Penske Automotive (PAG) will raise its quarterly dividend by another 2.6 percent to $0.40 per share in the third quarter of 2019. This brings the total dividend increase this year to 8.1 percent.

The next dividend is payable on September 4, 2019, to shareholders of record on August 9, 2019. A new annual rate of $1.60 per share yields 3.6% at a stock price of $44.

Penske Automotive Group President Robert H. Kurnick, Jr., said, "We are pleased to offer our shareholders an increase in the quarterly dividend for the 33rd consecutive quarter.  Our sector leading dividend represents a yield of 3.6% and reinforces our commitment to PAG shareholders."

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, 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. Penske became a public company in 1996 and has paid an uninterrupted dividend since 2011. The dividend was halted in 2009 during the financial crisis.