Fifth Third Bancorp Purchases New Shares in McGrath RentCorp $MGRC

Key Points

• Fifth Third Bancorp disclosed a new first-quarter position in McGrath RentCorp, buying 63,388 shares valued at about $6.99 million and taking a 0.26% stake.
• McGrath RentCorp reported Q1 earnings of $1.10 per share, missing estimates by $0.03, while revenue came in roughly in line at $198.54 million. Analysts still expect full-year EPS of 6.35.
• The company announced a quarterly dividend of $0.495 per share, payable July 31, for an annualized yield of 1.6%, even as insiders recently sold shares and the stock rose 2.9% to $121.02.

Fifth Third Bancorp purchased a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 63,388 shares of the financial services provider's stock, valued at approximately $6,990,000. Fifth Third Bancorp owned 0.26% of McGrath RentCorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in shares of McGrath RentCorp by 767.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider's stock worth $31,000 after purchasing an additional 238 shares in the last quarter. Danske Bank A S acquired a new stake in shares of McGrath RentCorp in the third quarter valued at approximately $47,000. Strs Ohio acquired a new stake in shares of McGrath RentCorp in the first quarter valued at approximately $56,000. Covestor Ltd boosted its stake in shares of McGrath RentCorp by 52.0% in the fourth quarter. Covestor Ltd now owns 1,385 shares of the financial services provider's stock valued at $145,000 after buying an additional 474 shares during the period. Finally, Palouse Capital Management Inc. bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $152,000. Institutional investors and hedge funds own 92.05% of the company's stock.

McGrath RentCorp Stock Up 2.9%

MGRC opened at $121.02 on Friday. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 19.21, a P/E/G ratio of 1.19 and a beta of 0.43. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41. The company has a 50-day simple moving average of $114.48 and a 200 day simple moving average of $112.60.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its earnings results on Wednesday, April 29th. The financial services provider reported $1.10 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.03). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. The firm had revenue of $198.54 million during the quarter, compared to the consensus estimate of $198.19 million. Sell-side analysts anticipate that McGrath RentCorp will post 6.35 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be given a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, July 17th. McGrath RentCorp's payout ratio is currently 31.43%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered McGrath RentCorp from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $141.50.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, SVP Gilda Malek sold 1,407 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $114.04, for a total transaction of $160,454.28. Following the completion of the sale, the senior vice president directly owned 8,018 shares in the company, valued at $914,372.72. This represents a 14.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Lieffrig sold 2,000 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $125.00, for a total value of $250,000.00. Following the completion of the sale, the vice president directly owned 24,051 shares in the company, valued at approximately $3,006,375. This represents a 7.68% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 30,051 shares of company stock valued at $3,486,240. 1.40% of the stock is currently owned by insiders.

About McGrath RentCorp

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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