Penske Automotive raises dividend — again

DETROIT — Penske Automotive Group Inc. has raised its dividend by a penny — again — to 31 cents a share for the first quarter, the auto retailer said Wednesday.

“Based on the strength of the company’s financial performance in the first quarter of 2017, the Board of Directors is pleased to offer an increase in the quarterly dividend, representing the 24th consecutive quarterly increase,” Penske Automotive President Robert Kurnick said in a statement.

Each increase has been for a penny more.

Shares in Penske Automotive were trading down 0.25 percent to $ 44.61 at 11:47 a.m. ET.

Penske Automotive, of suburban Detroit, ranks No. 2 on Automotive News‘ list of the top 150 dealership groups based in the U.S., with retail new-vehicle sales of 249,695 units in 2016.

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