Group 1 Automotive Board Approves New $250M Share Repurchase Authorization; Declares Quarterly Dividend Up From $0.45 To $0.47 Per Share

Author: Benzinga Newsdesk | May 09, 2024 05:42pm

Group 1 Automotive, Inc. (NYSE:GPI) ("Group 1" or the "Company"), a Fortune 300 automotive retailer with 203 dealerships located in the U.S. and U.K., today announced its board of directors approved a new share repurchase authorization of $250 million, and also declared a quarterly dividend. 

• Share Repurchase Authorization Increase
  
  The Company announced that its board of directors increased the Company's common share repurchase authorization by $161 million to $250 million.  Year-to-date 2024, the Company repurchased 205,551 shares at an average price per common share of $264.74, for a total of $54 million.  Purchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions.  The Company expects that any repurchase of shares will be funded by cash from operations.  Repurchased shares will be held in treasury.
  
  
  
   
• Quarterly Dividend
  
  Group 1's board of directors also declared a $0.47 dividend per share that will be payable on June 17, 2024, to stockholders of record as of June 3, 2024.  The dividend is consistent with the Company's previously announced increase of 4% in its annualized dividend rate from $1.80 per share in 2023 to $1.88 per share in 2024. 

Posted In: GPI