Penske bumps up stock dividend 7.7 percent

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Automotive News
January 29, 2013 - 3:30 pm ET

DETROIT -- Publicly traded auto retailer Penske Automotive Group Inc. today announced that its board approved a cash dividend of 14 cents per share for the fourth quarter of 2012 -- a boost of 7.7 percent over the previous dividend.

The latest dividend is payable on March 1, 2013, to shareholders of record on February 11, 2013, the company said.

In a statement, Penske President Robert Kurnick said: "Increasing the dividend to 14 cents per share demonstrates the strength of our financial performance, our commitment to returning capital to shareholders and the confidence we have in the auto retail environment."

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