Victory Capital Management Inc. Has $241.96 Million Stock Position in Penske Automotive Group, Inc. $PAG

Victory Capital Management Inc. grew its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 48.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,391,281 shares of the company’s stock after acquiring an additional 456,611 shares during the period. Victory Capital Management Inc.’s holdings in Penske Automotive Group were worth $241,958,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PAG. PNC Financial Services Group Inc. increased its holdings in Penske Automotive Group by 2.1% in the third quarter. PNC Financial Services Group Inc. now owns 3,226 shares of the company’s stock valued at $561,000 after purchasing an additional 65 shares during the period. California State Teachers Retirement System lifted its holdings in Penske Automotive Group by 0.4% during the 2nd quarter. California State Teachers Retirement System now owns 18,434 shares of the company’s stock worth $3,167,000 after buying an additional 65 shares during the period. Jones Financial Companies Lllp grew its position in shares of Penske Automotive Group by 11.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 674 shares of the company’s stock valued at $116,000 after buying an additional 67 shares during the last quarter. Truist Financial Corp increased its stake in shares of Penske Automotive Group by 2.8% in the third quarter. Truist Financial Corp now owns 2,576 shares of the company’s stock valued at $448,000 after buying an additional 70 shares during the period. Finally, Inscription Capital LLC raised its position in shares of Penske Automotive Group by 5.0% during the third quarter. Inscription Capital LLC now owns 1,721 shares of the company’s stock worth $299,000 after acquiring an additional 82 shares during the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on PAG. JPMorgan Chase & Co. reduced their target price on Penske Automotive Group from $180.00 to $175.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Bank of America began coverage on shares of Penske Automotive Group in a research report on Tuesday, December 9th. They issued a “buy” rating and a $195.00 price target on the stock. Barclays upped their price objective on shares of Penske Automotive Group from $190.00 to $195.00 and gave the company an “overweight” rating in a research note on Tuesday, February 17th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Penske Automotive Group in a research note on Monday, December 8th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.43.

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $156.82 on Wednesday. The firm has a 50 day moving average of $163.21 and a 200-day moving average of $167.79. The company has a market cap of $10.31 billion, a price-to-earnings ratio of 11.62, a price-to-earnings-growth ratio of 1.63 and a beta of 0.90. The company has a quick ratio of 0.22, a current ratio of 0.99 and a debt-to-equity ratio of 0.32. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $189.51.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, February 11th. The company reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.19 by ($0.28). The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.62 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 15.77%. The firm’s revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.54 EPS. On average, equities analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Wednesday, February 25th will be issued a dividend of $1.40 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.38. This represents a $5.60 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, February 25th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 41.48%.

Penske Automotive Group Company Profile

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.