Penske Automotive (PAG) will raise its quarterly dividend by 2.9 percent to $0.36 per share in the third quarter of 2018.

Last year the transportation services company hiked its dividend by a total of 13.8 percent. This year PAG has already hiked its dividend three times for a total of 9.1 percent.

The dividend is payable on September 5, 2018, to shareholders of record on August 10, 2018. The new annual dividend yields 2.8% at the current stock price of $48.93.

Penske Automotive Group President Robert H. Kurnick, Jr., said, "For the 29(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.