McGrath RentCorp (NASDAQ:MGRC) Announces Quarterly Dividend of $0.49

McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Wednesday, April 16th will be paid a dividend of 0.485 per share by the financial services provider on Wednesday, April 30th. This represents a $1.94 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48.

McGrath RentCorp has increased its dividend by an average of 3.0% per year over the last three years and has raised its dividend every year for the last 32 years. McGrath RentCorp has a payout ratio of 29.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect McGrath RentCorp to earn $6.87 per share next year, which means the company should continue to be able to cover its $1.94 annual dividend with an expected future payout ratio of 28.2%.

McGrath RentCorp Stock Down 1.4 %

Shares of NASDAQ:MGRC opened at $127.18 on Friday. The firm’s 50 day moving average price is $117.76 and its 200 day moving average price is $112.93. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 1.35 and a beta of 0.77. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. The company had revenue of $243.75 million for the quarter, compared to analyst estimates of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. On average, equities analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current year.

Insider Transactions at McGrath RentCorp

In other news, VP Gilda Malek sold 919 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $121.78, for a total transaction of $111,915.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on MGRC. Oppenheimer increased their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. CJS Securities began coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target on the stock. Finally, StockNews.com lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Thursday.

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.