Victory Capital Management Inc. Purchases 7,063 Shares of McGrath RentCorp (NASDAQ:MGRC)

Victory Capital Management Inc. boosted its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 648,772 shares of the financial services provider's stock after purchasing an additional 7,063 shares during the period. Victory Capital Management Inc. owned about 2.64% of McGrath RentCorp worth $72,273,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. New Age Alpha Advisors LLC purchased a new position in McGrath RentCorp during the fourth quarter valued at approximately $33,000. Canada Pension Plan Investment Board purchased a new stake in McGrath RentCorp during the fourth quarter valued at $89,000. Focus Partners Wealth acquired a new position in shares of McGrath RentCorp during the fourth quarter worth about $136,000. State of Wyoming acquired a new position in McGrath RentCorp in the fourth quarter valued at approximately $159,000. Finally, Xponance Inc. purchased a new stake in McGrath RentCorp in the fourth quarter valued at approximately $200,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Stock Down 0.2%

MGRC stock opened at $117.11 on Friday. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The firm has a market cap of $2.88 billion, a P/E ratio of 12.14, a P/E/G ratio of 1.22 and a beta of 0.66. The company's 50-day moving average price is $115.72 and its two-hundred day moving average price is $114.74.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, topping the consensus estimate of $1.02 by $0.13. The business had revenue of $195.42 million during the quarter, compared to analyst estimates of $189.03 million. McGrath RentCorp had a net margin of 25.81% and a return on equity of 13.57%. McGrath RentCorp's quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.93 earnings per share. Equities analysts predict that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Thursday, July 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.66%. McGrath RentCorp's dividend payout ratio is presently 20.10%.

Analyst Upgrades and Downgrades

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

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the transaction, the vice president owned 8,692 shares in the company, valued at approximately $967,593.44. This trade represents a 22.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David M. Whitney sold 2,221 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the transaction, the chief accounting officer directly owned 6,694 shares of the company's stock, valued at $764,521.74. This trade represents a 24.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,313 shares of company stock worth $2,005,372 in the last 90 days. Insiders own 1.40% of the company's stock.

About McGrath RentCorp

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.

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