McGrath RentCorp (NASDAQ:MGRC) Declares Quarterly Dividend of $0.48

McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Wednesday, February 21st, Zacks reports. Investors of record on Tuesday, April 16th will be given a dividend of 0.475 per share by the financial services provider on Tuesday, April 30th. This represents a $1.90 annualized dividend and a yield of 1.65%. The ex-dividend date is Monday, April 15th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.47.

McGrath RentCorp has raised its dividend by an average of 4.2% per year over the last three years and has raised its dividend annually for the last 32 consecutive years. McGrath RentCorp has a dividend payout ratio of 30.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect McGrath RentCorp to earn $6.14 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 30.9%.

McGrath RentCorp Stock Down 0.6 %

MGRC opened at $115.00 on Friday. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 16.15, a price-to-earnings-growth ratio of 1.64 and a beta of 0.80. McGrath RentCorp has a fifty-two week low of $85.97 and a fifty-two week high of $130.86. The company’s 50-day moving average price is $123.43 and its 200 day moving average price is $112.66.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.07). McGrath RentCorp had a return on equity of 13.63% and a net margin of 20.99%. The business had revenue of $221.59 million for the quarter, compared to analyst estimates of $214.43 million. Research analysts anticipate that McGrath RentCorp will post 5.42 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Dark Forest Capital Management LP grew its position in McGrath RentCorp by 210.0% in the 1st quarter. Dark Forest Capital Management LP now owns 310 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 210 shares during the last quarter. KBC Group NV bought a new position in McGrath RentCorp in the 4th quarter worth about $33,000. Lazard Asset Management LLC bought a new position in McGrath RentCorp in the 1st quarter worth about $51,000. Tower Research Capital LLC TRC grew its position in McGrath RentCorp by 211.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 607 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 412 shares during the last quarter. Finally, FMR LLC boosted its holdings in shares of McGrath RentCorp by 14.1% in the second quarter. FMR LLC now owns 978 shares of the financial services provider’s stock valued at $74,000 after acquiring an additional 121 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on shares of McGrath RentCorp in a research report on Friday. They issued a “hold” rating for the company.

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.