Penske Automotive Reinstates Dividend
Penske Automotive Group (NYSE:PAG) announced the reinstatement of its dividend, declaring a $0.42 cash dividend per share, payable on December 1, 2020, to shareholders of record on November 10, 2020.
Sentiment and the balance of points
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Rhea-AI Summary
Penske Automotive Group (NYSE:PAG) announced the reinstatement of its dividend, declaring a $0.42 cash dividend per share, payable on December 1, 2020, to shareholders of record on November 10, 2020. Chair Roger Penske highlighted improvements in business conditions and actions taken to mitigate the impact of Covid-19, which contributed to a strong financial position. Notably, the company repaid $300 million in Senior Subordinated Notes in August 2020, ensuring liquidity and stability.
Positive
- Reinstatement of a $0.42 per share dividend, signaling financial recovery.
- Successful repayment of $300 million in Senior Subordinated Notes, enhancing liquidity.
- Improvement in business conditions attributed to recovery efforts amidst Covid-19.
Negative
- None.
Details
News Market Reaction – PAG
The recorded move for PAG in the trading session of this news was -1.16%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
BLOOMFIELD HILLS, Mich., Oct. 14, 2020 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today announced that its Board of Directors has reinstated the Company's dividend, declaring a cash dividend of
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
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) 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. For additional information, visit the company's website at www.penskeautomotive.com.
Inquiries should contact:
J.D. Carlson | Anthony R. Pordon |
Executive Vice President and | Executive Vice President Investor Relations |
Chief Financial Officer | and Corporate Development |
Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
248-648-2810 | 248-648-2540 |
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SOURCE Penske Automotive Group, Inc.
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