New- and user-car dealer Penske Auto Group (NYSE:PAG) announced today its second-quarter dividend of $0.16 per share, a 7% increase over the payout it made to investors last quarter of $0.15 per share.
The board of directors said the quarterly dividend is payable on Sept. 3 to the holders of record at the close of business on Aug. 12. The car dealer has made quarterly payouts to investors since 2003.
Penske Automotive Group President Robert H. Kurnick, Jr. said, "Based upon the strength in our financial performance, cash flow generation, and the strong automotive retail environment in our U.S. and U.K. markets, we remain confident in our ability to continue growing our business."
The regular dividend payment equates to a $0.64-per-share annual dividend, yielding 1.9% based on the closing price today of Penske Auto Group's stock.