Penske Automotive Group, Inc. (NYSE:PAG) declared a quarterly dividend on Thursday, October 18th, Wall Street Journal reports. Stockholders of record on Monday, November 12th will be paid a dividend of 0.37 per share on Tuesday, December 4th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Thursday, November 8th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.36.
Penske Automotive Group has increased its dividend payment by an average of 17.3% annually over the last three years and has increased its dividend every year for the last 7 years. Penske Automotive Group has a dividend payout ratio of 27.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Penske Automotive Group to earn $5.51 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 26.9%.
Shares of Penske Automotive Group stock opened at $45.17 on Friday. The firm has a market capitalization of $3.77 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48. Penske Automotive Group has a 12 month low of $41.74 and a 12 month high of $54.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.22 and a current ratio of 1.01.
Several equities analysts have issued reports on the stock. ValuEngine cut shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research cut shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. Guggenheim cut shares of Penske Automotive Group from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research note on Friday, September 21st. SunTrust Banks assumed coverage on shares of Penske Automotive Group in a research note on Friday, August 24th. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, Morgan Stanley boosted their price objective on shares of Penske Automotive Group from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, August 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $57.60.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe; and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services primarily in Australia and New Zealand.
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