McGrath RentCorp (MGRC) To Go Ex-Dividend on July 16th
McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Wednesday, June 5th, Zacks reports. Stockholders of record on Wednesday, July 17th will be paid a dividend of 0.375 per share by the financial services provider on Wednesday, July 31st. This represents a $1.50 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Tuesday, July 16th.
McGrath RentCorp has increased its dividend payment by an average of 8.8% annually over the last three years and has raised its dividend annually for the last 17 consecutive years. McGrath RentCorp has a payout ratio of 54.9% meaning its dividend is sufficiently covered by earnings. Analysts expect McGrath RentCorp to earn $3.57 per share next year, which means the company should continue to be able to cover its $1.50 annual dividend with an expected future payout ratio of 42.0%.
Shares of McGrath RentCorp stock opened at $65.14 on Friday. The firm’s 50-day simple moving average is $60.12. The firm has a market capitalization of $1.58 billion, a P/E ratio of 20.81, a PEG ratio of 1.92 and a beta of 0.80. McGrath RentCorp has a 1-year low of $45.85 and a 1-year high of $65.48.
MGRC has been the subject of a number of research reports. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a research note on Wednesday, July 3rd. BidaskClub upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, June 20th.
In related news, CFO Keith E. Pratt sold 962 shares of McGrath RentCorp stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $64.20, for a total value of $61,760.40. Following the completion of the transaction, the chief financial officer now directly owns 26,563 shares in the company, valued at $1,705,344.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Philip B. Hawkins sold 5,101 shares of McGrath RentCorp stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $63.41, for a total value of $323,454.41. Following the completion of the transaction, the vice president now owns 196 shares of the company’s stock, valued at $12,428.36. The disclosure for this sale can be found here. Insiders sold 6,575 shares of company stock valued at $416,974 over the last quarter. Insiders own 2.00% 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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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