Raymond James Financial Inc. Invests $3.02 Million in Penske Automotive Group, Inc. (NYSE:PAG)

Raymond James Financial Inc. purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 19,796 shares of the company's stock, valued at approximately $3,018,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Proficio Capital Partners LLC bought a new stake in Penske Automotive Group during the 4th quarter valued at $3,765,000. Victory Capital Management Inc. increased its stake in shares of Penske Automotive Group by 174.9% during the fourth quarter. Victory Capital Management Inc. now owns 40,998 shares of the company's stock valued at $6,250,000 after buying an additional 26,085 shares during the period. Bahl & Gaynor Inc. raised its holdings in shares of Penske Automotive Group by 13.0% in the fourth quarter. Bahl & Gaynor Inc. now owns 82,535 shares of the company's stock valued at $12,582,000 after acquiring an additional 9,512 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Penske Automotive Group by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 145,579 shares of the company's stock valued at $22,192,000 after acquiring an additional 1,829 shares in the last quarter. Finally, Pacific Global Investment Management Co. lifted its stake in Penske Automotive Group by 3.3% in the fourth quarter. Pacific Global Investment Management Co. now owns 11,818 shares of the company's stock worth $1,801,000 after acquiring an additional 375 shares during the period. Institutional investors own 77.08% of the company's stock.

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Wall Street Analyst Weigh In

PAG has been the topic of a number of research reports. Benchmark began coverage on shares of Penske Automotive Group in a research report on Thursday, December 12th. They set a "buy" rating on the stock. JPMorgan Chase & Co. cut their price objective on shares of Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Stephens restated an "equal weight" rating and set a $165.00 target price on shares of Penske Automotive Group in a report on Tuesday, February 18th. Finally, StockNews.com upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, February 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $166.25.

Insider Transactions at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of Penske Automotive Group 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Claude H. Denker III sold 8,746 shares of the business's 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 owns 28,917 shares in the company, valued at approximately $5,003,508.51. The trade was a 23.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 51.70% of the company's stock.

Penske Automotive Group Stock Up 1.3 %

Shares of NYSE PAG traded up $1.84 during trading hours on Tuesday, hitting $145.82. 146,973 shares of the stock were exchanged, compared to its average volume of 187,572. The company has a market cap of $9.73 billion, a PE ratio of 10.62 and a beta of 1.24. Penske Automotive Group, Inc. has a 12 month low of $139.56 and a 12 month high of $180.12. 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 firm has a fifty day moving average price of $161.83 and a 200-day moving average price of $159.44.

Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $7.56 billion. On average, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were issued a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Monday, February 24th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.19. Penske Automotive Group's dividend payout ratio (DPR) is currently 35.49%.

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.