Amalgamated Bank Sells 3,324 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Amalgamated Bank reduced its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 27.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,666 shares of the company’s stock after selling 3,324 shares during the quarter. Amalgamated Bank’s holdings in Penske Automotive Group were worth $1,408,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PAG. Fifth Third Bancorp increased its position in shares of Penske Automotive Group by 32.2% during the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after purchasing an additional 91 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Penske Automotive Group during the second quarter worth approximately $69,000. Blue Trust Inc. raised its position in shares of Penske Automotive Group by 17.5% in the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after buying an additional 113 shares in the last quarter. Brighton Jones LLC acquired a new stake in shares of Penske Automotive Group in the third quarter valued at approximately $209,000. Finally, Cetera Advisors LLC bought a new stake in shares of Penske Automotive Group in the first quarter valued at approximately $230,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PAG has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their target price on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Stephens began coverage on shares of 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. Bank of America upped their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th.

Penske Automotive Group Stock Up 0.0 %

PAG stock opened at $161.13 on Thursday. The stock has a market capitalization of $10.76 billion, a P/E ratio of 12.35 and a beta of 1.17. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The firm has a 50-day moving average price of $156.36 and a 200-day moving average price of $156.22. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $179.72.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). The company had revenue of $7.59 billion during the quarter, compared to analyst estimates of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.90 EPS. As a group, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.71 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be given a dividend of $1.19 per share. The ex-dividend date is Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a yield of 2.95%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is currently 32.80%.

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.