Group from $50.00 to $53.00 and gave the company a “hold” rating in a report on Wednesday, February 5th. Northcoast Research cut Penske Automotive Group from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Morgan Stanley lifted their price objective on Penske Automotive Group from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Finally, ValuEngine cut Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Penske Automotive Group currently has an average rating of “Hold” and a consensus target price of $54.75.
About Penske Automotive Group
Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe; and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services primarily in Australia and New Zealand.
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