Bank of America Corp DE Raises Holdings in McGrath RentCorp $MGRC

Key Points

• Bank of America increased its McGrath RentCorp stake by 26.7% in the first quarter to 123,549 shares valued at approximately $13.6 million. Institutional investors collectively own 92.05% of the company.
• McGrath RentCorp reported quarterly earnings of $1.37 per share and revenue of $221.1 million, missing analyst estimates of $1.47 per share and $236.5 million. The company paid a quarterly dividend of $0.495 per share, equivalent to a 1.7% yield.
• Shares opened at $116.65, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $141.50. Insiders sold 25,408 shares worth about $3.0 million over the past quarter.

Bank of America Corp DE increased its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 26.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,549 shares of the financial services provider's stock after acquiring an additional 26,022 shares during the period. Bank of America Corp DE owned about 0.50% of McGrath RentCorp worth $13,625,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. River Road Asset Management LLC lifted its position in shares of McGrath RentCorp by 3.1% during the 4th quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider's stock worth $223,619,000 after purchasing an additional 64,566 shares during the last quarter. Comerica Bank increased its holdings in McGrath RentCorp by 96.8% in the fourth quarter. Comerica Bank now owns 58,374 shares of the financial services provider's stock valued at $6,125,000 after buying an additional 28,719 shares in the last quarter. Gabelli Funds LLC boosted its position in shares of McGrath RentCorp by 28.8% in the 4th quarter. Gabelli Funds LLC now owns 49,243 shares of the financial services provider's stock worth $5,167,000 after buying an additional 11,011 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in McGrath RentCorp in the 1st quarter valued at about $3,877,000. Finally, Fifth Third Bancorp purchased a new position in McGrath RentCorp during the 1st quarter valued at about $6,990,000. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Up 0.2%

Shares of NASDAQ:MGRC opened at $116.65 on Friday. The company has a market cap of $2.85 billion, a P/E ratio of 18.78, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. McGrath RentCorp has a 12-month low of $94.99 and a 12-month high of $127.68. The company's fifty day moving average is $118.47 and its two-hundred day moving average is $114.24.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.47 by ($0.10). McGrath RentCorp had a return on equity of 12.44% and a net margin of 16.38%.The firm had revenue of $221.11 million during the quarter, compared to analyst estimates of $236.51 million. Equities research analysts anticipate that McGrath RentCorp will post 6.37 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were given a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is 31.88%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $141.50.

Insiders Place Their Bets

In other McGrath RentCorp news, SVP Gilda Malek sold 1,407 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $114.04, for a total value of $160,454.28. Following the transaction, the senior vice president directly owned 8,018 shares in the company, valued at $914,372.72. The trade was a 14.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph F. Hanna sold 7,500 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $120.64, for a total transaction of $904,800.00. Following the completion of the transaction, the director owned 151,549 shares in the company, valued at approximately $18,282,871.36. This trade represents a 4.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 25,408 shares of company stock worth $3,014,686 over the last quarter. Corporate insiders own 1.40% of the company's stock.

McGrath RentCorp Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.

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