New- and user-car dealer Penske Auto Group announced today its second-quarter dividend of $0.16 per share, a 7% increase over the payout it made to investors last quarter of $0.15 per share.

The board of directors said the quarterly dividend is payable on Sept. 3 to the holders of record at the close of business on Aug. 12. The car dealer has made quarterly payouts to investors since 2003.

Penske Automotive Group President Robert H. Kurnick, Jr. said, "Based upon the strength in our financial performance, cash flow generation, and the strong automotive retail environment in our U.S. and U.K. markets, we remain confident in our ability to continue growing our business."


The regular dividend payment equates to a $0.64-per-share annual dividend, yielding 1.9% based on the closing price today of Penske Auto Group's stock.

PAG Dividend Chart

PAG Dividend data by YCharts

The article Penske Dividend Zooms Ahead 7% originally appeared on Fool.com.

Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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