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

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) announced a quarterly dividend on Wednesday, June 4th, RTT News reports. Investors of record on Thursday, July 17th will be paid a dividend of 0.485 per share by the financial services provider on Thursday, July 31st. This represents a $1.94 dividend on an annualized basis and a yield of 1.71%.

McGrath RentCorp has raised its dividend payment by an average of 3.0% per year over the last three years and has raised its dividend every year for the last 33 years. McGrath RentCorp has a payout ratio of 29.2% indicating that its dividend is sufficiently covered by earnings. Equities 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 0.2%

Shares of MGRC traded down $0.28 during midday trading on Thursday, hitting $113.71. The company's stock had a trading volume of 34,427 shares, compared to its average volume of 182,637. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. The company's fifty day simple moving average is $109.35 and its two-hundred day simple moving average is $115.02.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company had revenue of $195.42 million for the quarter, compared to the consensus estimate of $189.03 million. During the same period last year, the company posted $0.93 EPS. The firm's quarterly revenue was up 4.0% compared to the same quarter last year. On average, research analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current year.

Insider Activity

In other news, COO Philip B. Hawkins sold 4,804 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $103.57, for a total transaction of $497,550.28. Following the transaction, the chief operating officer now owns 3,150 shares of the company's stock, valued at approximately $326,245.50. This represents a 60.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $111.32, for a total value of $278,300.00. Following the transaction, the vice president now owns 8,692 shares in the company, valued at approximately $967,593.44. This represents a 22.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,871 shares of company stock valued at $1,382,041 in the last 90 days. Company insiders own 1.60% of the company's stock.

Institutional Trading of McGrath RentCorp

Hedge funds have recently added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in McGrath RentCorp by 5.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 77,256 shares of the financial services provider's stock worth $8,606,000 after purchasing an additional 3,967 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of McGrath RentCorp by 2,213.6% in the first quarter. Jane Street Group LLC now owns 58,140 shares of the financial services provider's stock worth $6,477,000 after buying an additional 55,627 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of McGrath RentCorp by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,528 shares of the financial services provider's stock worth $1,618,000 after buying an additional 639 shares during the period. Intech Investment Management LLC grew its holdings in shares of McGrath RentCorp by 24.8% during the first quarter. Intech Investment Management LLC now owns 13,800 shares of the financial services provider's stock valued at $1,537,000 after buying an additional 2,745 shares during the last quarter. Finally, Focus Partners Wealth grew its holdings in shares of McGrath RentCorp by 68.6% during the first quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider's stock valued at $228,000 after buying an additional 832 shares during the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th.

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.