Penske Automotive Group Inc. PAG said Wednesday its board has agreed to raise its quarterly dividend by 7%, or 4 cents a share, to 61 cents. The car and truck retailer said the new dividend will be payable March 1 to shareholders of record as of Feb. 10. The stock has gained 14.5% in the last 12 months, while the S&P 500 SPX has fallen 8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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