McGrath RentCorp (NASDAQ:MGRC) Declares Quarterly Dividend of $0.50

McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Wednesday, June 3rd. Shareholders of record on Friday, July 17th will be given a dividend of 0.495 per share by the financial services provider on Friday, July 31st. This represents a c) annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, July 17th.

McGrath RentCorp has raised its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 33 consecutive years. McGrath RentCorp has a payout ratio of 29.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect McGrath RentCorp to earn $7.07 per share next year, which means the company should continue to be able to cover its $1.98 annual dividend with an expected future payout ratio of 28.0%.

McGrath RentCorp Trading Up 0.0%

Shares of NASDAQ:MGRC opened at $106.94 on Thursday. The firm has a 50 day moving average of $112.11 and a 200-day moving average of $109.84. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $128.41. The stock has a market capitalization of $2.63 billion, a PE ratio of 16.97, a PEG ratio of 1.09 and a beta of 0.44.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%.The firm had revenue of $198.54 million for the quarter, compared to analyst estimates of $198.19 million. On average, research analysts predict that McGrath RentCorp will post 6.35 EPS for the current fiscal year.

Insider Buying and Selling

In other McGrath RentCorp news, insider Trease Kristina Van sold 539 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $115.00, for a total value of $61,985.00. Following the completion of the transaction, the insider owned 10,316 shares of the company’s stock, valued at $1,186,340. This represents a 4.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David M. Whitney sold 539 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $115.00, for a total value of $61,985.00. Following the completion of the transaction, the chief accounting officer owned 10,316 shares of the company’s stock, valued at $1,186,340. This represents a 4.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 11,078 shares of company stock worth $1,248,610 in the last 90 days. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in McGrath RentCorp by 26.7% during the 1st quarter. Bank of America Corp DE now owns 123,549 shares of the financial services provider’s stock worth $13,625,000 after acquiring an additional 26,022 shares during the last quarter. Amundi raised its stake in shares of McGrath RentCorp by 113.3% during the first quarter. Amundi now owns 7,565 shares of the financial services provider’s stock valued at $834,000 after acquiring an additional 4,018 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of McGrath RentCorp by 622.7% during the first quarter. Quantinno Capital Management LP now owns 14,728 shares of the financial services provider’s stock worth $1,624,000 after purchasing an additional 12,690 shares during the period. Lazard Asset Management LLC acquired a new position in shares of McGrath RentCorp during the first quarter worth $3,877,000. Finally, Anchor Capital Management Company LLC grew its stake in shares of McGrath RentCorp by 27.9% in the first quarter. Anchor Capital Management Company LLC now owns 185,211 shares of the financial services provider’s stock worth $20,425,000 after purchasing an additional 40,352 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

About McGrath RentCorp

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.