McGrath RentCorp (MGRC) Plans $0.34 Quarterly Dividend

McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Thursday, December 6th, Wall Street Journal reports. Shareholders of record on Thursday, January 17th will be paid a dividend of 0.34 per share by the financial services provider on Thursday, January 31st. This represents a $1.36 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Wednesday, January 16th.

McGrath RentCorp has increased its dividend by an average of 8.8% per year over the last three years and has increased its dividend annually for the last 17 consecutive years. McGrath RentCorp has a payout ratio of 49.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect McGrath RentCorp to earn $3.26 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 41.7%.

Shares of MGRC stock opened at $51.28 on Friday. McGrath RentCorp has a 12 month low of $44.76 and a 12 month high of $68.79. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 1.59 and a beta of 0.68.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Tuesday, October 30th. The financial services provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. McGrath RentCorp had a net margin of 35.47% and a return on equity of 12.61%. The firm had revenue of $143.10 million for the quarter, compared to analyst estimates of $139.87 million. During the same quarter in the previous year, the business posted $0.69 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. Equities analysts expect that McGrath RentCorp will post 2.95 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on MGRC shares. Berenberg Bank started coverage on shares of McGrath RentCorp in a research note on Wednesday, September 19th. They issued a “buy” rating and a $70.00 target price on the stock. BidaskClub upgraded shares of McGrath RentCorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $61.00 target price on the stock in a research note on Friday, November 2nd.

In related news, VP Keith E. Pratt sold 1,841 shares of the stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $53.00, for a total transaction of $97,573.00. Following the sale, the vice president now owns 25,382 shares in the company, valued at $1,345,246. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP John Lieffrig sold 1,284 shares of the stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $54.43, for a total transaction of $69,888.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,325 shares of company stock worth $331,845. Company insiders own 2.00% of the company’s stock.

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McGrath RentCorp Company Profile

McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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Dividend History for McGrath RentCorp (NASDAQ:MGRC)

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