Penske Automotive Group, Inc. (NYSE:PAG – Get Free Report) 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.
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.
Get Our Latest Research Report on PAG
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.
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