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

McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Friday, December 13th,Wall Street Journal reports. Investors 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 annualized dividend 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% per year over the last three years and has increased its dividend every year for the last 32 years. McGrath RentCorp has a dividend payout ratio of 31.6% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 1.0 %

Shares of McGrath RentCorp stock traded down $1.22 during trading hours on Friday, reaching $118.64. 180,886 shares of the company’s stock were exchanged, compared to its average volume of 236,429. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company has a fifty day moving average of $115.69 and a 200-day moving average of $109.45. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Oppenheimer raised their target price on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, CJS Securities started coverage on shares of McGrath RentCorp in a report on Wednesday. They set an “outperform” rating and a $152.00 price target for the company.

Insider Activity

In other news, VP Gilda Malek sold 919 shares of the business’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the sale, the vice president now owns 205 shares in the company, valued at approximately $23,985. This represents a 96.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 47,935 shares of company stock valued at $5,605,327. Company insiders own 1.60% of the company’s stock.

About McGrath RentCorp

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.