Penske Automotive Hikes Dividend

(RTTNews) - Penske Automotive Group, Inc. (PAG) said Wednesday that its Board of Directors has approved a cash dividend of $0.20 per share for the second quarter of 2014, payable on September 2 to shareholders of record on August 11.

This is an increase from the company's previous quarterly cash dividend of $0.19 per share.

Penske Automotive Group President Robert Kurnick, Jr., said, "We are pleased to offer our shareholders another increase in the quarterly dividend. The increase in the dividend reflects our commitment to increasing returns for shareholders and reinforces the continued confidence we have in the strength of the auto retail market and our ability to continue growing our overall business."