Penske Automotive hikes dividend by 7.5%
On October 20, 2022, Penske Automotive (PAG) announced that it will hike its dividend by another 7.5% to 57 cents per share quarterly. This is the 4th dividend hike announced by PAG in 2022. The new dividend yield for PAG is 2.3% at a stock price of $97.45.
"Based on our continued strong cash flow and the strength of the Company's diversified business model, we are delighted to provide our shareholders with an increase in the cash dividend," said Penske Automotive Group President, Robert Kurnick, Jr. The dividend is payable December 1, 2022, to shareholders of record as of November 10, 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.
