McGrath RentCorp (MGRC) Declares $0.26 Quarterly Dividend

McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Thursday, December 7th, Wall Street Journal reports. Stockholders of record on Wednesday, January 17th will be given a dividend of 0.26 per share by the financial services provider on Wednesday, January 31st. This represents a $1.04 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Tuesday, January 16th.

McGrath RentCorp has increased its dividend by an average of 2.0% annually over the last three years and has increased its dividend every year for the last 16 years. McGrath RentCorp has a dividend payout ratio of 51.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect McGrath RentCorp to earn $2.23 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 46.6%.

Shares of McGrath RentCorp (NASDAQ:MGRC) opened at $47.92 on Thursday. McGrath RentCorp has a fifty-two week low of $32.09 and a fifty-two week high of $49.66. The stock has a market capitalization of $1,160.00, a price-to-earnings ratio of 25.22, a PEG ratio of 2.19 and a beta of 1.02.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.12. McGrath RentCorp had a return on equity of 11.44% and a net margin of 10.32%. The business had revenue of $135.39 million for the quarter, compared to analysts’ expectations of $124.90 million. During the same quarter last year, the firm earned $0.54 earnings per share. The business’s revenue was up 11.0% on a year-over-year basis. research analysts forecast that McGrath RentCorp will post 2.04 earnings per share for the current fiscal year.

Several equities research analysts have recently issued reports on MGRC shares. Zacks Investment Research cut McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 4th. Oppenheimer restated a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, November 1st. ValuEngine cut McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, BidaskClub cut McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Thursday, December 14th.

In related news, CFO Keith E. Pratt sold 1,412 shares of McGrath RentCorp stock in a transaction on Monday, November 13th. The stock was sold at an average price of $46.01, for a total value of $64,966.12. Following the transaction, the chief financial officer now owns 28,118 shares in the company, valued at $1,293,709.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Keith E. Pratt sold 1,213 shares of McGrath RentCorp stock in a transaction on Monday, November 20th. The shares were sold at an average price of $46.52, for a total value of $56,428.76. Following the completion of the transaction, the vice president now owns 25,382 shares in the company, valued at approximately $1,180,770.64. The disclosure for this sale can be found here. Insiders sold 13,159 shares of company stock worth $628,935 in the last quarter. 4.60% of the stock is owned by insiders.

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About McGrath RentCorp

McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).

Dividend History for McGrath RentCorp (NASDAQ:MGRC)

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