Penske Automotive (PAG) will raise its quarterly dividend by 2.4 percent to $0.42 per share in the first quarter of 2020. This will mark the 9th consecutive year of dividend increases by the transportation services company.

The next dividend is payable on March 3, 2020, to shareholders of record on February 24, 2020. A new annual rate of $1.68 per share yields 3.2% at a stock price of $51.81.

In today's press release Penske Automotive Group President Robert H. Kurnick, Jr., said, "For the 35th consecutive quarter, our Board of Directors has approved an increase in the company dividend which exemplifies the confidence we have in our business and our commitment to returning capital 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.