Penske Automotive Group, Inc. (NYSE:PAG) Declares Dividend Increase – $1.19 Per Share

Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Wednesday, October 16th,Wall Street Journal reports. Shareholders of record on Friday, November 15th will be given a dividend of 1.19 per share on Tuesday, December 3rd. This represents a $4.76 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07.

Penske Automotive Group has raised its dividend payment by an average of 49.0% per year over the last three years. Penske Automotive Group has a payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Penske Automotive Group to earn $13.96 per share next year, which means the company should continue to be able to cover its $4.76 annual dividend with an expected future payout ratio of 34.1%.

Penske Automotive Group Stock Performance

PAG opened at $161.13 on Thursday. The stock has a 50-day moving average of $156.36 and a 200-day moving average of $156.22. 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 has a 52-week low of $142.32 and a 52-week high of $179.72. The company has a market cap of $10.76 billion, a PE ratio of 12.35 and a beta of 1.17.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The company had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. During the same period in the previous year, the business posted $3.90 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. As a group, equities research analysts forecast that Penske Automotive Group will post 13.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Bank of America raised their price objective on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. Stephens started coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a report on Tuesday, September 10th.

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.