McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Wednesday, February 27th, Wall Street Journal reports. Shareholders of record on Monday, April 15th will be given a dividend of 0.375 per share by the financial services provider on Tuesday, April 30th. This represents a $1.50 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Friday, April 12th. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.34.

McGrath RentCorp has raised its dividend payment by an average of 8.8% per year over the last three years and has raised its dividend every year for the last 17 years. McGrath RentCorp has a dividend payout ratio of 54.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect McGrath RentCorp to earn $3.57 per share next year, which means the company should continue to be able to cover its $1.50 annual dividend with an expected future payout ratio of 42.0%.

Shares of McGrath RentCorp stock opened at $59.37 on Thursday. The firm has a market cap of $1.42 billion, a PE ratio of 18.97, a PEG ratio of 1.75 and a beta of 0.70. McGrath RentCorp has a 12 month low of $45.85 and a 12 month high of $68.79.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Tuesday, February 26th. The financial services provider reported $0.99 EPS for the quarter, beating the consensus estimate of $0.77 by $0.22. The firm had revenue of $133.11 million for the quarter, compared to analyst estimates of $129.63 million. McGrath RentCorp had a return on equity of 13.99% and a net margin of 15.93%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.62 earnings per share. As a group, analysts forecast that McGrath RentCorp will post 3.37 EPS for the current year.

In related news, VP John P. Skenesky sold 1,719 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $59.01, for a total transaction of $101,438.19. Following the sale, the vice president now owns 2,992 shares of the company’s stock, valued at $176,557.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Keith E. Pratt sold 3,049 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $60.03, for a total value of $183,031.47. Following the sale, the vice president now directly owns 26,342 shares in the company, valued at approximately $1,581,310.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,320 shares of company stock worth $665,357. Insiders own 2.00% of the company’s stock.

Several equities analysts have recently commented on MGRC shares. BidaskClub lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. Zacks Investment Research lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Saturday, February 23rd.

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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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