Group 1 Automotive hikes dividend by 2.8%

Group 1 Automotive's (GPI) board of directors also declared a cash dividend of $0.37 per share for the first quarter of 2022.  The dividend represents an increase of 2.8%, or $0.01 per share, from the fourth quarter of 2021, and will be payable on June 15, 2022, to stockholders of record as of June 1, 2022.

The COVID-19 pandemic ended 10 consecutive years of dividend increases by the car dealership company and followed a 3.4 percent increase in the first quarter of 2020. A $1.48 per share annual dividend yields 0.8% at a stock price of $179. The next ex-dividend date for GPI is May 31, 2022.

Group 1 Automotive, Inc. owns and operates automotive dealerships, franchises, and collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts. Group 1 Automotive became a public company in October 1997 and restarted a quarterly payment in 2010 following the suspension of its dividend in 2009 during the financial crisis. Group 1 suspended its dividend again during the COVID-19 pandemic in 2020.