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

McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Thursday, December 12th,Wall Street Journal reports. Shareholders of record on Friday, January 17th will be given a dividend of 0.475 per share by the financial services provider on Friday, January 31st. This represents a $1.90 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, January 17th.

McGrath RentCorp has raised its dividend payment by an average of 3.1% annually over the last three years and has increased its dividend annually for the last 32 consecutive years. McGrath RentCorp has a dividend payout ratio of 28.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Up 0.2 %

Shares of McGrath RentCorp stock opened at $114.72 on Wednesday. The company has a fifty day simple moving average of $116.95 and a 200-day simple moving average of $110.52. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.66 and a beta of 0.77. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating 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 company had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. During the same quarter in the prior year, the firm posted $1.65 earnings per share. McGrath RentCorp’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on MGRC. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Oppenheimer upped their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Finally, CJS Securities initiated coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price target for the company.

Insider Buying and Selling at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total value of $114,620.00. Following the transaction, the director now directly owns 7,500 shares in the company, valued at $859,650. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William J. Dawson sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $460,000. The trade was a 83.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,935 shares of company stock valued at $5,605,327 in the last ninety days. 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.