McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Thursday, September 21st, Wall Street Journal reports. Shareholders of record on Tuesday, October 17th will be paid a dividend of 0.26 per share by the financial services provider on Tuesday, October 31st. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Monday, October 16th.
McGrath RentCorp has raised its dividend by an average of 2.1% annually over the last three years and has raised its dividend every year for the last 15 years. McGrath RentCorp has a payout ratio of 54.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect McGrath RentCorp to earn $2.02 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 51.5%.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at 45.95 on Wednesday. McGrath RentCorp has a one year low of $29.27 and a one year high of $46.00. The firm’s 50-day moving average price is $41.62 and its 200 day moving average price is $36.59. The company has a market capitalization of $1.10 billion, a PE ratio of 26.27 and a beta of 0.97.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The firm had revenue of $109.58 million for the quarter, compared to analyst estimates of $105.36 million. During the same period last year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. Analysts anticipate that McGrath RentCorp will post $1.88 earnings per share for the current year.
A number of analysts have recently commented on MGRC shares. Zacks Investment Research lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. BidaskClub lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th.
In other news, VP John P. Skenesky sold 7,561 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $38.47, for a total transaction of $290,871.67. Following the completion of the transaction, the vice president now directly owns 6,387 shares in the company, valued at $245,707.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Trease Kristina Van sold 3,400 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $39.61, for a total value of $134,674.00. Following the transaction, the vice president now owns 15,030 shares of the company’s stock, valued at $595,338.30. The disclosure for this sale can be found here. Insiders have sold 18,265 shares of company stock worth $719,958 over the last three months. Insiders own 4.60% of the company’s stock.
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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