M&T Bank Corp Lowers Stock Position in McGrath RentCorp (NASDAQ:MGRC)

M&T Bank Corp decreased its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 69.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,108 shares of the financial services provider's stock after selling 16,073 shares during the period. M&T Bank Corp's holdings in McGrath RentCorp were worth $792,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MGRC. Charles Schwab Investment Management Inc. grew its holdings in McGrath RentCorp by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock worth $32,819,000 after acquiring an additional 6,238 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of McGrath RentCorp during the 4th quarter worth $13,179,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of McGrath RentCorp by 29.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,880 shares of the financial services provider's stock worth $881,000 after purchasing an additional 1,795 shares in the last quarter. Swiss National Bank grew its stake in shares of McGrath RentCorp by 0.6% during the 4th quarter. Swiss National Bank now owns 48,300 shares of the financial services provider's stock worth $5,401,000 after purchasing an additional 300 shares during the period. Finally, Cibc World Markets Corp purchased a new position in shares of McGrath RentCorp in the 4th quarter valued at about $255,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research report on Friday, April 25th.

Insiders Place Their Bets

In related news, VP John P. Skenesky sold 2,500 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the completion of the transaction, the vice president directly owned 8,692 shares in the company, valued at $967,593.44. The trade was a 22.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Philip B. Hawkins sold 4,804 shares of the stock in a transaction on Monday, April 28th. The shares were sold at an average price of $103.57, for a total value of $497,550.28. Following the sale, the chief operating officer owned 3,150 shares in the company, valued at approximately $326,245.50. This trade represents a 60.40% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,313 shares of company stock valued at $2,005,372. Corporate insiders own 1.40% of the company's stock.

McGrath RentCorp Stock Performance

Shares of MGRC stock opened at $119.42 on Tuesday. The stock has a fifty day moving average price of $115.28 and a 200 day moving average price of $114.67. The stock has a market cap of $2.94 billion, a PE ratio of 12.38, a P/E/G ratio of 1.25 and a beta of 0.66. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.57% and a net margin of 25.81%. The business had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. During the same quarter in the previous year, the company posted $0.93 EPS. The business's revenue was up 4.0% on a year-over-year basis. As a group, equities research analysts predict 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 will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be issued a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Thursday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.10%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.