Comerica Bank Sells 275 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Comerica Bank lowered its position in Penske Automotive Group, Inc. (NYSE:PAG) by 4.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,767 shares of the company’s stock after selling 275 shares during the quarter. Comerica Bank’s holdings in Penske Automotive Group were worth $879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings 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 in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in Penske Automotive Group in the fourth quarter worth about $40,000. Headlands Technologies LLC bought a new position in shares of Penske Automotive Group during the fourth quarter valued at approximately $76,000. TD Waterhouse Canada Inc. increased its stake in shares of Penske Automotive Group by 42.4% during the fourth quarter. TD Waterhouse Canada Inc. now owns 531 shares of the company’s stock valued at $81,000 after purchasing an additional 158 shares in the last quarter. Finally, KBC Group NV lifted its holdings in shares of Penske Automotive Group by 33.5% during the fourth quarter. KBC Group NV now owns 749 shares of the company’s stock valued at $114,000 after purchasing an additional 188 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Performance

NYSE PAG opened at $166.23 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The stock has a market capitalization of $11.00 billion, a PE ratio of 12.09 and a beta of 0.90. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year high of $180.12. The business has a 50 day simple moving average of $152.50 and a two-hundred day simple moving average of $158.44.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of $3.27 by $0.12. The business had revenue of $7.60 billion during the quarter, compared to analysts’ expectations of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the company posted $3.21 EPS. On average, research analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were paid a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 2.94%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.19. The ex-dividend date was Monday, February 24th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 34.37%.

Insider Transactions at Penske Automotive Group

In related news, EVP Claude H. Denker III sold 8,746 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 28,917 shares of the company’s stock, valued at $5,003,508.51. This represents a 23.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John Barr sold 1,529 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $155.45, for a total transaction of $237,683.05. The disclosure for this sale can be found here. Company insiders own 51.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Stephens reissued an “equal weight” rating and issued a $140.00 target price on shares of Penske Automotive Group in a research note on Monday, May 5th. Citigroup began coverage on shares of Penske Automotive Group in a research report on Wednesday, April 23rd. They set a “buy” rating and a $185.00 price target for the company. 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 report on Thursday, March 27th. Finally, StockNews.com raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Penske Automotive Group presently has an average rating of “Moderate Buy” and a consensus price target of $165.00.

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.