Penske Increases Dividend

By Staff Writer May 16, 2022

Penske Automotive Group’s Board of Directors has increased the company’s dividend by 6.4%, or $0.03 per share, to $0.50 per share.

“During the first quarter of 2022, Penske Automotive Group generated $381 million in cash flow from operations. Based on this strong cash flow, and the continued strength of the company’s diversified business model, we are delighted to provide our shareholders with another increase in the cash dividend,” said Penske Automotive Group President Robert Kurnick.

The dividend is payable June 1, 2022, to shareholders of record on May 23, 2022.

Additionally, the Board of Directors increased the company’s share repurchase authorization to $250 million. From January 1 through April 30, 2022, the company had repurchased 1.9 million shares for $184.1 million, leaving it with $46.3 million available as of April 30, 2022. 

Rate this item
(0 votes)
Last modified on Monday, 16 May 2022 10:22