Penske Automotive hikes quarterly dividend by 9% to 72 cents a share

Penske Automotive Group Inc.
PAG,
+0.41%
said Wednesday its board has approved a 9% increase in its quarterly dividend to 72 cents a share. The new dividend will be payable Sept. 1 to shareholders of record as of Aug. 10. The stock has gained 58% in the year to date, while the S&P 500
SPX,
+0.36%
has gained 18.6%.