Zacks Research Has Optimistic Outlook of PAG FY2024 Earnings

Penske Automotive Group, Inc. (NYSE:PAG) – Investment analysts at Zacks Research upped their FY2024 earnings per share estimates for Penske Automotive Group in a note issued to investors on Tuesday, November 12th. Zacks Research analyst L. Sahu now anticipates that the company will post earnings per share of $13.57 for the year, up from their prior forecast of $13.51. The consensus estimate for Penske Automotive Group’s current full-year earnings is $13.71 per share. Zacks Research also issued estimates for Penske Automotive Group’s Q4 2024 earnings at $3.36 EPS, Q1 2025 earnings at $3.06 EPS, Q2 2025 earnings at $3.45 EPS, Q3 2025 earnings at $3.59 EPS, Q4 2025 earnings at $3.59 EPS, FY2025 earnings at $13.69 EPS, Q1 2026 earnings at $3.32 EPS, Q2 2026 earnings at $3.57 EPS, Q3 2026 earnings at $3.64 EPS and FY2026 earnings at $14.09 EPS.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). The firm had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. Penske Automotive Group’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.90 earnings per share.

A number of other research analysts have also recently commented on PAG. Stephens began coverage on Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target on the stock. JPMorgan Chase & Co. increased their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 10th. Bank of America boosted their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th.

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $161.13 on Thursday. The company has a 50-day simple moving average of $156.36 and a 200 day simple moving average of $156.22. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of 12.35 and a beta of 1.17. Penske Automotive Group has a 52 week low of $142.32 and a 52 week high of $179.72. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its position in shares of Penske Automotive Group by 316.1% in the 1st quarter. SG Americas Securities LLC now owns 2,954 shares of the company’s stock worth $479,000 after acquiring an additional 2,244 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Penske Automotive Group by 15.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 30,466 shares of the company’s stock valued at $4,935,000 after purchasing an additional 4,057 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its position in shares of Penske Automotive Group by 30.9% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 8,754 shares of the company’s stock worth $1,418,000 after purchasing an additional 2,068 shares in the last quarter. Edgestream Partners L.P. grew its stake in shares of Penske Automotive Group by 133.9% in the 1st quarter. Edgestream Partners L.P. now owns 30,048 shares of the company’s stock worth $4,867,000 after buying an additional 17,204 shares during the last quarter. Finally, Bahl & Gaynor Inc. increased its position in Penske Automotive Group by 7.8% during the 1st quarter. Bahl & Gaynor Inc. now owns 67,779 shares of the company’s stock valued at $10,980,000 after buying an additional 4,912 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be given a $1.19 dividend. The ex-dividend date is Friday, November 15th. This represents a $4.76 annualized dividend and a yield of 2.95%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is presently 32.80%.

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.