McGrath RentCorp (NASDAQ:MGRC) Stock Position Cut by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 53.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,781 shares of the financial services provider’s stock after selling 3,229 shares during the quarter. PNC Financial Services Group Inc.’s holdings in McGrath RentCorp were worth $333,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in MGRC. Vanguard Group Inc. increased its stake in shares of McGrath RentCorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after acquiring an additional 11,280 shares during the period. Wellington Management Group LLP raised its stake in shares of McGrath RentCorp by 24.2% in the 4th quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock worth $92,258,000 after buying an additional 150,253 shares in the last quarter. Capital Research Global Investors acquired a new stake in shares of McGrath RentCorp in the fourth quarter valued at $55,950,000. Clearbridge Investments LLC boosted its stake in McGrath RentCorp by 48.1% during the fourth quarter. Clearbridge Investments LLC now owns 304,419 shares of the financial services provider’s stock valued at $36,415,000 after buying an additional 98,851 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in McGrath RentCorp by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 268,391 shares of the financial services provider’s stock worth $32,105,000 after acquiring an additional 5,792 shares during the period. 92.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on shares of McGrath RentCorp in a report on Thursday. They issued a “hold” rating for the company.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC opened at $106.55 on Friday. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 1.46 and a beta of 0.79. McGrath RentCorp has a 1-year low of $88.63 and a 1-year high of $130.86. The company has a 50 day moving average price of $108.04 and a 200 day moving average price of $115.63.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.20. The business had revenue of $187.80 million during the quarter, compared to analyst estimates of $145.63 million. McGrath RentCorp had a return on equity of 13.43% and a net margin of 14.70%. The company’s revenue was up 14.7% compared to the same quarter last year. During the same period last year, the company posted $0.89 EPS. On average, sell-side analysts expect that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th will be issued a dividend of $0.475 per share. The ex-dividend date is Wednesday, July 17th. This represents a $1.90 annualized dividend and a yield of 1.78%. McGrath RentCorp’s payout ratio is presently 37.04%.

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.