Banco Bilbao Vizcaya Argentaria S.A. Has $1.01 Million Stock Position in McGrath RentCorp $MGRC

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. increased its stake in McGrath RentCorp by 81.1% during the first quarter, acquiring an additional 4,020 shares, bringing its total holdings to 8,978 shares worth approximately $1,006,000.
• McGrath RentCorp received a rating upgrade from hold to buy from Wall Street Zen, with a consensus average price target of $145.50 based on two buy ratings.
• The company reported a quarterly earnings per share (EPS) of $1.46, exceeding analysts' expectations of $1.30, with a revenue increase of 10.8% year-over-year.

Banco Bilbao Vizcaya Argentaria S.A. raised its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 81.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,978 shares of the financial services provider's stock after acquiring an additional 4,020 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in McGrath RentCorp were worth $1,006,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Hsbc Holdings PLC raised its holdings in shares of McGrath RentCorp by 3.9% in the 1st quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider's stock worth $460,000 after buying an additional 153 shares in the last quarter. Versor Investments LP acquired a new position in shares of McGrath RentCorp in the 1st quarter worth approximately $445,000. Raymond James Financial Inc. raised its holdings in shares of McGrath RentCorp by 25.1% in the 1st quarter. Raymond James Financial Inc. now owns 147,448 shares of the financial services provider's stock worth $16,425,000 after buying an additional 29,587 shares in the last quarter. Fox Run Management L.L.C. raised its holdings in shares of McGrath RentCorp by 234.8% in the 1st quarter. Fox Run Management L.L.C. now owns 8,461 shares of the financial services provider's stock worth $943,000 after buying an additional 5,934 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of McGrath RentCorp in the 1st quarter worth approximately $8,480,000. 92.05% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Kimberly Ann Box sold 1,500 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total transaction of $177,750.00. Following the completion of the sale, the director directly owned 7,000 shares of the company's stock, valued at $829,500. This trade represents a 17.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Trease Kristina Van sold 2,221 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $114.21, for a total value of $253,660.41. Following the sale, the insider directly owned 6,694 shares of the company's stock, valued at $764,521.74. This represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,519 shares of company stock valued at $2,645,800. Company insiders own 1.40% of the company's stock.

McGrath RentCorp Price Performance

Shares of MGRC traded down $0.58 during mid-day trading on Thursday, reaching $124.44. The company had a trading volume of 55,489 shares, compared to its average volume of 141,668. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The company's 50-day moving average is $119.21 and its 200-day moving average is $115.22. The company has a market capitalization of $3.06 billion, a P/E ratio of 12.11, a P/E/G ratio of 1.28 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%.The business had revenue of $235.62 million during the quarter, compared to analysts' expectations of $220.71 million. During the same period in the prior year, the firm posted $0.84 EPS. McGrath RentCorp's quarterly revenue was up 10.8% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. As a group, equities analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th were issued a $0.485 dividend. The ex-dividend date of this dividend was Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.6%. McGrath RentCorp's dividend payout ratio is presently 18.89%.

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.