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Penske Automotive raises dividend by a penny

The Associated Press

Penske Automotive Group, Inc. said Thursday that it will raise its quarterly dividend by a penny to 15 cents per share.

The company, based in Bloomfield Hills, Mich., plans to pay the dividend on June 3 to shareholders holding the stock as of May 20.

Penske's last dividend of 14 cents was paid to shareholders on March 1.

Last month, Penske reported a rise in quarterly net income and revenue. Sales at car dealerships open for at least a year increased 7 percent.

Penske shares fell 38 cents to close at $31.85.