Penske Automotive Group, Inc. (NYSE:PAG) a diversified international transportation services company, today announced that its Board of Directors has reinstated the dividend, declaring quarterly dividend of $ 0.42 per share, or $ 1.68 annualized.
The dividend will be payable on December 1, 2020, to stockholders of record on November 10, 2020, with an ex-dividend date of November 9, 2020.
Commenting on the dividend reinstatement, Chair Roger Penske said, I am pleased to announce the reinstatement of our dividend. The actions we took to mitigate the impact of Covid-19, coupled with the improvement in business conditions in the third quarter, were instrumental in our ability to preserve liquidity and repay $300 million in Senior Subordinated Notes in August, at their maturity. I am confident in the strength of our financial position and our ability to reinstate the dividend at this time.
Dividends History
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Penske Automotive Group, Inc. recently reported second quarter financial results on July 29, 2020, before market open, the Bloomfield Hills based company came out with income for the second quarter of $ 0.56 per share, from the revenue of $ 3,651.00 million. The quarterly earnings dropped 60.56 percent while revenues shrunk 36.57 percent compared with the same quarter last year.
Street analysts expected Penske Automotive Group, Inc. recently reported second quarter financial results on July 29, 2020, before market open, the Bloomfield Hills based company to report income of $ 0.54 per share on revenue of $ 4060.69 million for the second quarter. The bottom line results beat street analysts by $ 0.02 or 3.70 percent, at the same time, top line results fell short of analysts by $ 409.69 million or 10.09 percent.
Stock Performance
Shares of Penske Automotive Group, Inc. traded low $ -1.59 or -2.90 percent on Tuesday, reaching $ 53.24 with volume of 257.30 thousand shares. Penske Automotive Group, Inc. has traded high as $ 54.53 and has cracked $ 53.21 on the downward trend
According to the previous trading day, closing price of $ 53.24, representing a 174.29 % increase from the 52 week low of $ 19.99 and a 2.28 % decrease over the 52 week high of $ 56.11.
The company has a market capital of $ 4.28 billion and is part of the Consumer Cyclical sector and Auto & Truck Dealerships industry.
Penske Automotive Group, Inc. operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments.
