M&T Bank Corp Has $792,000 Stock Position in McGrath RentCorp (NASDAQ:MGRC)

M&T Bank Corp lowered 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 (SEC). The institutional investor 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 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MGRC. New Age Alpha Advisors LLC bought a new stake in McGrath RentCorp during the 4th quarter valued at $33,000. Canada Pension Plan Investment Board bought a new stake in McGrath RentCorp during the 4th quarter valued at $89,000. Focus Partners Wealth bought a new stake in McGrath RentCorp during the 4th quarter valued at $136,000. State of Wyoming bought a new stake in McGrath RentCorp during the 4th quarter valued at $159,000. Finally, Xponance Inc. bought a new stake in McGrath RentCorp during the 4th quarter valued at $200,000. Institutional investors own 92.05% of the company's stock.

Insiders Place Their Bets

In related news, COO Philip B. Hawkins sold 4,804 shares of McGrath RentCorp stock in a transaction on Monday, April 28th. The stock was sold at an average price of $103.57, for a total value of $497,550.28. Following the transaction, the chief operating officer directly owned 3,150 shares in the company, valued at $326,245.50. The trade was a 60.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO David M. Whitney sold 2,221 shares of McGrath RentCorp stock in a transaction on Friday, June 6th. The shares were sold at an average price of $114.21, for a total value of $253,660.41. Following the transaction, the chief accounting officer owned 6,694 shares in the company, valued at $764,521.74. This represents a 24.91% 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 worth $2,005,372. Corporate insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

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

McGrath RentCorp Stock Performance

Shares of MGRC stock traded down $2.03 during mid-day trading on Friday, hitting $115.08. 32,699 shares of the stock traded hands, compared to its average volume of 184,032. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 1.22 and a beta of 0.66. The company's 50-day simple moving average is $115.72 and its 200-day simple moving average is $114.74.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating 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 company had revenue of $195.42 million for the quarter, compared to analysts' expectations of $189.03 million. During the same period last year, the firm earned $0.93 EPS. The firm's revenue for the quarter was up 4.0% on a year-over-year basis. Analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.10%.

McGrath RentCorp Company 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.