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

Key Points

• McGrath RentCorp declared a quarterly dividend of $0.49, payable on October 31st to shareholders of record as of October 17th, representing an annual yield of 1.6%.
• The company reported earnings of $1.46 per share for the last quarter, exceeding estimates, with revenue up 10.8% year-over-year to $235.62 million.
• Oppenheimer raised its price target for McGrath RentCorp from $139.00 to $143.00, with the company's stock receiving a consensus rating of "Buy" and an average target price of $147.50.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) declared a quarterly dividend on Friday, September 19th, RTT News reports. Investors of record on Friday, October 17th will be paid a dividend of 0.485 per share by the financial services provider on Friday, October 31st. This represents a c) annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, October 17th.

McGrath RentCorp has a 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 Trading Up 1.4%

NASDAQ MGRC traded up $1.70 on Tuesday, hitting $122.44. 5,990 shares of the company were exchanged, compared to its average volume of 140,830. The company has a market cap of $3.01 billion, a PE ratio of 11.92, a PEG ratio of 1.25 and a beta of 0.61. McGrath RentCorp has a 12 month low of $97.81 and a 12 month high of $129.93. The stock has a fifty day moving average of $121.13 and a 200-day moving average of $115.34.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.16. The business had revenue of $235.62 million for the quarter, compared to analyst estimates of $220.71 million. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. McGrath RentCorp's revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 earnings per share. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

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.