Penske Automotive Group, Inc. (PAG) to Issue Quarterly Dividend of $1.44 on September 1st

Penske Automotive Group, Inc. (NYSE:PAG) announced a quarterly dividend on Wednesday, July 22nd. Stockholders of record on Friday, August 14th will be given a dividend of 1.44 per share on Tuesday, September 1st. This represents a c) annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, August 14th. This is a 1.4% increase from Penske Automotive Group’s previous quarterly dividend of $1.42.

Penske Automotive Group has increased its dividend payment by an average of 0.4%annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Penske Automotive Group has a dividend payout ratio of 39.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Penske Automotive Group to earn $14.46 per share next year, which means the company should continue to be able to cover its $5.68 annual dividend with an expected future payout ratio of 39.3%.

Penske Automotive Group Price Performance

NYSE:PAG opened at $215.71 on Friday. Penske Automotive Group has a 52 week low of $140.12 and a 52 week high of $219.09. The company has a quick ratio of 0.22, a current ratio of 0.96 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $14.18 billion, a PE ratio of 16.10, a price-to-earnings-growth ratio of 2.78 and a beta of 0.87. The stock’s 50-day moving average price is $179.65 and its 200-day moving average price is $166.53.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, beating the consensus estimate of $2.91 by $0.14. The firm had revenue of $7.86 billion during the quarter, compared to analyst estimates of $7.71 billion. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.Penske Automotive Group’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.66 EPS. As a group, equities analysts expect that Penske Automotive Group will post 13.43 EPS for the current fiscal year.

Insider Transactions at Penske Automotive Group

In related news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total transaction of $257,700.00. Following the transaction, the chief financial officer directly owned 17,596 shares in the company, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Greg C. Smith sold 1,488 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. The disclosure for this sale is available in the SEC filing. 52.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Diamant Asset Management Inc. lifted its position in Penske Automotive Group by 14,852.0% during the first quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company’s stock worth $132,237,000 after buying an additional 878,496 shares in the last quarter. Bank of Montreal Can boosted its stake in Penske Automotive Group by 39,232.7% during the fourth quarter. Bank of Montreal Can now owns 863,352 shares of the company’s stock worth $136,660,000 after buying an additional 861,157 shares during the last quarter. Norges Bank purchased a new stake in Penske Automotive Group in the 4th quarter valued at $32,137,000. Dimensional Fund Advisors LP grew its holdings in Penske Automotive Group by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,293,467 shares of the company’s stock valued at $204,761,000 after buying an additional 156,308 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Penske Automotive Group by 48.6% in the 4th quarter. Bank of New York Mellon Corp now owns 375,767 shares of the company’s stock worth $59,480,000 after acquiring an additional 122,895 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

About Penske Automotive Group

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.