Penske Automotive (PAG) will hike its dividend by yet another 2.3 percent to 45 cents quarterly in Q3 of 2021. This follows a dividend hike to $0.43 per share in Q1 of 2021 and a similar 1 cent hike in Q2. The operator of automotive and commercial truck dealerships suspended its quarterly dividend in 2020 because of the COVID-19 pandemic.

The next dividend of 45 cents quarterly will be paid on September 1, 2021 to shareholders of record on August 10, 2021. A new annual dividend rate of $1.80 per share will yield 2.2% at a stock price of $81.45. The ex-dividend date for the next PAG dividend is August 9.

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.