M&T Bank Corp Increases Stock Holdings in McGrath RentCorp $MGRC

Key Points

• M&T Bank Corp increased its stake in McGrath RentCorp by 318.3% in Q4, adding 25,499 shares to hold 33,510 shares worth about $3.52 million (≈0.14% of the company).
• Quarterly results and dividend: McGrath RentCorp beat estimates with $2.02 EPS and $256.8M revenue, and raised its quarterly dividend to $0.495 (annualized $1.98, ~1.7% yield).
• Analyst and ownership outlook: The stock has an average rating of "Moderate Buy" with a $141.50 target, and institutional investors own 92.05% of shares, including large positions like Channing Capital's 601,583 shares.

M&T Bank Corp grew its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 318.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,510 shares of the financial services provider's stock after purchasing an additional 25,499 shares during the quarter. M&T Bank Corp owned approximately 0.14% of McGrath RentCorp worth $3,516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Envestnet Asset Management Inc. grew its holdings in shares of McGrath RentCorp by 112.7% during the third quarter. Envestnet Asset Management Inc. now owns 44,953 shares of the financial services provider's stock worth $5,273,000 after purchasing an additional 23,817 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $6,866,000. Oliver Luxxe Assets LLC purchased a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $1,456,000. Channing Capital Management LLC boosted its position in shares of McGrath RentCorp by 19.8% in the 3rd quarter. Channing Capital Management LLC now owns 601,583 shares of the financial services provider's stock valued at $70,566,000 after purchasing an additional 99,626 shares during the period. Finally, Ranger Investment Management L.P. acquired a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $2,970,000. Hedge funds and other institutional investors own 92.05% of the company's stock.

Analyst Upgrades and Downgrades

MGRC has been the topic of several research analyst reports. Barclays started coverage on McGrath RentCorp in a research report on Wednesday, February 11th. They set an "overweight" rating and a $140.00 price target on the stock. Zacks Research raised McGrath RentCorp from a "strong sell" rating to a "hold" rating in a report on Thursday, January 15th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of McGrath RentCorp in a research report on Tuesday, January 27th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $141.50.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $115.82 on Monday. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 18.24, a price-to-earnings-growth ratio of 1.15 and a beta of 0.49. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $128.41. The company's 50-day simple moving average is $110.74 and its 200-day simple moving average is $109.83.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The financial services provider reported $2.02 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.28. McGrath RentCorp had a net margin of 16.55% and a return on equity of 13.21%. The firm had revenue of $256.76 million during the quarter, compared to the consensus estimate of $254.32 million. Equities research analysts anticipate that McGrath RentCorp will post 6.52 EPS for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Thursday, April 16th will be issued a $0.495 dividend. The ex-dividend date of this dividend is Thursday, April 16th. This represents a $1.98 annualized dividend and a dividend yield of 1.7%. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.49. McGrath RentCorp's payout ratio is 31.18%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.