Penske Automotive Group Announces Dividend Increase and Stock Buyback Authority
Buybacks
May 12, 2023
May 11, 2023
Penske Automotive Group, Inc. (PAG), one of the world's premier automotive and commercial truck retailers, has announced that its Board of Directors has authorized an increase in the company's quarterly dividend and an additional $250 million in authority to repurchase the company's outstanding securities.
The Board of Directors has authorized an increase in the company's quarterly dividend by $0.05 per share, or 8%, to $0.66 per share. This increase in the dividend payout is based on the strength of the company's performance and continued strong cash flow.
The dividend is payable on June 1, 2023, to shareholders of record as of May 22, 2023. Shareholders who own shares on or before the record date will be eligible to receive the dividend payment.
In addition to the dividend increase, the Board of Directors has delegated an additional $250 million in authority to repurchase the company's outstanding securities. The authority is in addition to the previously announced repurchase authority of $135.8 million, which remained outstanding as of May 10, 2023. The new authority has no expiration.
Under the securities repurchase program, the company may purchase its outstanding common stock or debt on the open market, in privately negotiated transactions, via a tender offer, through a pre-arranged trading plan, pursuant to the terms of an accelerated share repurchase program, or by other means. The decision to make repurchases will be based on several factors, such as general economic and industry conditions, the market price of the relevant security versus the company's view of its intrinsic value, and the potential impact of such repurchases on the company's capital structure.
Members of LevelFields received the alert of this event on May 11, 4:25 PM ET
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