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

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

McGrath RentCorp has increased its dividend payment by an average of 3.0% per year 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% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Up 4.1 %

McGrath RentCorp stock traded up $5.11 during trading hours on Thursday, hitting $128.96. 330,843 shares of the company traded hands, compared to its average volume of 140,267. The firm has a market cap of $3.17 billion, a P/E ratio of 14.09, a P/E/G ratio of 1.23 and a beta of 0.77. The firm’s 50-day simple moving average is $117.58 and its two-hundred day simple moving average is $112.81. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.56.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $121.78, for a total value of $111,915.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.