M&T Bank Corp Has $2.59 Million Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

M&T Bank Corp grew its holdings in McGrath RentCorp (NASDAQ:MGRC) by 28.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,181 shares of the financial services provider’s stock after buying an additional 5,123 shares during the quarter. M&T Bank Corp owned 0.09% of McGrath RentCorp worth $2,592,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its stake in shares of McGrath RentCorp by 1,487.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock valued at $312,000 after buying an additional 2,648 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of McGrath RentCorp in the 3rd quarter valued at $816,000. Asset Management One Co. Ltd. acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at $3,833,000. Sanctuary Advisors LLC acquired a new position in shares of McGrath RentCorp in the 3rd quarter valued at $548,000. Finally, One Wealth Advisors LLC grew its holdings in shares of McGrath RentCorp by 40.1% in the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider’s stock worth $1,885,000 after purchasing an additional 4,824 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

MGRC has been the topic of several analyst reports. Oppenheimer upped their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. StockNews.com raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, February 28th. Finally, CJS Securities initiated coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price on the stock.

McGrath RentCorp Stock Down 2.5 %

Shares of NASDAQ:MGRC opened at $111.95 on Friday. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The company’s 50-day moving average price is $119.20 and its two-hundred day moving average price is $114.39. The firm has a market cap of $2.75 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.35 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The firm had revenue of $243.75 million for the quarter, compared to analyst estimates of $246.93 million. As a group, equities analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a yield of 1.73%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio is currently 20.57%.

Insiders Place Their Bets

In other news, VP Gilda Malek sold 919 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total value of $111,915.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at $935,175. This trade represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

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.