M&T Bank Corp Boosts Stock Position in Penske Automotive Group, Inc. $PAG

M&T Bank Corp lifted its position in Penske Automotive Group, Inc. (NYSE:PAG) by 3,302.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 64,995 shares of the company’s stock after buying an additional 63,085 shares during the quarter. M&T Bank Corp’s holdings in Penske Automotive Group were worth $10,288,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rothschild Investment LLC raised its holdings in shares of Penske Automotive Group by 935.3% in the 3rd quarter. Rothschild Investment LLC now owns 176 shares of the company’s stock valued at $31,000 after buying an additional 159 shares during the period. Root Financial Partners LLC purchased a new stake in shares of Penske Automotive Group in the 3rd quarter valued at $33,000. Acadian Asset Management LLC purchased a new stake in shares of Penske Automotive Group in the 1st quarter valued at $42,000. Smartleaf Asset Management LLC raised its holdings in shares of Penske Automotive Group by 237.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 310 shares of the company’s stock valued at $54,000 after buying an additional 218 shares during the period. Finally, Clearstead Advisors LLC raised its holdings in shares of Penske Automotive Group by 36.1% in the 3rd quarter. Clearstead Advisors LLC now owns 441 shares of the company’s stock valued at $77,000 after buying an additional 117 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Price Performance

Shares of NYSE PAG opened at $160.76 on Friday. The stock’s 50-day moving average is $154.61 and its two-hundred day moving average is $160.48. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.99 and a quick ratio of 0.22. Penske Automotive Group, Inc. has a 1-year low of $140.12 and a 1-year high of $189.51. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 2.10 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.19 by ($0.28). Penske Automotive Group had a return on equity of 15.77% and a net margin of 2.91%.The company had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.62 billion. During the same quarter last year, the company earned $3.54 EPS. Penske Automotive Group’s revenue for the quarter was down 3.8% compared to the same quarter last year. Analysts forecast that Penske Automotive Group, Inc. will post 13.5 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Wednesday, February 25th were issued a dividend of $1.40 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.38. The ex-dividend date was Wednesday, February 25th. This represents a $5.60 annualized dividend and a yield of 3.5%. Penske Automotive Group’s dividend payout ratio (DPR) is currently 41.48%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PAG shares. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $170.00 to $165.00 and set a “neutral” rating on the stock in a report on Friday, April 17th. Citigroup cut their price objective on Penske Automotive Group from $200.00 to $193.00 and set a “buy” rating on the stock in a report on Wednesday, April 8th. Weiss Ratings downgraded Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 16th. Finally, Barclays cut their price target on Penske Automotive Group from $195.00 to $190.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $180.43.

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.