Global transportation-services company Penske Automotive Group (PAG) Inc.'s board of directors approved an increase in cash dividend payouts for the first quarter, the company said on its website.
The new dividend will be $0.31 per share, payable on June 1 to shareholders on record as of May 22. The press release did not state the original dividend amount.
"Based on the strength of the company's financial performance in the first quarter of 2017, the board of directors is pleased to offer an increase in the quarterly dividend, representing the 24th consecutive quarterly increase for PAG's shareholders," PAG President Robert Kurnick Jr. said in the posting.
Penske Automotive Group is based in Bloomfield Hills, Michigan, and operates car and commercial truck dealerships globally but primarily within the United States, Canada and Western Europe. Penske also distributes commercial vehicles, engines and related parts in Australia and New Zealand. The company has more than 25,000 workers around the world and is a Fortune 500 company.