Raymond James Financial Inc. Acquires 29,587 Shares of McGrath RentCorp $MGRC

Key Points

• Raymond James Financial Inc. increased its stake in McGrath RentCorp by 25.1%, owning 147,448 shares worth $16.4 million at the end of the first quarter.
• The company's recent earnings report revealed an EPS of $1.46, surpassing analysts' expectations, with a revenue of $235.62 million, up 10.8% from the previous year.
• McGrath RentCorp announced a quarterly dividend of $0.485, representing an annualized dividend yield of 1.6% and a payout ratio of 18.89%.

Raymond James Financial Inc. grew its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 25.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,448 shares of the financial services provider's stock after purchasing an additional 29,587 shares during the quarter. Raymond James Financial Inc. owned about 0.60% of McGrath RentCorp worth $16,425,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MGRC. Focus Partners Wealth purchased a new position in McGrath RentCorp during the 4th quarter valued at about $136,000. State of Wyoming bought a new position in shares of McGrath RentCorp in the fourth quarter valued at approximately $159,000. Teza Capital Management LLC purchased a new position in McGrath RentCorp during the fourth quarter valued at approximately $213,000. Nisa Investment Advisors LLC increased its holdings in McGrath RentCorp by 9.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after acquiring an additional 174 shares during the period. Finally, Forum Financial Management LP lifted its stake in McGrath RentCorp by 11.2% in the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock worth $240,000 after purchasing an additional 216 shares in the last quarter. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Price Performance

NASDAQ:MGRC traded down $3.08 during trading hours on Friday, hitting $121.49. The stock had a trading volume of 102,176 shares, compared to its average volume of 111,144. The company has a 50 day simple moving average of $119.62 and a two-hundred day simple moving average of $115.17. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 11.83, a P/E/G ratio of 1.25 and a beta of 0.61. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%.The firm's revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 earnings per share. McGrath RentCorp has set its FY 2025 guidance at EPS. Equities research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders 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 annualized dividend and a dividend yield of 1.6%. McGrath RentCorp's dividend payout ratio (DPR) is presently 18.89%.

Insiders Place Their Bets

In related news, Director Kimberly Ann Box sold 1,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total value of $177,750.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Trease Kristina Van sold 2,221 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the sale, the insider directly owned 6,694 shares in the company, 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. In the last quarter, insiders sold 21,519 shares of company stock worth $2,645,800. 1.40% of the stock is currently owned by insiders.

McGrath RentCorp 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.