McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 45.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,329 shares of the financial services provider’s stock after selling 24,928 shares during the period. Allspring Global Investments Holdings LLC owned about 0.12% of McGrath RentCorp worth $3,628,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MGRC. Vaughan Nelson Investment Management L.P. purchased a new position in McGrath RentCorp during the 4th quarter worth approximately $25,329,000. Wolf Group Capital Advisors increased its holdings in shares of McGrath RentCorp by 6.6% in the 4th quarter. Wolf Group Capital Advisors now owns 16,501 shares of the financial services provider’s stock valued at $1,974,000 after acquiring an additional 1,023 shares during the period. Assenagon Asset Management S.A. raised its position in McGrath RentCorp by 244.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 43,333 shares of the financial services provider’s stock valued at $5,183,000 after purchasing an additional 30,737 shares during the last quarter. Diversified Trust Co boosted its stake in McGrath RentCorp by 4.7% during the 4th quarter. Diversified Trust Co now owns 3,799 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 171 shares during the period. Finally, Vanguard Group Inc. grew its position in McGrath RentCorp by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,679,998 shares of the financial services provider’s stock worth $268,643,000 after purchasing an additional 22,273 shares during the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Trading Down 0.3 %

McGrath RentCorp stock opened at $110.39 on Friday. The stock has a 50 day moving average of $121.68 and a two-hundred day moving average of $113.02. McGrath RentCorp has a twelve month low of $85.97 and a twelve month high of $130.86. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 1.58 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.07). The company had revenue of $221.59 million for the quarter, compared to analyst estimates of $214.43 million. McGrath RentCorp had a return on equity of 13.63% and a net margin of 20.99%. Equities analysts predict that McGrath RentCorp will post 5.42 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Tuesday, April 16th will be issued a $0.475 dividend. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, April 15th. This represents a $1.90 annualized dividend and a dividend yield of 1.72%. McGrath RentCorp’s payout ratio is presently 26.69%.

Analyst Ratings Changes

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

About 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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.