Penske Automotive Group, Inc. (PAG) To Go Ex-Dividend on November 15th

Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Wednesday, October 16th,Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07.

Penske Automotive Group has increased its dividend by an average of 49.0% per year over the last three years. Penske Automotive Group has a payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Penske Automotive Group stock opened at $161.09 on Wednesday. The stock 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 52-week low of $142.32 and a 52-week high of $179.72. The stock’s 50 day moving average price is $156.38 and its two-hundred day moving average price is $156.18. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91.

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). Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The firm had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. During the same period in the previous year, the company earned $3.90 earnings per share. Penske Automotive Group’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities analysts predict that Penske Automotive Group will post 13.71 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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