M&T Bank Corp Has $2.59 Million Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

M&T Bank Corp lifted its position in McGrath RentCorp (NASDAQ:MGRC) by 28.4% during the fourth quarter, HoldingsChannel.com reports. The fund 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’s holdings in McGrath RentCorp were worth $2,592,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in shares of McGrath RentCorp by 1,487.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock valued at $312,000 after acquiring an additional 2,648 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of McGrath RentCorp in the 3rd quarter valued at approximately $816,000. Asset Management One Co. Ltd. acquired a new stake in shares of McGrath RentCorp in the 4th quarter valued at approximately $3,833,000. Sanctuary Advisors LLC acquired a new stake in shares of McGrath RentCorp in the 3rd quarter valued at approximately $548,000. Finally, One Wealth Advisors LLC raised its holdings in McGrath RentCorp by 40.1% during the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider’s stock worth $1,885,000 after buying an additional 4,824 shares during the period. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on MGRC shares. Oppenheimer raised their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, February 28th. Finally, CJS Securities started coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 target price on the stock.

Insider Transactions at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Gilda Malek sold 919 shares of the business’s stock in a transaction on Monday, December 9th. The stock was 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 insiders.

McGrath RentCorp Stock Performance

Shares of MGRC stock opened at $111.95 on Friday. The company’s 50 day moving average price is $119.20 and its two-hundred day moving average price is $114.39. The company has a market capitalization of $2.75 billion, a P/E ratio of 11.87, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last announced 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 business had revenue of $243.75 million for the quarter, compared to analyst estimates of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. Analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Wednesday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is currently 20.57%.

McGrath RentCorp Company 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.