Penske Automotive (PAG) will hike its dividend to $0.43 in Q1 of 2021. The operator of automotive and commercial truck dealerships suspended its quarterly dividend in 2020 because of the COVID-19 pandemic. The company previously raised its quarterly dividend by 2.4 percent to $0.42 per share in the first quarter of 2020. This marked the 9th consecutive year of dividend increases by the transportation services company. Penske had hiked its dividend in each of the last 35 quarters prior to the dividend cut in 2020.

The next dividend of 43 cents quarterly will be paid on March 1, 2021 to shareholders of record on Feb. 10, 2021. A new annual dividend rate of $1.72 per share will yield 2.8% at a stock price of $62 for PAG.

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 and in 2020 because of COVID-19. In Q3 of 2020 the dividend was reinstated again.