McGrath RentCorp (NASDAQ:MGRC) Declares Dividend Increase - $0.49 Per Share

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48.

McGrath RentCorp has raised its dividend payment by an average of 3.0% per year over the last three years and has increased its dividend annually for the last 32 consecutive years. McGrath RentCorp has a payout ratio of 29.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect McGrath RentCorp to earn $6.87 per share next year, which means the company should continue to be able to cover its $1.94 annual dividend with an expected future payout ratio of 28.2%.

McGrath RentCorp Stock Performance

Shares of MGRC stock traded down $1.52 during trading hours on Monday, reaching $125.66. The company had a trading volume of 156,365 shares, compared to its average volume of 143,228. The business has a fifty day moving average price of $117.93 and a 200-day moving average price of $113.31. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The firm has a market cap of $3.09 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 1.35 and a beta of 0.77.

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McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The firm had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. Equities research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current year.

Insider Buying and Selling

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 transaction of $111,915.82. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. CJS Securities assumed coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 price target for the company. 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 report on Friday, November 22nd. Finally, StockNews.com downgraded shares of McGrath RentCorp from a "buy" rating to a "hold" rating in a report on Thursday.

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.