Penske hikes quarterly cash dividend 8.3% on strong vehicle sales
DETROIT -- Penske Automotive Group Inc. increased its quarterly cash dividend by 8.3 percent to 13 cents per share for the third quarter, the company said in a statement.
The dividend is payable on Dec. 3 to shareholders of record on Nov. 12, 2012.
“Increasing the dividend to 13 cents per share continues to demonstrate our commitment to returning capital to shareholders and the confidence we have in the auto retail environment,” Rob Kurnick, Penske’s president, said in the Thursday statement.
Penske reinstituted the dividend in May 2011 at 7 cents per share and has been steadily increasing it. This is the sixth dividend increase since that time.
Penske will release third-quarter earnings results on Oct. 30.
The auto retailer is ranked No. 2 in Automotive News’ top 125 U.S. dealership groups with 154,829 new retail units sold last year.
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