Penske Automotive Group, Inc. (NYSE:PAG) to Issue Dividend Increase – $0.50 Per Share

Penske Automotive Group, Inc. (NYSE:PAGGet Rating) declared a quarterly dividend on Thursday, May 12th, Zacks reports. Investors of record on Monday, May 23rd will be paid a dividend of 0.50 per share on Wednesday, June 1st. This represents a $2.00 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Friday, May 20th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.47.

Penske Automotive Group has increased its dividend payment by an average of 7.8% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Penske Automotive Group has a dividend payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Penske Automotive Group to earn $13.83 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 13.6%.

PAG stock opened at $115.94 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. Penske Automotive Group has a twelve month low of $72.35 and a twelve month high of $116.72. The company’s 50 day moving average is $101.66 and its two-hundred day moving average is $102.42. The stock has a market cap of $8.80 billion, a P/E ratio of 6.66, a PEG ratio of 3.50 and a beta of 1.25.

Penske Automotive Group (NYSE:PAGGet Rating) last released its quarterly earnings data on Wednesday, April 27th. The company reported $4.76 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $0.99. Penske Automotive Group had a net margin of 5.13% and a return on equity of 35.33%. The company had revenue of $6.98 billion for the quarter, compared to analysts’ expectations of $6.32 billion. During the same quarter last year, the company earned $2.26 earnings per share. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. On average, equities research analysts predict that Penske Automotive Group will post 15.79 earnings per share for the current year.

A number of analysts have weighed in on PAG shares. JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, April 7th. Zacks Investment Research raised shares of Penske Automotive Group from a “hold” rating to a “strong-buy” rating and set a $129.00 price objective on the stock in a report on Monday, May 9th. StockNews.com raised shares of Penske Automotive Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 7th. Finally, Morgan Stanley lifted their target price on shares of Penske Automotive Group from $90.00 to $95.00 and gave the company an “underweight” rating in a report on Tuesday, March 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Penske Automotive Group presently has a consensus rating of “Buy” and a consensus target price of $118.83.

Large investors have recently bought and sold shares of the stock. NEXT Financial Group Inc grew its position in Penske Automotive Group by 118.9% in the 4th quarter. NEXT Financial Group Inc now owns 313 shares of the company’s stock valued at $34,000 after buying an additional 170 shares during the last quarter. MetLife Investment Management LLC purchased a new position in Penske Automotive Group in the 1st quarter valued at $58,000. Metropolitan Life Insurance Co NY purchased a new position in Penske Automotive Group in the 4th quarter valued at $66,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Penske Automotive Group in the 1st quarter valued at $108,000. Finally, Covestor Ltd grew its position in Penske Automotive Group by 129.8% in the 1st quarter. Covestor Ltd now owns 1,179 shares of the company’s stock valued at $111,000 after buying an additional 666 shares during the last quarter. Hedge funds and other institutional investors own 50.13% of the company’s stock.

Penske Automotive Group Company Profile (Get Rating)

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. 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.

See Also

Dividend History for Penske Automotive Group (NYSE:PAG)

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