Penske Automotive Group, Inc. (NYSE:PAG) Shares Acquired by Whittier Trust Co. of Nevada Inc.

Whittier Trust Co. of Nevada Inc. raised its position in Penske Automotive Group, Inc. (NYSE:PAG) by 508.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,600 shares of the company’s stock after purchasing an additional 1,337 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Penske Automotive Group were worth $230,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in Penske Automotive Group during the fourth quarter worth about $3,018,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Penske Automotive Group by 7.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,995 shares of the company’s stock valued at $761,000 after purchasing an additional 330 shares during the last quarter. HighTower Advisors LLC boosted its position in Penske Automotive Group by 43.5% during the fourth quarter. HighTower Advisors LLC now owns 6,198 shares of the company’s stock worth $945,000 after acquiring an additional 1,880 shares during the last quarter. Swiss National Bank boosted its position in Penske Automotive Group by 0.5% during the fourth quarter. Swiss National Bank now owns 39,400 shares of the company’s stock worth $6,006,000 after acquiring an additional 200 shares during the last quarter. Finally, Axxcess Wealth Management LLC purchased a new position in Penske Automotive Group during the fourth quarter worth approximately $1,828,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PAG. JPMorgan Chase & Co. dropped their price target on shares of Penske Automotive Group from $160.00 to $155.00 and set an “underweight” rating on the stock in a research note on Thursday. Bank of America increased their target price on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Wall Street Zen upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Wednesday, April 23rd. Citigroup upped their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, May 19th. Finally, Stephens reissued an “equal weight” rating and issued a $140.00 price target on shares of Penske Automotive Group in a report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus price target of $175.00.

Penske Automotive Group Price Performance

Shares of NYSE:PAG opened at $164.48 on Friday. The firm has a 50 day simple moving average of $170.22 and a 200 day simple moving average of $161.80. The company has a market cap of $10.88 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 1.70 and a beta of 0.91. Penske Automotive Group, Inc. has a one year low of $134.05 and a one year high of $186.33. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.90 and a quick ratio of 0.23.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.12. Penske Automotive Group had a net margin of 3.10% and a return on equity of 17.80%. The business had revenue of $7.60 billion during the quarter, compared to the consensus estimate of $7.68 billion. During the same quarter last year, the firm earned $3.21 earnings per share. Penske Automotive Group’s quarterly revenue was up 2.1% on a year-over-year basis. Research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were given a dividend of $1.26 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.22. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend was Tuesday, May 27th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 35.49%.

Penske Automotive Group announced that its board has authorized a share buyback program on Wednesday, May 14th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Penske Automotive Group

In other news, EVP Shane M. Spradlin sold 3,158 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the sale, the executive vice president owned 36,152 shares of the company’s stock, valued at $6,040,999.20. The trade was a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Greg C. Smith sold 1,529 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total transaction of $247,147.56. The disclosure for this sale can be found here. Insiders have sold 82,044 shares of company stock valued at $13,257,948 over the last ninety days. Corporate insiders own 51.70% of the company’s stock.

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.