M&T Bank Corp Acquires Shares of 18,058 McGrath RentCorp (NASDAQ:MGRC)

M&T Bank Corp acquired a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 18,058 shares of the financial services provider's stock, valued at approximately $1,901,000. M&T Bank Corp owned approximately 0.07% of McGrath RentCorp as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Quest Partners LLC bought a new stake in McGrath RentCorp in the second quarter worth $1,064,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $816,000. Alpine Associates Management Inc. lifted its stake in shares of McGrath RentCorp by 9.8% in the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider's stock valued at $75,741,000 after acquiring an additional 63,366 shares during the last quarter. Intech Investment Management LLC purchased a new stake in McGrath RentCorp during the 3rd quarter valued at about $797,000. Finally, Charles Schwab Investment Management Inc. grew its position in McGrath RentCorp by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider's stock worth $30,243,000 after acquiring an additional 8,428 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

Insider Activity at McGrath RentCorp

In related news, Director William J. Dawson sold 20,000 shares of the company's stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total value of $2,300,000.00. Following the sale, the director now directly owns 4,000 shares of the company's stock, valued at $460,000. This represents a 83.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP David M. Whitney sold 5,176 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total value of $605,592.00. Following the completion of the transaction, the vice president now owns 205 shares of the company's stock, valued at approximately $23,985. This trade represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,935 shares of company stock worth $5,605,327 over the last 90 days. 1.60% of the stock is owned by company insiders.

McGrath RentCorp Price Performance

MGRC traded down $1.22 during midday trading on Friday, reaching $118.64. 180,886 shares of the company's stock traded hands, compared to its average volume of 236,429. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The firm has a fifty day moving average of $115.94 and a two-hundred day moving average of $109.50. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 1.68 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 earnings per share. Sell-side analysts forecast that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, January 17th. McGrath RentCorp's payout ratio is 20.77%.

Analysts Set New Price Targets

Several brokerages have weighed in on MGRC. Oppenheimer boosted their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an "outperform" rating in a research report on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a report on Tuesday, October 22nd. Finally, CJS Securities assumed coverage on shares of McGrath RentCorp in a report on Wednesday. They issued an "outperform" rating and a $152.00 price target on the stock.

McGrath RentCorp Profile

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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.