Penske Automotive Group, Inc. $PAG Shares Sold by HB Wealth Management LLC

HB Wealth Management LLC decreased its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 1.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 10,220 shares of the company’s stock after selling 154 shares during the quarter. HB Wealth Management LLC’s holdings in Penske Automotive Group were worth $1,756,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Sound Income Strategies LLC bought a new position in shares of Penske Automotive Group during the second quarter worth about $34,000. Maridea Wealth Management LLC bought a new position in shares of Penske Automotive Group during the second quarter worth about $513,000. Public Employees Retirement System of Ohio lifted its position in shares of Penske Automotive Group by 1.1% during the second quarter. Public Employees Retirement System of Ohio now owns 5,740 shares of the company’s stock worth $986,000 after purchasing an additional 60 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Penske Automotive Group by 862.7% during the second quarter. Farther Finance Advisors LLC now owns 1,059 shares of the company’s stock worth $182,000 after purchasing an additional 949 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Penske Automotive Group by 18.6% during the second quarter. UMB Bank n.a. now owns 402 shares of the company’s stock worth $69,000 after purchasing an additional 63 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

PAG has been the topic of several research analyst reports. Benchmark increased their price target on shares of Penske Automotive Group from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. JPMorgan Chase & Co. raised shares of Penske Automotive Group from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $155.00 to $175.00 in a report on Tuesday, August 5th. Citigroup raised their target price on shares of Penske Automotive Group from $200.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, September 25th. Bank of America raised their target price on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, June 16th. Finally, Morgan Stanley raised their target price on shares of Penske Automotive Group from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, August 14th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $184.33.

Penske Automotive Group Stock Performance

Shares of NYSE PAG opened at $175.01 on Friday. The firm’s 50-day moving average price is $178.92 and its two-hundred day moving average price is $167.84. The stock has a market capitalization of $11.56 billion, a P/E ratio of 12.18 and a beta of 0.88. The company has a quick ratio of 0.21, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. Penske Automotive Group, Inc. has a 52-week low of $134.05 and a 52-week high of $189.51.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, July 30th. The company reported $3.78 earnings per share for the quarter, beating analysts’ consensus estimates of $3.56 by $0.22. The company had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.98 billion. Penske Automotive Group had a return on equity of 17.43% and a net margin of 3.13%.The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.61 earnings per share. As a group, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.26. The ex-dividend date of this dividend was Friday, August 15th. Penske Automotive Group’s dividend payout ratio is presently 36.74%.

Insider Buying and Selling

In other news, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $180.74, for a total transaction of $289,906.96. Following the sale, the director owned 1,529 shares of the company’s stock, valued at approximately $276,351.46. The trade was a 51.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Michelle Hulgrave sold 1,100 shares of Penske Automotive Group stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $182.55, for a total value of $200,805.00. Following the sale, the chief financial officer directly owned 18,922 shares in the company, valued at approximately $3,454,211.10. This trade represents a 5.49% decrease in their position. The disclosure for this sale can be found here. Insiders own 51.70% of the company’s stock.

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.