McGrath RentCorp to Issue Quarterly Dividend of $0.48 (NASDAQ:MGRC)

McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Friday, December 13th,Wall Street Journal reports. Shareholders of record on Friday, January 17th will be paid a dividend of 0.475 per share by the financial services provider on Friday, January 31st. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Friday, January 17th.

McGrath RentCorp has increased its dividend payment by an average of 4.2% annually over the last three years and has increased its dividend every year for the last 32 years. McGrath RentCorp has a payout ratio of 31.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect McGrath RentCorp to earn $6.40 per share next year, which means the company should continue to be able to cover its $1.90 annual dividend with an expected future payout ratio of 29.7%.

McGrath RentCorp Stock Performance

Shares of McGrath RentCorp stock traded down $1.22 during trading hours on Friday, hitting $118.64. The company’s stock had a trading volume of 180,886 shares, compared to its average volume of 236,429. The firm has a fifty day moving average of $115.69 and a 200-day moving average of $109.45. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 1.68 and a beta of 0.75. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48. The business had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the business posted $1.65 earnings per share. On average, sell-side analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer upped their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, CJS Securities began coverage on shares of McGrath RentCorp in a research note on Wednesday. They set an “outperform” rating and a $152.00 target price for the company.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $121.78, for a total transaction of $111,915.82. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total transaction of $114,620.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at $859,650. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,935 shares of company stock worth $5,605,327. 1.60% of the stock is currently owned by insiders.

McGrath RentCorp Company Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.