Raymond James Financial Inc. Buys Shares of 19,796 Penske Automotive Group, Inc. (NYSE:PAG)

Raymond James Financial Inc. purchased a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 19,796 shares of the company’s stock, valued at approximately $3,018,000.

A number of other large investors also recently modified their holdings of the business. Wealthspire Advisors LLC increased its position in Penske Automotive Group by 2.4% during the fourth quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company’s stock worth $417,000 after acquiring an additional 63 shares during the period. Blue Chip Partners LLC grew its position in Penske Automotive Group by 0.7% in the 4th quarter. Blue Chip Partners LLC now owns 10,606 shares of the company’s stock worth $1,617,000 after purchasing an additional 73 shares during the last quarter. GAMMA Investing LLC grew its position in Penske Automotive Group by 44.8% in the 4th quarter. GAMMA Investing LLC now owns 262 shares of the company’s stock worth $40,000 after purchasing an additional 81 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of Penske Automotive Group by 0.5% during the 3rd quarter. Quantinno Capital Management LP now owns 16,648 shares of the company’s stock worth $2,704,000 after purchasing an additional 82 shares during the period. Finally, Tidal Investments LLC raised its position in shares of Penske Automotive Group by 5.1% during the third quarter. Tidal Investments LLC now owns 1,830 shares of the company’s stock valued at $297,000 after buying an additional 88 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PAG shares. JPMorgan Chase & Co. decreased their target price on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a research report on Thursday. Stephens reissued an “equal weight” rating and set a $165.00 price objective on shares of Penske Automotive Group in a report on Tuesday, February 18th. StockNews.com upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Finally, Benchmark started coverage on shares of Penske Automotive Group in a research note on Thursday, December 12th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $166.25.

Penske Automotive Group Trading Down 2.4 %

PAG stock opened at $140.99 on Friday. Penske Automotive Group, Inc. has a 1-year low of $139.56 and a 1-year high of $180.12. 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 business’s 50 day moving average is $162.15 and its 200-day moving average is $159.34. The firm has a market cap of $9.41 billion, a P/E ratio of 10.25 and a beta of 1.24.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Thursday, February 13th. The company reported $3.54 EPS for the quarter, beating the consensus estimate of $3.37 by $0.17. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The business had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.56 billion. Equities analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were issued a $1.22 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.19. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.88 annualized dividend and a dividend yield of 3.46%. Penske Automotive Group’s dividend payout ratio is presently 35.49%.

Insider Buying and Selling

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $155.45, for a total value of $237,683.05. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Claude H. Denker III sold 8,746 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $173.03, for a total value of $1,513,320.38. Following the completion of the sale, the executive vice president now owns 28,917 shares of the company’s stock, valued at approximately $5,003,508.51. This trade represents a 23.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 51.70% of the stock is currently owned by corporate insiders.

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.