Group 1 Automotive's (GPI) will raise its dividend by 2.7% to 38 cents quarterly per share. This is the third dividend hike announced YTD by GPI.
Group 1's board of directors declared a cash dividend of $0.38 per share for the second quarter of 2022. The dividend represents an increase of 2.7%, or $0.01 per share, from the first quarter of 2022, and will be payable on September 15, 2022, to stockholders of record as of September 1, 2022.
Group 1 Automotive, Inc. owns and operates automotive dealerships, franchises, and collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts. Group 1 Automotive became a public company in October 1997 and restarted a quarterly payment in 2010 following the suspension of its dividend in 2009 during the financial crisis. Group 1 suspended its dividend again during the COVID-19 pandemic in 2020.