McGrath RentCorp (NASDAQ:MGRC) to Issue Quarterly Dividend of $0.48

by · The Markets Daily

McGrath RentCorp (NASDAQ:MGRC – Get Free Report) announced a quarterly dividend on Monday, September 9th, Zacks reports. Shareholders of record on Thursday, October 17th will be paid a dividend of 0.475 per share by the financial services provider on Thursday, October 31st. This represents a $1.90 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Thursday, October 17th.

McGrath RentCorp has raised its dividend by an average of 4.2% per year over the last three years and has raised its dividend annually for the last 32 consecutive years. McGrath RentCorp has a payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect McGrath RentCorp to earn $5.97 per share next year, which means the company should continue to be able to cover its $1.90 annual dividend with an expected future payout ratio of 31.8%.

McGrath RentCorp Stock Up 0.7 %

Shares of MGRC opened at $108.21 on Wednesday. The company has a market capitalization of $2.66 billion, a PE ratio of 21.09, a P/E/G ratio of 1.85 and a beta of 0.75. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company has a 50-day simple moving average of $104.99 and a 200-day simple moving average of $107.94.

McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.41). The firm had revenue of $212.60 million for the quarter, compared to analysts’ expectations of $210.23 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. McGrath RentCorp’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm earned $1.14 EPS. On average, research analysts anticipate that McGrath RentCorp will post 4.48 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on MGRC. Oppenheimer assumed coverage on McGrath RentCorp in a research note on Wednesday, September 25th. They set an “outperform” rating and a $120.00 price target for the company. StockNews.com cut shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday, September 27th.

Check Out Our Latest Stock Report on MGRC

About McGrath RentCorp

(Get Free Report)

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.

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