McGrath Rentcorp (MGRC) Declares $0.46 Dividend
McGrath Rentcorp said on June 7, 2023 that its board of directors declared a regular quarterly dividend of $0.46 per share ($1.86 annualized). Previously, the company paid $0.46 per share.
Shares must be purchased before the ex-div date of July 14, 2023 to qualify for the dividend. Shareholders of record as of July 17, 2023 will receive the payment on July 31, 2023.
At the current share price of $97.98 / share, the stock's dividend yield is 1.90%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.36%, the lowest has been 1.70%, and the highest has been 3.60%. The standard deviation of yields is 0.35 (n=237).
The current dividend yield is 1.31 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.27. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.11%, demonstrating that it has increased its dividend over time.
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What is the Fund Sentiment?
There are 482 funds or institutions reporting positions in McGrath Rentcorp. This is an increase of 25 owner(s) or 5.47% in the last quarter. Average portfolio weight of all funds dedicated to MGRC is 0.23%, a decrease of 19.67%. Total shares owned by institutions decreased in the last three months by 4.47% to 24,851K shares. 
The put/call ratio of MGRC is 0.90, indicating a bullish outlook.
Analyst Price Forecast Suggests 25.44% Upside
As of June 2, 2023, the average one-year price target for McGrath Rentcorp is 122.91. The forecasts range from a low of 115.14 to a high of $133.35. The average price target represents an increase of 25.44% from its latest reported closing price of 97.98.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for McGrath Rentcorp is 770MM, a decrease of 0.35%. The projected annual non-GAAP EPS is 4.72.
What are Other Shareholders Doing?
Franklin Resources holds 1,441K shares representing 5.89% ownership of the company. In it's prior filing, the firm reported owning 1,616K shares, representing a decrease of 12.11%. The firm decreased its portfolio allocation in MGRC by 81.95% over the last quarter.
Victory Capital Management holds 1,044K shares representing 4.26% ownership of the company. In it's prior filing, the firm reported owning 1,186K shares, representing a decrease of 13.65%. The firm decreased its portfolio allocation in MGRC by 49.46% over the last quarter.
FRVLX - Franklin Small Cap Value Fund holds 1,005K shares representing 4.10% ownership of the company. In it's prior filing, the firm reported owning 1,422K shares, representing a decrease of 41.58%. The firm decreased its portfolio allocation in MGRC by 30.05% over the last quarter.
T. Rowe Price Investment Management holds 879K shares representing 3.59% ownership of the company. In it's prior filing, the firm reported owning 812K shares, representing an increase of 7.61%. The firm decreased its portfolio allocation in MGRC by 4.42% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 758K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 739K shares, representing an increase of 2.45%. The firm decreased its portfolio allocation in MGRC by 10.55% over the last quarter.
McGrath Rentcorp Background Information
(This description is provided by the company.)
Founded in 1979, McGrath RentCorp is a diversified business-to-business rental company providing modular buildings, electronic test equipment, portable storage and tank containment solutions across the United States and other select North American regions. The Company's rental operations consist of four divisions: Mobile Modular rents and sells modular buildings to fulfill customers' temporary and permanent classroom and office space needs; TRS-RenTelco rents and sells electronic test equipment; Adler Tank Rentals rents and sells containment solutions for hazardous and nonhazardous liquids and solids; and Mobile Modular Portable Storage provides portable storage rental solutions.
Key filings for this company:
This story originally appeared on Fintel.