Deutsche Bank AG Cuts Stock Holdings in McGrath RentCorp $MGRC

Key Points

• Deutsche Bank AG has decreased its stake in McGrath RentCorp by 36.5%, now owning approximately 0.19% valued at $5.32 million after selling 27,522 shares.
• Other institutional investors have significantly increased their holdings in McGrath RentCorp, including a 1,337.6% stake boost from the New York State Common Retirement Fund in the first quarter.
• McGrath RentCorp recently announced a quarterly dividend of $0.485 per share, reflecting an annualized yield of 1.6% and a payout ratio of 18.89%.

Deutsche Bank AG reduced its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 36.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 47,782 shares of the financial services provider's stock after selling 27,522 shares during the period. Deutsche Bank AG owned 0.19% of McGrath RentCorp worth $5,323,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Canada Pension Plan Investment Board acquired a new stake in McGrath RentCorp in the 4th quarter worth approximately $89,000. Focus Partners Wealth acquired a new stake in McGrath RentCorp in the 4th quarter worth approximately $136,000. State of Wyoming acquired a new stake in McGrath RentCorp in the 4th quarter worth approximately $159,000. Teza Capital Management LLC acquired a new stake in McGrath RentCorp in the 4th quarter worth approximately $213,000. Finally, Nisa Investment Advisors LLC boosted its stake in McGrath RentCorp by 9.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after purchasing an additional 174 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Trading Down 0.5%

NASDAQ MGRC traded down $0.63 on Thursday, hitting $117.80. 60,986 shares of the company's stock traded hands, compared to its average volume of 137,939. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The firm's 50-day moving average price is $118.37 and its two-hundred day moving average price is $115.20. The firm has a market capitalization of $2.90 billion, a PE ratio of 11.47, a P/E/G ratio of 1.22 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.30 by $0.16. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. 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 previous year, the business posted $0.84 EPS. The business's quarterly revenue was up 10.8% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th were paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.6%. The ex-dividend date was Thursday, July 17th. McGrath RentCorp's payout ratio is presently 18.89%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research note on Friday, April 25th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $145.50.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, August 6th. The shares were 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 in the company, valued at approximately $829,500. The trade was a 17.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the sale, the chief executive officer owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,519 shares of company stock valued at $2,645,800. 1.40% of the stock is currently owned by insiders.

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.