Fifth Third Bancorp Acquires 4,438 Shares of Penske Automotive Group, Inc. $PAG

Fifth Third Bancorp increased its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 950.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,905 shares of the company’s stock after acquiring an additional 4,438 shares during the period. Fifth Third Bancorp’s holdings in Penske Automotive Group were worth $733,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. QRG Capital Management Inc. raised its position in Penske Automotive Group by 18.6% during the first quarter. QRG Capital Management Inc. now owns 1,910 shares of the company’s stock valued at $286,000 after purchasing an additional 300 shares during the period. Keybank National Association OH lifted its stake in shares of Penske Automotive Group by 57.9% in the 1st quarter. Keybank National Association OH now owns 2,573 shares of the company’s stock valued at $385,000 after purchasing an additional 944 shares during the last quarter. MQS Management LLC boosted its holdings in shares of Penske Automotive Group by 36.3% in the 1st quarter. MQS Management LLC now owns 3,169 shares of the company’s stock worth $474,000 after purchasing an additional 844 shares during the period. Apollon Wealth Management LLC purchased a new position in shares of Penske Automotive Group in the 1st quarter worth approximately $364,000. Finally, Diamant Asset Management Inc. increased its position in shares of Penske Automotive Group by 14,852.0% during the 1st quarter. Diamant Asset Management Inc. now owns 884,411 shares of the company’s stock valued at $132,237,000 after purchasing an additional 878,496 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Penske Automotive Group Trading Down 0.7%

Shares of NYSE PAG opened at $215.85 on Tuesday. Penske Automotive Group, Inc. has a fifty-two week low of $140.12 and a fifty-two week high of $219.59. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.22 and a current ratio of 0.96. The company has a market cap of $14.19 billion, a price-to-earnings ratio of 16.11, a PEG ratio of 2.81 and a beta of 0.87. The business’s 50 day moving average price is $181.87 and its 200-day moving average price is $167.31.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $3.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.91 by $0.14. The company had revenue of $7.86 billion during the quarter, compared to analysts’ expectations of $7.71 billion. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.Penske Automotive Group’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.66 EPS. On average, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.43 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a dividend of $1.44 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.42. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, August 14th. Penske Automotive Group’s payout ratio is presently 42.39%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Morgan Stanley restated an “overweight” rating and set a $190.00 price target on shares of Penske Automotive Group in a report on Thursday, May 7th. Weiss Ratings raised shares of Penske Automotive Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 10th. Bank of America raised their target price on shares of Penske Automotive Group from $200.00 to $238.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Citigroup cut shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $199.00 to $210.00 in a research note on Thursday, July 23rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Penske Automotive Group from $165.00 to $170.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $196.00.

Insiders Place Their Bets

In related news, Director Greg C. Smith sold 1,488 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michelle Hulgrave sold 1,500 shares of Penske Automotive Group stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total transaction of $257,700.00. Following the sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at $3,022,992.80. The trade was a 7.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 52.90% of the stock is currently owned by insiders.

About Penske Automotive Group

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.