McGrath RentCorp (NASDAQ:MGRC) Announces Dividend Increase – $0.49 Per Share

McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders 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 1.50%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48.

McGrath RentCorp has raised its dividend by an average of 3.0% annually over the last three years and has raised its dividend annually for the last 32 consecutive years. McGrath RentCorp has a payout ratio of 28.4% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

MGRC stock traded up $5.11 on Thursday, reaching $128.96. 330,843 shares of the company were exchanged, compared to its average volume of 140,267. The firm has a market capitalization of $3.17 billion, a PE ratio of 14.09, a PEG ratio of 1.23 and a beta of 0.77. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.56. The stock’s fifty day moving average price is $117.58 and its 200 day moving average price is $112.81.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. As a group, research analysts expect that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MGRC shares. StockNews.com raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Oppenheimer lifted their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Finally, CJS Securities began coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price target for the company.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of the stock in a transaction dated 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 is accessible through this link. Insiders own 1.60% of the company’s stock.

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.