PNC Financial Services Group Inc. Sells 884 Shares of McGrath RentCorp (NASDAQ:MGRC)

PNC Financial Services Group Inc. lowered its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 17.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,156 shares of the financial services provider’s stock after selling 884 shares during the quarter. PNC Financial Services Group Inc.’s holdings in McGrath RentCorp were worth $463,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Teacher Retirement System of Texas bought a new stake in shares of McGrath RentCorp during the first quarter worth $1,328,000. BNP Paribas Financial Markets increased its stake in McGrath RentCorp by 29.8% in the 4th quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider’s stock worth $1,834,000 after buying an additional 3,767 shares during the period. Ameriprise Financial Inc. increased its stake in McGrath RentCorp by 35.8% in the 4th quarter. Ameriprise Financial Inc. now owns 12,403 shares of the financial services provider’s stock worth $1,387,000 after buying an additional 3,272 shares during the period. Nuveen Asset Management LLC lifted its holdings in McGrath RentCorp by 11.6% during the 4th quarter. Nuveen Asset Management LLC now owns 97,441 shares of the financial services provider’s stock valued at $10,896,000 after buying an additional 10,107 shares in the last quarter. Finally, Allianz Asset Management GmbH bought a new stake in McGrath RentCorp during the 1st quarter valued at about $1,054,000. Institutional investors own 92.05% of the company’s stock.

Insider Buying and Selling at McGrath RentCorp

In other news, CAO David M. Whitney sold 2,221 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the sale, the chief accounting officer owned 6,694 shares of the company’s stock, valued at approximately $764,521.74. This represents a 24.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kimberly Ann Box sold 1,500 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total transaction of $177,750.00. Following the transaction, the director owned 7,000 shares in the company, valued at approximately $829,500. This represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,519 shares of company stock worth $2,645,800. Company insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, April 25th.

McGrath RentCorp Stock Up 0.5%

MGRC opened at $121.90 on Thursday. The stock’s fifty day moving average is $117.90 and its two-hundred day moving average is $115.33. The company has a market capitalization of $3.00 billion, a P/E ratio of 11.87, a PEG ratio of 1.25 and a beta of 0.66. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.16. The business had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. The business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 EPS. Equities analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th were given a dividend of $0.485 per share. The ex-dividend date of this dividend was Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. McGrath RentCorp’s dividend payout ratio (DPR) is 18.89%.

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.