Penske Automotive Group, Inc. (NYSE:PAG) Position Trimmed by Federated Hermes Inc.

Federated Hermes Inc. cut its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 20.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,855 shares of the company’s stock after selling 488 shares during the period. Federated Hermes Inc.’s holdings in Penske Automotive Group were worth $276,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PAG. Fifth Third Bancorp lifted 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 worth $56,000 after acquiring an additional 91 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Penske Automotive Group in the second quarter worth $69,000. WFA Asset Management Corp acquired a new stake in Penske Automotive Group in the first quarter worth $84,000. Blue Trust Inc. lifted its stake in 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 buying an additional 113 shares during the last quarter. 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 valued at $226,000 after acquiring an additional 1,404 shares during the period. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Trading Up 0.9 %

Penske Automotive Group stock opened at $160.85 on Wednesday. Penske Automotive Group, Inc. has a 12-month low of $137.95 and a 12-month high of $179.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.22. The stock has a market capitalization of $10.76 billion, a PE ratio of 11.19 and a beta of 1.16. The firm has a 50 day simple moving average of $161.65 and a 200-day simple moving average of $155.65.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.39 by $0.22. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 3.1% on a year-over-year basis. During the same period last year, the firm earned $4.41 EPS. As a group, equities research analysts expect that Penske Automotive Group, Inc. will post 13.79 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Thursday, August 15th were given a dividend of $1.07 per share. This is a positive change 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 2.66%. Penske Automotive Group’s dividend payout ratio (DPR) is 29.76%.

Insider Transactions at Penske Automotive Group

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

Analyst Ratings Changes

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

Penske Automotive Group 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.