Penske Automotive Group, Inc. (NYSE:PAG) to Issue Quarterly Dividend of $1.19

Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Wednesday, October 16th,Wall Street Journal reports. Stockholders of record on Friday, November 15th will be given a dividend of 1.19 per share on Tuesday, December 3rd. This represents a $4.76 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Friday, November 15th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07.

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 dividend payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Penske Automotive Group to earn $13.96 per share next year, which means the company should continue to be able to cover its $4.76 annual dividend with an expected future payout ratio of 34.1%.

Penske Automotive Group Stock Up 0.1 %

PAG stock opened at $161.09 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of 12.34 and a beta of 1.17. Penske Automotive Group has a fifty-two week low of $142.32 and a fifty-two week high of $179.72. The stock has a fifty day moving average of $156.38 and a 200-day moving average of $156.18.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Tuesday, October 29th. The company reported $3.39 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 company had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. During the same quarter in the prior year, the business earned $3.90 EPS. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, equities research analysts predict that Penske Automotive Group will post 13.71 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PAG shares. Bank of America lifted their price target on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Stephens assumed coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price on the stock. JPMorgan Chase & Co. upped their price objective 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. Finally, Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $115.00 to $180.00 in a report on Wednesday, September 25th.

About Penske Automotive Group

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.