Penske Automotive Hikes Dividend By 7%

by Shivani Kumaresan, Benzinga Staff Writer

January 25, 2023 8:21 AM | 1 min read | Make a Comment

Penske Automotive Group Inc PAG Board of Directors has increased the quarterly dividend by $0.04 per share to $0.61 per share.
The move represents a 7% increase in the dividend. The dividend is payable on Mar. 1, 2023, to shareholders of record as of Feb. 10, 2023.
"Based on the strength of the company's diversified business model and our continued strong cash flow, we are pleased to provide our shareholders with an increase in the cash dividend," said PAG President Robert Kurnick, Jr.
Penske held $92.3 million in cash and equivalents as of Sept. 30, 2022.
Price Action: PAG shares closed lower by 0.80% at $116.79 on Tuesday.