Penske Automotive Group, Inc. (NYSE:PAG) Declares Quarterly Dividend of $1.07

Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Shareholders of record on Thursday, August 15th will be paid a dividend of 1.07 per share on Wednesday, September 4th. This represents a $4.28 annualized dividend and a yield of 2.70%. The ex-dividend date is Thursday, August 15th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.96.

Penske Automotive Group has increased its dividend payment by an average of 49.0% per year over the last three years. Penske Automotive Group has a payout ratio of 27.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Penske Automotive Group to earn $13.72 per share next year, which means the company should continue to be able to cover its $3.84 annual dividend with an expected future payout ratio of 28.0%.

Penske Automotive Group Stock Up 2.2 %

Shares of Penske Automotive Group stock traded up $3.37 during trading on Thursday, hitting $158.57. The company’s stock had a trading volume of 139,262 shares, compared to its average volume of 192,513. Penske Automotive Group has a 52 week low of $137.95 and a 52 week high of $177.34. The company has a market capitalization of $10.61 billion, a PE ratio of 11.03 and a beta of 1.18. The company has a fifty day simple moving average of $150.94 and a two-hundred day simple moving average of $152.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.23 and a current ratio of 0.98.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Tuesday, April 30th. The company reported $3.21 earnings per share for the quarter, missing analysts’ consensus estimates of $3.35 by ($0.14). Penske Automotive Group had a net margin of 3.27% and a return on equity of 21.72%. The business had revenue of $7.45 billion for the quarter, compared to the consensus estimate of $7.52 billion. During the same period in the prior year, the business posted $4.31 EPS. Penske Automotive Group’s revenue for the quarter was up 1.5% on a year-over-year basis. Equities research analysts predict that Penske Automotive Group will post 13.37 earnings per share for the current year.

Analyst Ratings Changes

Separately, Bank of America boosted their target price on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $157.75.

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.