Vestcor Inc Grows Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Vestcor Inc lifted its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 134.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,338 shares of the company’s stock after buying an additional 5,351 shares during the quarter. Vestcor Inc’s holdings in Penske Automotive Group were worth $1,423,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Moran Wealth Management LLC purchased a new stake in Penske Automotive Group in the 4th quarter worth approximately $14,157,000. Bank of New York Mellon Corp boosted its holdings in shares of Penske Automotive Group by 24.4% during the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock worth $40,179,000 after purchasing an additional 51,720 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Penske Automotive Group by 174.9% in the fourth quarter. Victory Capital Management Inc. now owns 40,998 shares of the company’s stock valued at $6,250,000 after purchasing an additional 26,085 shares during the period. Proficio Capital Partners LLC acquired a new position in Penske Automotive Group in the fourth quarter valued at $3,765,000. Finally, Raymond James Financial Inc. purchased a new position in Penske Automotive Group during the fourth quarter worth about $3,018,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 0.5 %

PAG opened at $148.24 on Friday. Penske Automotive Group, Inc. has a 1 year low of $142.32 and a 1 year high of $180.12. The firm has a 50 day moving average price of $163.24 and a 200 day moving average price of $160.38. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. The company has a market cap of $9.89 billion, a PE ratio of 10.78 and a beta of 1.24.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.37 by $0.17. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. The company had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.56 billion. Sell-side analysts expect that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were given a $1.22 dividend. The ex-dividend date was Monday, February 24th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.19. This represents a $4.88 annualized dividend and a yield of 3.29%. Penske Automotive Group’s dividend payout ratio (DPR) is 35.49%.

Insiders Place Their Bets

In other news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Claude H. Denker III sold 8,746 shares of the company’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the completion of the transaction, the executive vice president now owns 28,917 shares of the company’s stock, valued at $5,003,508.51. This trade represents a 23.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 51.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on PAG shares. Stephens restated an “equal weight” rating and issued a $165.00 price target on shares of Penske Automotive Group in a report on Tuesday, February 18th. JPMorgan Chase & Co. boosted their target price on shares of Penske Automotive Group from $160.00 to $165.00 and gave the company an “underweight” rating in a report on Wednesday, February 19th. StockNews.com raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Finally, Benchmark assumed coverage on shares of Penske Automotive Group in a research note on Thursday, December 12th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $172.50.

About Penske Automotive Group

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.