McGrath RentCorp (NASDAQ:MGRC) Shareholders to Receive $0.49 Quarterly Dividend

McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Friday, September 18th. Shareholders of record on Friday, October 16th will be paid a dividend of $0.4950 per share by the financial services provider on Friday, October 30th. This represents a $1.98 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 16th.

McGrath RentCorp has a dividend payout ratio of 29.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect McGrath RentCorp to earn $7.04 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 28.1%.

McGrath RentCorp Stock Up 1.6%

NASDAQ MGRC opened at $114.64 on Wednesday. The firm has a market cap of $2.80 billion, a P/E ratio of 18.46, a price-to-earnings-growth ratio of 1.14 and a beta of 0.47. The company’s 50 day moving average is $114.71 and its 200-day moving average is $114.58. McGrath RentCorp has a 12-month low of $94.99 and a 12-month high of $125.83.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.37 EPS for the quarter, missing the consensus estimate of $1.47 by ($0.10). McGrath RentCorp had a return on equity of 12.44% and a net margin of 16.38%. The business had revenue of $221.11 million during the quarter, compared to the consensus estimate of $236.51 million. Equities analysts expect that McGrath RentCorp will post 6.37 EPS for the current year.

Insiders Place Their Bets

In related news, Director Joseph Hanna sold 7,500 shares of McGrath RentCorp stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $115.04, for a total transaction of $862,800.00. Following the completion of the sale, the director owned 144,049 shares of the company’s stock, valued at approximately $16,571,396.96. This trade represents a 4.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP John Skenesky sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $120.41, for a total value of $240,820.00. Following the transaction, the vice president directly owned 10,634 shares of the company’s stock, valued at $1,280,439.94. The trade was a 15.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,935 shares of company stock worth $1,639,856 in the last three months. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nykredit A S bought a new position in shares of McGrath RentCorp during the 2nd quarter valued at about $157,000. Amundi raised its position in McGrath RentCorp by 32.6% in the 2nd quarter. Amundi now owns 10,029 shares of the financial services provider’s stock worth $1,214,000 after purchasing an additional 2,464 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of McGrath RentCorp in the second quarter worth about $1,636,000. Headlands Technologies LLC bought a new stake in McGrath RentCorp in the second quarter valued at approximately $909,000. Finally, Susquehanna International Group LLP boosted its position in McGrath RentCorp by 73.0% during the 2nd quarter. Susquehanna International Group LLP now owns 150,537 shares of the financial services provider’s stock valued at $18,219,000 after buying an additional 63,537 shares during the period. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

About McGrath RentCorp

McGrath RentCorp was a business-to-business rental company headquartered in Livermore, California. The company provided temporary and longer-term rental solutions for modular buildings, portable storage, electronic test equipment and related products, serving customers in the education, government, construction, commercial and industrial sectors.

Its Mobile Modular business supplied relocatable classrooms, office buildings and other modular structures, while its TRS-RenTelco operation rented electronic test and measurement equipment used by telecommunications, electronics, aerospace and other industrial customers.