McGrath RentCorp (MGRC) to Issue $0.34 Quarterly Dividend

McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Thursday, December 6th, Wall Street Journal reports. Shareholders of record on Thursday, January 17th will be given a dividend of 0.34 per share by the financial services provider on Thursday, January 31st. This represents a $1.36 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Wednesday, January 16th.

NASDAQ:MGRC traded up $0.83 during trading hours on Thursday, hitting $52.51. 155,374 shares of the stock were exchanged, compared to its average volume of 121,736. McGrath RentCorp has a twelve month low of $42.98 and a twelve month high of $68.79. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 24.54, a P/E/G ratio of 1.75 and a beta of 0.72.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Tuesday, October 30th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.11. McGrath RentCorp had a return on equity of 12.61% and a net margin of 35.47%. The firm had revenue of $143.10 million for the quarter, compared to the consensus estimate of $139.87 million. During the same quarter in the prior year, the business earned $0.69 EPS. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts forecast that McGrath RentCorp will post 2.95 EPS for the current fiscal year.

In other news, VP Keith E. Pratt sold 1,841 shares of the stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $53.00, for a total value of $97,573.00. Following the transaction, the vice president now owns 25,382 shares of the company’s stock, valued at approximately $1,345,246. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John P. Skenesky sold 1,423 shares of the stock in a transaction on Friday, September 7th. The shares were sold at an average price of $55.75, for a total value of $79,332.25. Following the completion of the transaction, the vice president now directly owns 1,716 shares in the company, valued at approximately $95,667. The disclosure for this sale can be found here. In the last three months, insiders sold 4,548 shares of company stock worth $246,793. 2.00% of the stock is currently owned by company insiders.

A number of research analysts have recently weighed in on MGRC shares. ValuEngine downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. BidaskClub raised McGrath RentCorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 1st. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $61.00 price target on the stock in a research note on Friday, November 2nd. Finally, Berenberg Bank started coverage on McGrath RentCorp in a research note on Wednesday, September 19th. They issued a “buy” rating and a $70.00 price target on the stock.

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McGrath RentCorp Company Profile

McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through 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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