63,388 Shares in McGrath RentCorp $MGRC Acquired by Fifth Third Bancorp

Fifth Third Bancorp acquired a new stake in McGrath RentCorp (NASDAQ:MGRC) in the 1st quarter, HoldingsChannel.com reports. The fund acquired 63,388 shares of the financial services provider’s stock, valued at approximately $6,990,000.

A number of other hedge funds have also recently added to or reduced their stakes in MGRC. EverSource Wealth Advisors LLC grew its stake in shares of McGrath RentCorp by 767.7% during the second quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after buying an additional 238 shares during the last quarter. Danske Bank A S acquired a new stake in shares of McGrath RentCorp during the 3rd quarter valued at $47,000. Strs Ohio acquired a new stake in shares of McGrath RentCorp during the 1st quarter valued at $56,000. Covestor Ltd grew its position in McGrath RentCorp by 52.0% during the 4th quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 474 shares during the last quarter. Finally, Palouse Capital Management Inc. bought a new stake in McGrath RentCorp during the 4th quarter worth $152,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $141.50.

Insider Transactions at McGrath RentCorp

In other news, VP John Lieffrig sold 2,000 shares of McGrath RentCorp stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $125.00, for a total value of $250,000.00. Following the completion of the transaction, the vice president directly owned 24,051 shares of the company’s stock, valued at approximately $3,006,375. This trade represents a 7.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO David M. Whitney sold 3,783 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the transaction, the chief accounting officer directly owned 6,533 shares in the company, valued at $742,475.45. This represents a 36.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 30,051 shares of company stock worth $3,486,240. Corporate insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Performance

NASDAQ:MGRC opened at $121.02 on Friday. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $128.41. The company has a 50 day simple moving average of $114.48 and a two-hundred day simple moving average of $112.60. The company has a market capitalization of $2.97 billion, a PE ratio of 19.21, a P/E/G ratio of 1.19 and a beta of 0.43.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.03). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. The firm had revenue of $198.54 million during the quarter, compared to the consensus estimate of $198.19 million. Research analysts predict that McGrath RentCorp will post 6.35 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be issued a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 31.43%.

About McGrath RentCorp

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.