State Street Corp Invests $441 Million in Sunbelt Rentals Holdings, Inc. Common Stock $SUNB

Key Points

• State Street acquired 5.89 million SUNB shares worth approximately $441 million, representing a 1.44% stake. Several other institutional investors also established new positions during the second quarter.
• Sunbelt Rentals reported quarterly earnings of $1.18 per share, exceeding the $0.99 consensus estimate, while revenue rose 11.2% year over year to $3.12 billion.
• SUNB shares were recently down 2.3% to $73.92. Analysts maintain a consensus “Hold” rating with an average price target of $87.33, while the company declared a quarterly dividend of $0.30 per share.

State Street Corp acquired a new stake in Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,894,914 shares of the company's stock, valued at approximately $440,999,000. State Street Corp owned 1.44% of Sunbelt Rentals Holdings, Inc. Common Stock at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of SUNB. The Manufacturers Life Insurance Company bought a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the 2nd quarter worth about $11,553,000. Sequoia Financial Advisors LLC bought a new stake in shares of Sunbelt Rentals Holdings, Inc. Common Stock in the second quarter valued at about $5,133,000. Tidal Investments LLC bought a new stake in shares of Sunbelt Rentals Holdings, Inc. Common Stock in the second quarter valued at about $16,151,000. Integrated Wealth Concepts LLC acquired a new stake in Sunbelt Rentals Holdings, Inc. Common Stock during the second quarter worth about $83,000. Finally, Allworth Financial LP acquired a new stake in Sunbelt Rentals Holdings, Inc. Common Stock during the second quarter worth about $30,000.

Sunbelt Rentals Holdings, Inc. Common Stock Stock Down 2.3%

NYSE:SUNB opened at $73.92 on Thursday. Sunbelt Rentals Holdings, Inc. Common Stock has a 12-month low of $61.03 and a 12-month high of $86.68. The company has a quick ratio of 0.87, a current ratio of 0.94 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $30.29 billion and a P/E ratio of 38.50. The stock's fifty day simple moving average is $74.84 and its 200-day simple moving average is $74.03.

Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Get Free Report) last released its earnings results on Wednesday, September 9th. The company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.19. The company had revenue of $3.12 billion during the quarter. The company's revenue for the quarter was up 11.2% on a year-over-year basis. Equities research analysts expect that Sunbelt Rentals Holdings, Inc. Common Stock will post 4.26 earnings per share for the current year.

Sunbelt Rentals Holdings, Inc. Common Stock Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Friday, September 18th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, September 18th. Sunbelt Rentals Holdings, Inc. Common Stock's dividend payout ratio (DPR) is currently 62.50%.

Wall Street Analyst Weigh In

SUNB has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price target on Sunbelt Rentals Holdings, Inc. Common Stock from $71.00 to $79.00 and gave the company an "underweight" rating in a report on Thursday, September 10th. Sanford C. Bernstein reissued an "outperform" rating and issued a $97.00 target price on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a research note on Wednesday, September 16th. Weiss Ratings upgraded Sunbelt Rentals Holdings, Inc. Common Stock from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, September 14th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a research note on Tuesday, June 30th. Finally, Bank of America raised their price target on Sunbelt Rentals Holdings, Inc. Common Stock from $62.00 to $71.00 and gave the company an "underperform" rating in a report on Thursday, September 10th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $87.33.

Insider Buying and Selling at Sunbelt Rentals Holdings, Inc. Common Stock

In related news, COO John Washburn sold 3,351 shares of Sunbelt Rentals Holdings, Inc. Common Stock stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $70.00, for a total transaction of $234,570.00. Following the transaction, the chief operating officer owned 72,394 shares of the company's stock, valued at $5,067,580. This trade represents a 4.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is owned by corporate insiders.

About Sunbelt Rentals Holdings, Inc. Common Stock

Sunbelt Rentals Holdings, Inc is an equipment rental company that provides tools, machinery and related services to construction, industrial, commercial, infrastructure, government and residential customers. Its rental fleet includes aerial work platforms, earthmoving and material-handling equipment, general tools, power-generation equipment, pumps, heating and cooling systems, and temporary structures.

The company also provides specialized solutions such as trench safety, climate control, event equipment, traffic management and temporary power.

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