M&T Bank Corp Acquires 5,123 Shares of McGrath RentCorp (NASDAQ:MGRC)

M&T Bank Corp increased its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 28.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,181 shares of the financial services provider's stock after purchasing an additional 5,123 shares during the period. M&T Bank Corp owned approximately 0.09% of McGrath RentCorp worth $2,592,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in MGRC. Franklin Resources Inc. increased its position in shares of McGrath RentCorp by 57.3% in the third quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider's stock valued at $119,456,000 after acquiring an additional 404,884 shares during the last quarter. Victory Capital Management Inc. grew its stake in McGrath RentCorp by 6.8% in the third quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider's stock valued at $79,546,000 after purchasing an additional 47,872 shares in the last quarter. State Street Corp increased its position in shares of McGrath RentCorp by 2.2% during the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider's stock worth $62,432,000 after purchasing an additional 12,520 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of McGrath RentCorp by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider's stock worth $60,890,000 after purchasing an additional 6,165 shares in the last quarter. Finally, Swedbank AB boosted its holdings in shares of McGrath RentCorp by 30.0% in the 4th quarter. Swedbank AB now owns 325,000 shares of the financial services provider's stock valued at $36,342,000 after buying an additional 75,000 shares during the last quarter. Institutional investors own 92.05% of the company's stock.

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Insider Activity at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the transaction, the director now directly owns 7,500 shares of the company's stock, valued at $935,175. This trade represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $121.78, for a total transaction of $111,915.82. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.

McGrath RentCorp Stock Down 2.5 %

Shares of NASDAQ MGRC traded down $2.91 during midday trading on Friday, hitting $111.95. 150,736 shares of the company's stock were exchanged, compared to its average volume of 148,239. The firm has a market capitalization of $2.75 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The company's 50 day moving average price is $119.20 and its 200 day moving average price is $114.39.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. The firm had revenue of $243.75 million during the quarter, compared to analysts' expectations of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. On average, equities research analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Wednesday, April 16th. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.57%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MGRC. StockNews.com upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, February 28th. Oppenheimer boosted their price objective on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research note on Friday, November 22nd. Finally, CJS Securities initiated coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 target price 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.