McGrath RentCorp (NASDAQ:MGRC) Plans $0.49 Quarterly Dividend

McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Friday, December 12th. Investors of record on Friday, January 16th will be paid a dividend of 0.485 per share by the financial services provider on Friday, January 30th. This represents a c) dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, January 16th.

McGrath RentCorp has increased its dividend by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 33 consecutive years. McGrath RentCorp has a dividend payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Equities 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 Down 0.4%

NASDAQ:MGRC opened at $109.45 on Wednesday. McGrath RentCorp has a 52 week low of $94.99 and a 52 week high of $129.93. The stock’s 50-day moving average price is $104.73 and its 200-day moving average price is $114.07. The stock has a market capitalization of $2.69 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.11). The business had revenue of $256.44 million for the quarter, compared to analysts’ expectations of $266.62 million. McGrath RentCorp had a return on equity of 12.59% and a net margin of 15.62%.The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.87 EPS. Sell-side analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MGRC has been the topic of several recent analyst reports. Oppenheimer increased their price objective on shares of McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a report on Thursday, September 18th. Weiss Ratings lowered shares of McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, October 30th. Finally, Zacks Research cut McGrath RentCorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, McGrath RentCorp currently has a consensus rating of “Hold” and a consensus price target of $143.00.

McGrath RentCorp Company Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.