Victory Capital Management Inc. Grows Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Victory Capital Management Inc. lifted its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 296.3% during the third quarter, according to its most recent disclosure with the SEC. The fund 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 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

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

Penske Automotive Group Trading Up 2.0 %

Shares of PAG stock opened at $164.08 on Monday. Penske Automotive Group, Inc. has a twelve month low of $142.32 and a twelve month high of $179.72. The stock has a market cap of $10.96 billion, a price-to-earnings ratio of 12.57 and a beta of 1.17. The company’s 50-day moving average price is $157.35 and its 200-day moving average price is $156.57. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.02). Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The business had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. During the same period last year, the business earned $3.90 EPS. Penske Automotive Group’s revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts predict 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 disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be issued a $1.19 dividend. This is a positive change 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 is currently 36.48%.

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.