McGrath RentCorp (NASDAQ:MGRC) Declares $0.38 Quarterly Dividend

McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Wednesday, June 5th, Zacks reports. Investors of record on Wednesday, July 17th will be paid a dividend of 0.375 per share by the financial services provider on Wednesday, July 31st. This represents a $1.50 annualized dividend and a yield of 2.30%. The ex-dividend date is Tuesday, July 16th.

McGrath RentCorp has increased its dividend by an average of 8.8% annually over the last three years and has increased its dividend annually for the last 17 consecutive years. McGrath RentCorp has a payout ratio of 54.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect McGrath RentCorp to earn $3.57 per share next year, which means the company should continue to be able to cover its $1.50 annual dividend with an expected future payout ratio of 42.0%.

Shares of NASDAQ:MGRC opened at $65.14 on Friday. McGrath RentCorp has a 12 month low of $45.85 and a 12 month high of $65.48. The company has a market capitalization of $1.58 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 1.92 and a beta of 0.80. The business’s 50 day moving average price is $60.12.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.13. McGrath RentCorp had a return on equity of 14.86% and a net margin of 16.18%. The firm had revenue of $122.00 million for the quarter, compared to analysts’ expectations of $113.87 million. During the same quarter in the previous year, the company earned $0.59 earnings per share. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. As a group, analysts anticipate that McGrath RentCorp will post 3.4 EPS for the current year.

In related news, VP Keith E. Pratt sold 512 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $62.03, for a total transaction of $31,759.36. Following the sale, the vice president now owns 27,494 shares of the company’s stock, valued at $1,705,452.82. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Philip B. Hawkins sold 5,101 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $63.41, for a total value of $323,454.41. Following the sale, the vice president now directly owns 196 shares in the company, valued at approximately $12,428.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,575 shares of company stock worth $416,974. 2.00% of the stock is owned by corporate insiders.

Several equities research analysts recently commented on MGRC shares. BidaskClub raised Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, June 20th. Zacks Investment Research raised HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd.

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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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Dividend History for McGrath RentCorp (NASDAQ:MGRC)

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