Penske Automotive Group, Inc. (PAG) To Go Ex-Dividend on May 27th

Penske Automotive Group, Inc. (NYSE:PAG) announced a quarterly dividend on Wednesday, May 14th, RTT News reports. Stockholders of record on Tuesday, May 27th will be paid a dividend of 1.26 per share on Tuesday, June 3rd. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Tuesday, May 27th. This is a 3.3% increase from Penske Automotive Group’s previous quarterly dividend of $1.22.

Penske Automotive Group has raised its dividend by an average of 32.0% annually over the last three years and has raised its dividend every year for the last 6 years. Penske Automotive Group has a dividend payout ratio of 33.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Penske Automotive Group to earn $14.38 per share next year, which means the company should continue to be able to cover its $4.88 annual dividend with an expected future payout ratio of 33.9%.

Penske Automotive Group Trading Up 1.1%

Penske Automotive Group stock opened at $165.76 on Friday. The business’s 50-day simple moving average is $152.35 and its 200-day simple moving average is $158.54. Penske Automotive Group has a 52 week low of $134.05 and a 52 week high of $180.12. The firm has a market capitalization of $10.97 billion, a PE ratio of 12.06 and a beta of 0.90. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.12. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The company had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.68 billion. During the same quarter in the previous year, the firm posted $3.21 EPS. The business’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts forecast that Penske Automotive Group will post 13.86 earnings per share for the current year.

Penske Automotive Group declared that its board has initiated a stock repurchase program on Wednesday, May 14th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total transaction of $237,683.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 51.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PAG shares. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating for the company in a research report on Thursday, March 27th. Citigroup initiated coverage on Penske Automotive Group in a report on Wednesday, April 23rd. They set a “buy” rating and a $185.00 target price on the stock. Finally, Stephens reiterated an “equal weight” rating and set a $140.00 price target on shares of Penske Automotive Group in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $165.00.

Penske Automotive Group Company Profile

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.