FY2024 EPS Estimates for McGrath RentCorp (NASDAQ:MGRC) Raised by Analyst

McGrath RentCorp (NASDAQ:MGRC - Free Report) - Analysts at Sidoti Csr upped their FY2024 EPS estimates for McGrath RentCorp in a research note issued on Monday, April 29th. Sidoti Csr analyst M. Riddick now anticipates that the financial services provider will post earnings per share of $5.55 for the year, up from their prior forecast of $5.39. The consensus estimate for McGrath RentCorp's current full-year earnings is $4.97 per share.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.73 by $0.20. The firm had revenue of $187.80 million for the quarter, compared to analysts' expectations of $145.63 million. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. McGrath RentCorp's revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the company posted $0.89 earnings per share.

Separately, StockNews.com initiated coverage on McGrath RentCorp in a report on Sunday. They set a "hold" rating on the stock.

McGrath RentCorp Stock Performance

Shares of MGRC traded up $0.07 during mid-day trading on Wednesday, reaching $106.73. 88,596 shares of the company's stock traded hands, compared to its average volume of 307,579. The business's 50-day moving average price is $118.49 and its 200-day moving average price is $113.49. The stock has a market capitalization of $2.62 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 1.70 and a beta of 0.80. McGrath RentCorp has a 12 month low of $86.50 and a 12 month high of $130.86.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Tuesday, April 16th were issued a dividend of $0.475 per share. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Monday, April 15th. This represents a $1.90 annualized dividend and a yield of 1.78%. McGrath RentCorp's payout ratio is presently 37.04%.

Institutional Investors Weigh In On McGrath RentCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH grew its position in McGrath RentCorp by 0.4% in the fourth quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider's stock worth $2,987,000 after buying an additional 90 shares during the last quarter. Arcadia Investment Management Corp MI grew its position in McGrath RentCorp by 1.1% in the fourth quarter. Arcadia Investment Management Corp MI now owns 9,607 shares of the financial services provider's stock worth $1,149,000 after buying an additional 100 shares during the last quarter. Arizona State Retirement System grew its position in McGrath RentCorp by 1.7% in the third quarter. Arizona State Retirement System now owns 6,969 shares of the financial services provider's stock worth $699,000 after buying an additional 118 shares during the last quarter. Diversified Trust Co grew its position in McGrath RentCorp by 4.2% in the third quarter. Diversified Trust Co now owns 3,628 shares of the financial services provider's stock worth $364,000 after buying an additional 147 shares during the last quarter. Finally, Adirondack Trust Co. acquired a new position in McGrath RentCorp in the third quarter worth approximately $50,000. Institutional investors own 92.05% of the company's stock.

About McGrath RentCorp

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.