Transportation services company Penske Automotive Group Inc. PAG said late Thursday its board of directors has authorized an 8% increase in the company’s quarterly dividend to 66 cents a share and an additional $250 million in a share buyback. The dividend is payable June 1 to shareholders of record as of May 22, the company said. The buyback authorization is in addition to a previously announced repurchase authority, of which $135.8 million remained outstanding as of this week. Shares of Penske edged higher in the extended session Thursday after ending the regular trading day down 1.3%.
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