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Sep 02, 2023

M&T Bank Corp Raises Holdings in McGrath RentCorp (NASDAQ:MGRC)

M&T Bank Corp lifted its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 16.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission.

M&T Bank Corp lifted its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 16.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,478 shares of the financial services provider's stock after purchasing an additional 2,268 shares during the quarter. M&T Bank Corp owned about 0.07% of McGrath RentCorp worth $1,538,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Morgan Stanley increased its stake in McGrath RentCorp by 687.4% in the 4th quarter. Morgan Stanley now owns 468,790 shares of the financial services provider's stock worth $46,288,000 after acquiring an additional 409,256 shares during the last quarter. Norges Bank bought a new stake in McGrath RentCorp in the fourth quarter worth $21,376,000. Millennium Management LLC raised its stake in McGrath RentCorp by 65.0% during the fourth quarter. Millennium Management LLC now owns 368,455 shares of the financial services provider's stock valued at $36,381,000 after purchasing an additional 145,164 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in McGrath RentCorp by 18.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 357,637 shares of the financial services provider's stock valued at $35,313,000 after purchasing an additional 55,884 shares during the last quarter. Finally, Raymond James & Associates purchased a new position in shares of McGrath RentCorp in the 1st quarter worth $4,262,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

In other McGrath RentCorp news, VP Philip B. Hawkins sold 2,607 shares of the company's stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $98.72, for a total value of $257,363.04. The sale was disclosed in a filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by insiders.

NASDAQ MGRC opened at $102.70 on Thursday. McGrath RentCorp has a 52 week low of $81.25 and a 52 week high of $111.70. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 2.14 and a beta of 0.78. The company has a fifty day moving average of $95.51 and a two-hundred day moving average of $94.50.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $0.96 by $0.18. The company had revenue of $203.03 million for the quarter, compared to the consensus estimate of $191.80 million. McGrath RentCorp had a net margin of 22.16% and a return on equity of 14.47%. Equities research analysts anticipate that McGrath RentCorp will post 4.81 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Monday, July 17th were paid a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Friday, July 14th. McGrath RentCorp's dividend payout ratio is currently 26.42%.

Separately, StockNews.com assumed coverage on shares of McGrath RentCorp in a report on Thursday, August 17th. They issued a "hold" rating for the company.

Read Our Latest Stock Report on 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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates through Mobile Modular, TRS-RenTelco, and Enviroplex segments.

Want to see what other hedge funds are holding MGRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McGrath RentCorp (NASDAQ:MGRC - Free Report).

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