Amalgamated Bank Lowers Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Amalgamated Bank lowered its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 27.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,666 shares of the company's stock after selling 3,324 shares during the period. Amalgamated Bank's holdings in Penske Automotive Group were worth $1,408,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Janney Montgomery Scott LLC lifted its holdings in shares of Penske Automotive Group by 1.1% during the third quarter. Janney Montgomery Scott LLC now owns 46,568 shares of the company's stock worth $7,564,000 after purchasing an additional 496 shares during the period. Chicago Partners Investment Group LLC grew its position in shares of Penske Automotive Group by 3.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 7,512 shares of the company's stock valued at $1,140,000 after buying an additional 221 shares during the last quarter. Pallas Capital Advisors LLC increased its stake in shares of Penske Automotive Group by 103.3% in the third quarter. Pallas Capital Advisors LLC now owns 3,438 shares of the company's stock valued at $529,000 after buying an additional 1,747 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Penske Automotive Group by 188.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,981 shares of the company's stock worth $1,134,000 after acquiring an additional 4,559 shares during the period. Finally, Brighton Jones LLC acquired a new position in shares of Penske Automotive Group in the 3rd quarter worth approximately $209,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Penske Automotive Group Stock Performance

Penske Automotive Group stock traded up $1.90 during mid-day trading on Thursday, reaching $163.07. 114,333 shares of the company's stock were exchanged, compared to its average volume of 184,825. The firm has a market capitalization of $10.89 billion, a PE ratio of 12.47 and a beta of 1.17. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The business's fifty day simple moving average is $156.36 and its 200 day simple moving average is $156.22. Penske Automotive Group, Inc. has a one year low of $142.32 and a one year high of $179.72.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.02). The company had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. Penske Automotive Group's quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.90 EPS. On average, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.71 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 2.92%. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.07. The ex-dividend date of this dividend is Friday, November 15th. Penske Automotive Group's dividend payout ratio is 32.80%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Bank of America lifted their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, July 22nd. Stephens assumed coverage on Penske Automotive Group in a research note on Thursday, September 12th. They issued an "equal weight" rating and a $161.00 price objective 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. Finally, Morgan Stanley raised shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and lifted their price objective for the stock from $115.00 to $180.00 in a report on Wednesday, September 25th.

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.