Penske Automotive hikes dividend by 6.4%

Penske Automotive (PAG) will hike its dividend by 6.4 percent to 50 cents per share in Q2 of 2022. A new annual dividend rate of $2.00 per share will yield 1.7% at a stock price of 115. The ex-dividend date for the next PAG dividend is May 20, 2022.

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, is an international transportation services company that 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 principally in Australia and New Zealand. Penske became a public company in 1996 and has paid an uninterrupted dividend since 2011. The dividend was halted in 2009 during the financial crisis and in 2020 because of COVID-19. In Q3 of 2020 the dividend was reinstated again.