Swiss National Bank trimmed its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) by 1.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 72,800 shares of the company’s stock after selling 1,300 shares during the period. Swiss National Bank’s holdings in Penske Automotive Group were worth $7,621,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of PAG. Atlas Capital Advisors LLC acquired a new stake in Penske Automotive Group in the 1st quarter valued at about $26,000. Quent Capital LLC lifted its stake in Penske Automotive Group by 59.6% in the 1st quarter. Quent Capital LLC now owns 1,708 shares of the company’s stock valued at $160,000 after purchasing an additional 638 shares during the last quarter. Belpointe Asset Management LLC acquired a new stake in Penske Automotive Group in the 2nd quarter valued at about $678,000. US Bancorp DE lifted its stake in Penske Automotive Group by 16.6% in the 2nd quarter. US Bancorp DE now owns 2,295 shares of the company’s stock valued at $240,000 after purchasing an additional 326 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in Penske Automotive Group by 2.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 11,615 shares of the company’s stock valued at $1,216,000 after purchasing an additional 261 shares during the last quarter. 33.07% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Bank of America cut their target price on shares of Penske Automotive Group from $185.00 to $182.00 and set a “buy” rating for the company in a research note on Friday, September 9th. StockNews.com downgraded shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Thursday, November 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $125.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, October 6th.
Penske Automotive Group Trading Up 1.3 %
Penske Automotive Group (NYSE:PAG – Get Rating) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $4.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.23. Penske Automotive Group had a net margin of 5.14% and a return on equity of 33.86%. The firm had revenue of $6.92 billion during the quarter, compared to the consensus estimate of $6.79 billion. During the same period last year, the business posted $4.46 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, analysts predict that Penske Automotive Group, Inc. will post 18.36 earnings per share for the current year.
Penske Automotive Group Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Thursday, November 10th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, November 9th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.53. This represents a $2.28 annualized dividend and a dividend yield of 1.81%. Penske Automotive Group’s dividend payout ratio (DPR) is currently 12.47%.
About Penske Automotive Group
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. 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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