McGrath RentCorp (MGRC) will raise its quarterly dividend by 10.3 percent to $0.375 per share in the first quarter of 2019. This marks the 28th consecutive year of annual dividend increases by the rental company.

The cash dividend will be payable on April 30, 2019 to all shareholders of record on April 15, 2019. The new annual rate of $1.50 per share yields 2.8% at a stock price of $53.

"For the full year, our operating profit grew by 24% compared to a year ago. Mobile Modular, TRS-RenTelco and Adler Tank Rentals delivered operating profit growth of 30%, 14% and 32%, respectively, compared to a year ago.  Our strategy to focus on performance improvement initiatives coupled with solid execution from our teams helped deliver these strong results for the year. We are pleased to announce today a dividend increase of 10%, our 28(th) consecutive annual dividend increase, and reflecting our overall favorable performance," Joe Hanna, President and CEO of McGrath RentCorp commented on the dividend increase.

McGrath RentCorp is a diversified business-to-business rental company.  The company’s Mobile Modular division rents and sells modular buildings to fulfill customers’ temporary and permanent classroom and office space needs. The company’s TRS-RenTelco division rents and sells electronic test equipment and the company’s Adler Tank Rentals subsidiary rents and sells containment solutions for hazardous and nonhazardous liquids and solids.