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

Victory Capital Management Inc. trimmed its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 72.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,763 shares of the company’s stock after selling 10,108 shares during the quarter. Victory Capital Management Inc.’s holdings in Penske Automotive Group were worth $561,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Fifth Third Bancorp raised its holdings in Penske Automotive Group by 32.2% in the second quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after acquiring an additional 91 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Penske Automotive Group during the 2nd quarter valued at about $69,000. WFA Asset Management Corp acquired a new position in shares of Penske Automotive Group in the first quarter worth about $84,000. Blue Trust Inc. boosted its holdings in shares of Penske Automotive Group by 17.5% during the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock worth $123,000 after purchasing an additional 113 shares during the period. Finally, TFO Wealth Partners LLC boosted its holdings in shares of Penske Automotive Group by 35,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,408 shares of the company’s stock worth $226,000 after purchasing an additional 1,404 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PAG shares. Bank of America lifted their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research note on Tuesday, September 10th. Finally, Stephens began coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price target on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $162.40.

Insider Activity

In other news, Director John Barr sold 716 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total transaction of $122,228.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 51.70% of the company’s stock.

Penske Automotive Group Stock Performance

NYSE:PAG opened at $158.49 on Monday. The stock’s 50-day simple moving average is $161.59 and its 200 day simple moving average is $155.54. The firm has a market capitalization of $10.60 billion, a PE ratio of 11.02 and a beta of 1.16. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.32. Penske Automotive Group, Inc. has a twelve month low of $137.95 and a twelve month high of $179.72.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $3.61 EPS for the quarter, topping analysts’ consensus estimates of $3.39 by $0.22. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $4.41 earnings per share. On average, analysts anticipate that Penske Automotive Group, Inc. will post 13.79 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Thursday, August 15th were issued a dividend of $1.07 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $4.28 annualized dividend and a dividend yield of 2.70%. Penske Automotive Group’s payout ratio is currently 29.76%.

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.