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.
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).
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