Penske Automotive (PAG) will raise its quarterly dividend by 2.9 percent to $0.35 per share in the second quarter of 2018. Last year the transportation services company hiked its dividend by a total of 13.8 percent.

The dividend is payable on June 1, 2018, to shareholders of record on May 21, 2018. The new dividend yield for PAG is 3% and 2018 marks the 7th consecutive year of dividend increases.

Penske Automotive Group President Robert H. Kurnick, Jr., said, "I am pleased to announce that for the 28(th) consecutive quarter, our Board of Directors has increased the dividend for PAG's shareholders. This increase in the dividend demonstrates the confidence we have in our ability to continue growing the company's diversified transportation services business model."

Penske Automotive Group, Inc. is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, 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.