Penske Automotive Group, Inc. (PAG) to Issue Quarterly Dividend of $0.50 on June 1st

Penske Automotive Group, Inc. (NYSE:PAGGet Rating) declared a quarterly dividend on Thursday, May 12th, Zacks reports. Shareholders 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 1.70%. 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 raised its dividend payment by an average of 7.8% per year 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. Equities analysts expect Penske Automotive Group to earn $14.18 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 13.3%.

NYSE:PAG opened at $117.97 on Wednesday. The firm has a market capitalization of $8.95 billion, a P/E ratio of 6.77, a P/E/G ratio of 3.78 and a beta of 1.25. The company has a quick ratio of 0.26, a current ratio of 0.97 and a debt-to-equity ratio of 0.33. The company has a fifty day moving average of $102.34 and a 200 day moving average of $102.56. Penske Automotive Group has a 52 week low of $72.35 and a 52 week high of $119.47.

Penske Automotive Group (NYSE:PAGGet Rating) last issued its quarterly earnings data on Wednesday, April 27th. The company reported $4.76 EPS for the quarter, beating the consensus estimate of $3.77 by $0.99. The firm had revenue of $6.98 billion during the quarter, compared to the consensus estimate of $6.32 billion. Penske Automotive Group had a net margin of 5.13% and a return on equity of 35.33%. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.26 earnings per share. As a group, analysts anticipate that Penske Automotive Group will post 16.23 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. NEXT Financial Group Inc increased its stake in shares of Penske Automotive Group by 118.9% during the fourth quarter. NEXT Financial Group Inc now owns 313 shares of the company’s stock valued at $34,000 after purchasing an additional 170 shares in the last quarter. Metropolitan Life Insurance Co NY purchased a new stake in shares of Penske Automotive Group in the fourth quarter worth $66,000. MetLife Investment Management LLC bought a new position in shares of Penske Automotive Group during the first quarter valued at $58,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Penske Automotive Group in the 1st quarter worth about $108,000. Finally, Covestor Ltd boosted its stake in Penske Automotive Group by 129.8% in the 1st quarter. Covestor Ltd now owns 1,179 shares of the company’s stock worth $111,000 after purchasing an additional 666 shares in the last quarter. Institutional investors and hedge funds own 50.13% of the company’s stock.

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

About Penske Automotive Group (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.

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Dividend History for Penske Automotive Group (NYSE:PAG)

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