Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Wednesday, January 31st, Wall Street Journal reports. Shareholders of record on Monday, February 12th will be paid a dividend of 0.34 per share on Thursday, March 1st. This represents a $1.36 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Friday, February 9th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.33.

Penske Automotive Group has increased its dividend payment by an average of 17.3% per year over the last three years and has raised its dividend every year for the last 7 years. Penske Automotive Group has a payout ratio of 30.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Penske Automotive Group to earn $4.71 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 28.0%.

Penske Automotive Group (NYSE:PAG) opened at $48.74 on Thursday. Penske Automotive Group has a 52-week low of $38.33 and a 52-week high of $54.83. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.23 and a current ratio of 1.04. The company has a market cap of $4,193.20, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 1.42 and a beta of 1.46.

Penske Automotive Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 25th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

PAG has been the topic of a number of recent research reports. Gabelli increased their price target on shares of Penske Automotive Group from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. Zacks Investment Research upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Tuesday, January 9th. Finally, ValuEngine upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $55.00.

In other news, CFO John D. Jr. Carlson sold 7,000 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $46.20, for a total transaction of $323,400.00. Following the completion of the sale, the chief financial officer now owns 24,844 shares of the company’s stock, valued at $1,147,792.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 40.70% of the company’s stock.

An institutional investor recently raised its position in Penske Automotive Group stock. The Manufacturers Life Insurance Company grew its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 7.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,499 shares of the company’s stock after purchasing an additional 175 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Penske Automotive Group were worth $110,000 at the end of the most recent quarter. Institutional investors and hedge funds own 41.52% of the company’s stock.

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Penske Automotive Group Company Profile

Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.

Dividend History for Penske Automotive Group (NYSE:PAG)

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