M&T Bank Corp Takes $1.90 Million Position in McGrath RentCorp (NASDAQ:MGRC)

M&T Bank Corp bought a new position in McGrath RentCorp (NASDAQ:MGRC) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 18,058 shares of the financial services provider’s stock, valued at approximately $1,901,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. KBC Group NV increased its stake in shares of McGrath RentCorp by 32.5% in the third quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 188 shares in the last quarter. Covestor Ltd boosted its holdings in McGrath RentCorp by 15.8% in the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after buying an additional 161 shares during the period. Millburn Ridgefield Corp purchased a new stake in McGrath RentCorp in the 3rd quarter worth $203,000. Wealth Enhancement Advisory Services LLC raised its holdings in McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock valued at $213,000 after acquiring an additional 104 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in shares of McGrath RentCorp in the third quarter valued at about $238,000. Institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

MGRC has been the subject of several research analyst reports. Oppenheimer increased their target price on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. CJS Securities started coverage on shares of McGrath RentCorp in a report on Wednesday. They set an “outperform” rating and a $152.00 price objective for the company. Finally, StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd.

McGrath RentCorp Stock Down 1.0 %

MGRC opened at $118.64 on Friday. The company has a market capitalization of $2.91 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. The firm has a 50-day simple moving average of $115.94 and a two-hundred day simple moving average of $109.51. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly 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. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. During the same period in the prior year, the company earned $1.65 earnings per share. The firm’s revenue was up 9.5% on a year-over-year basis. As a group, sell-side analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Friday, January 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Insider Buying and Selling

In other news, VP David M. Whitney sold 5,176 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the sale, the vice president now directly owns 205 shares in the company, valued at $23,985. The trade was a 96.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Joseph F. Hanna sold 15,840 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the transaction, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. The trade was a 9.25 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,935 shares of company stock worth $5,605,327. Insiders own 1.60% 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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.