Roger will continue to be able to fund his highly successful racing addiction.
Penske Automotive Group (NYSE:PAG) announced yesterday that its Board of Directors has increased the Company’s dividend to $0.43 per share. The new dividend is payable on March 1, 2021, to shareholders of record on February 10, 2021. The stock late today was trading at $62.0,+$1.24 or +2.06%. (See AutoInformed.com on Penske Automotive – May Business Improving, Penske Automotive Q1 2020 Results -46% at $0.64 per share, Penske Automotive Increases Dividend to $0.40 Per Share)
“I am pleased to announce an increase in the quarterly dividend. With this increase, the annualized dividend is $1.72 per share and represents a yield of 2.7%, the highest in our peer group. Our business and cash flow remain strong despite the Covid-19 pandemic, as the actions we took to mitigate its impact continue to provide operational benefits,” said President Robert K. Kurnick.
Penske Automotive Group, headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, 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. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World’s Most Admired Companies by Fortune Magazine.
Penske Automotive Group, Inc. (NYSE: PAG and Premier Truck Group (“PTG”), its wholly-owned commercial vehicle subsidiary, have completed the acquisition of Kansas City Freightliner (“KCFL”), a retailer of medium and heavy-duty commercial trucks. The KCFL acquisition is expected to generate $450 million in annualized revenue, building further scale within Premier Truck Group. The acquisition adds five full-service dealerships, four parts and service centers, and two collision centers located in Kansas and Missouri to the company’s existing operation.
PTG President Richard Shearing said, “We are thrilled to welcome Kansas City Freightliner to Premier Truck Group. With its contiguous operating area to existing Premier Truck Group markets, KCFL is a natural extension of our existing business as we can offer an expanded service area to both our customer base and KCFL’s existing customers.”
PTG now operates thirty North American commercial truck dealerships located in Georgia, Idaho, Kansas, Missouri, Oklahoma, Tennessee, Texas, Utah, and Ontario, Canada which is expected to generate approximately 20,000 annualized new and used unit sales and annualized revenue of approximately $2.5 billion.