Bank of America Corp DE Sells 21,307 Shares of McGrath RentCorp (NASDAQ:MGRC)

Bank of America Corp DE reduced its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 18.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 95,027 shares of the financial services provider's stock after selling 21,307 shares during the quarter. Bank of America Corp DE owned about 0.39% of McGrath RentCorp worth $10,626,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Atala Financial Inc acquired a new position in McGrath RentCorp during the fourth quarter valued at approximately $31,000. New Age Alpha Advisors LLC acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at $33,000. Canada Pension Plan Investment Board bought a new stake in shares of McGrath RentCorp in the 4th quarter valued at $89,000. KBC Group NV raised its stake in McGrath RentCorp by 37.3% during the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock worth $118,000 after buying an additional 286 shares during the period. Finally, Xponance Inc. bought a new position in McGrath RentCorp during the fourth quarter worth about $200,000. 92.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised McGrath RentCorp from a "hold" rating to a "buy" rating in a research report on Friday, April 25th.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock traded up $2.04 on Tuesday, hitting $115.42. The company had a trading volume of 72,528 shares, compared to its average volume of 146,302. The stock has a 50-day moving average of $109.49 and a 200-day moving average of $115.22. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The firm has a market capitalization of $2.84 billion, a P/E ratio of 12.24, a P/E/G ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business had revenue of $195.42 million for the quarter, compared to analysts' expectations of $189.03 million. During the same period in the previous year, the firm posted $0.93 EPS. The firm's revenue was up 4.0% compared to the same quarter last year. Equities analysts predict that McGrath RentCorp will post 6.18 EPS for the current year.

Insider Activity

In other news, COO Philip B. Hawkins sold 4,804 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $103.57, for a total value of $497,550.28. Following the transaction, the chief operating officer now directly owns 3,150 shares of the company's stock, valued at $326,245.50. This represents a 60.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph F. Hanna sold 5,567 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $108.89, for a total transaction of $606,190.63. Following the sale, the chief executive officer now owns 176,897 shares of the company's stock, valued at approximately $19,262,314.33. This represents a 3.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,871 shares of company stock worth $1,506,731 over the last ninety days. 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.