McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 2.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,020,569 shares of the financial services provider's stock after selling 31,003 shares during the period. Victory Capital Management Inc. owned 4.17% of McGrath RentCorp worth $122,080,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Adirondack Trust Co. acquired a new stake in shares of McGrath RentCorp in the third quarter valued at approximately $50,000. EP Wealth Advisors LLC purchased a new position in McGrath RentCorp during the 3rd quarter worth $221,000. Dakota Wealth Management acquired a new position in McGrath RentCorp in the third quarter valued at $272,000. Navellier & Associates Inc. acquired a new position in McGrath RentCorp in the third quarter valued at $306,000. Finally, Inspire Investing LLC purchased a new stake in shares of McGrath RentCorp in the third quarter valued at about $307,000. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

Shares of MGRC stock traded up $0.35 during trading hours on Friday, reaching $109.00. 61,802 shares of the company's stock were exchanged, compared to its average volume of 302,365. McGrath RentCorp has a 1 year low of $86.50 and a 1 year high of $130.86. The company has a market cap of $2.68 billion, a P/E ratio of 21.18, a price-to-earnings-growth ratio of 1.63 and a beta of 0.82. The company's 50 day moving average is $118.17 and its two-hundred day moving average is $113.45.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.73 by $0.20. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The firm had revenue of $187.80 million during the quarter, compared to analysts' expectations of $145.63 million. During the same quarter last year, the business earned $0.89 earnings per share. The business's revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, analysts predict that McGrath RentCorp will post 5.05 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Tuesday, April 16th were paid a $0.475 dividend. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.47. This represents a $1.90 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend was Monday, April 15th. McGrath RentCorp's dividend payout ratio (DPR) is presently 37.04%.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on McGrath RentCorp in a research report on Sunday, April 28th. They issued a "hold" rating on the stock.

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.