McGrath RentCorp Announces Quarterly Dividend of $0.49 (NASDAQ:MGRC)

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) announced a quarterly dividend on Wednesday, June 4th, RTT News reports. Shareholders of record on Thursday, July 17th will be given a dividend of 0.485 per share by the financial services provider on Thursday, July 31st. This represents a $1.94 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, July 17th.

McGrath RentCorp has a dividend 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 Trading Up 0.5%

McGrath RentCorp stock traded up $0.62 during mid-day trading on Friday, hitting $114.24. The company had a trading volume of 140,135 shares, compared to its average volume of 183,599. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The company's fifty day moving average is $109.43 and its 200-day moving average is $114.97. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 12.11, a P/E/G ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, topping the consensus estimate of $1.02 by $0.13. The business had revenue of $195.42 million for the quarter, compared to analyst estimates of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business's quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 EPS. As a group, sell-side analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised McGrath RentCorp from a "hold" rating to a "buy" rating in a research note on Friday, April 25th.

Insider Transactions at McGrath RentCorp

In related news, CAO David M. Whitney sold 500 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $116.01, for a total value of $58,005.00. Following the completion of the transaction, the chief accounting officer now directly owns 8,915 shares of the company's stock, valued at approximately $1,034,229.15. This represents a 5.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Philip B. Hawkins sold 4,804 shares of the stock in a transaction on Monday, April 28th. The shares were sold at an average price of $103.57, for a total value of $497,550.28. Following the completion of the transaction, the chief operating officer now directly owns 3,150 shares of the company's stock, valued at approximately $326,245.50. This represents a 60.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,313 shares of company stock valued at $2,005,372 in the last three months. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

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.