The new dividend rate translates to an annual payout of $2.80 per share. Based on Wednesday morning's trading price of $408.41, this increase pushes the stock's annual yield to approximately 0.69 percent, rising from 0.56 percent. The company confirmed that the higher dividend is payable on August 21 to shareholders of record as of August 7.
In section Market Quotes
Lithia Motors Boosts Quarterly Payout by 23 Percent
Lithia Motors shareholders are set for a pay raise as the Medford-based auto retailer lifts its quarterly dividend by 23 percent. The adjustment moves the payout to 70 cents per share, up from the previous 57-cent distribution, marking a significant increase in the company's commitment to returning capital to investors.
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