Penske (PAG) Reinstates Quarterly Dividend

Penske Automotive Group, Inc. (NYSE:PAG) announced after the close of the markets Tuesday that they've reinstatedof its dividend.

The auto seller of new and used motor vehicles declared a quarterly dividend of $0.07 per share.

With expectations the company will generate EPS of $1.77 for 2012, that would give them a 15.8 percent forward payout ratio. The new yield is 1.27 percent.

The last dividend payout from the company in the latter part of 2008 was $0.09 per share.

Penske closed Tuesday at $22.02, gaining $0.25, or 1.15 percent.