Penske Automotive Group Increases Dividend

Rhea-AI Summary

Penske Automotive Group (NYSE:PAG) announced a quarterly dividend increase to $0.43 per share, payable on March 1, 2021, for shareholders of record on February 10, 2021. This adjustment raises the annualized dividend to $1.72 per share, yielding 2.7%, the highest among its peers. President Robert K. Kurnick stated that the company's business and cash flow remain robust despite the challenges posed by the COVID-19 pandemic, crediting operational measures that mitigate its impact.

Positive

• Quarterly dividend raised to $0.43 per share.
• Annualized dividend now $1.72 per share.
• Yield of 2.7%, highest in peer group.
• Strong business and cash flow despite COVID-19.

Negative

• None.

BLOOMFIELD HILLS, Mich., Jan. 26, 2021 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today announced that its Board of Directors has increased the Company's dividend to $0.43 per share.  The dividend is payable on March 1, 2021, to shareholders of record on February 10, 2021.

Commenting on the dividend, President Robert K. Kurnick said, "I am pleased to announce an increase in the quarterly dividend.  With this increase, the annualized dividend is $1.72 per share and represents a yield of 2.7%, the highest in our peer group.  Our business and cash flow remain strong despite the Covid-19 pandemic, as the actions we took to mitigate its impact continue to provide operational benefits."  

About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World's Most Admired Companies by Fortune Magazine. For additional information, visit the company's website at www.penskeautomotive.com.

Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s liquidity and business results. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: the duration, severity and resolution of the COVID-19 pandemic, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic or the reported shortage of automotive semiconductor chips, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2019 and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

Inquiries should contact:

J.D. Carlson	Anthony R. Pordon
Executive Vice President and	Executive Vice President Investor Relations
Chief Financial Officer	and Corporate Development
Penske Automotive Group, Inc.	Penske Automotive Group, Inc.
248-648-2810	248-648-2540
jcarlson@penskeautomotive.com	tpordon@penskeautomotive.com

 

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SOURCE Penske Automotive Group, Inc.

FAQ

What is the new dividend amount for Penske Automotive Group (PAG)?

Penske Automotive Group (PAG) announced a new dividend amount of $0.43 per share.

When is the payment date for the new dividend of PAG?

The new dividend is payable on March 1, 2021.

What is the yield of the new dividend for PAG?

The yield of the new dividend is 2.7%, which is the highest in Penske's peer group.

Who is the President of Penske Automotive Group?

The President of Penske Automotive Group is Robert K. Kurnick.