Penske Automotive Group, Inc. (NYSE:PAG) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. raised its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 296.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 14,913 shares of the company’s stock after acquiring an additional 11,150 shares during the period. Victory Capital Management Inc.’s holdings in Penske Automotive Group were worth $2,422,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp increased its holdings in shares of Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after acquiring an additional 91 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Penske Automotive Group during the 2nd quarter worth approximately $69,000. Capital Performance Advisors LLP purchased a new position in Penske Automotive Group in the third quarter worth $112,000. Blue Trust Inc. lifted its stake in shares of Penske Automotive Group by 17.5% in the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after purchasing an additional 113 shares during the period. Finally, Brighton Jones LLC acquired a new stake in shares of Penske Automotive Group in the 3rd quarter worth approximately $209,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PAG. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. Stephens began coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target for the company. Finally, JPMorgan Chase & Co. increased their target price on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 10th.

Penske Automotive Group Stock Performance

Shares of NYSE:PAG opened at $164.08 on Monday. The business has a 50-day moving average of $157.35 and a two-hundred day moving average of $156.57. The firm has a market capitalization of $10.96 billion, a PE ratio of 12.57 and a beta of 1.17. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $179.72. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.02). The business had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.90 EPS. As a group, research analysts forecast that Penske Automotive Group, Inc. will post 13.53 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be issued a dividend of $1.19 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, November 15th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 36.48%.

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.