RBC Cuts Holdings in Penske Automotive Group Amid Shifts in Institutional Ownership

Royal Bank of Canada (RBC) recently disclosed that it has reduced its stake in Penske Automotive Group, Inc. (PAG), a leading international transportation services company.

The bank's holdings in PAG decreased by 34.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission.

RBC owned 27,383 shares of PAG's stock after selling 14,466 shares during the quarter, valuing its position at $4,094,000 as of its most recent filing.

This reduction in RBC's stake comes amidst other changes to institutional investors' positions in PAG. Empowered Funds LLC increased its holdings by 25.4% in the first quarter, while SummitTX Capital L.P. boosted its stake by 177.5%,