Swedbank AB Has $36.34 Million Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Swedbank AB increased its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 30.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 325,000 shares of the financial services provider’s stock after buying an additional 75,000 shares during the period. Swedbank AB owned 1.32% of McGrath RentCorp worth $36,342,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hantz Financial Services Inc. boosted its holdings in shares of McGrath RentCorp by 12.9% during the fourth quarter. Hantz Financial Services Inc. now owns 21,939 shares of the financial services provider’s stock worth $2,453,000 after acquiring an additional 2,506 shares during the period. KBC Group NV lifted its holdings in McGrath RentCorp by 37.3% during the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock worth $118,000 after purchasing an additional 286 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in McGrath RentCorp by 4.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider’s stock worth $933,000 after purchasing an additional 357 shares during the last quarter. Empirical Asset Management LLC acquired a new position in McGrath RentCorp in the 4th quarter valued at $207,000. Finally, Franklin Resources Inc. grew its holdings in McGrath RentCorp by 57.3% in the 3rd quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider’s stock valued at $119,456,000 after buying an additional 404,884 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Activity

In other news, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction on Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total value of $1,898,899.20. Following the transaction, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Performance

MGRC opened at $124.31 on Friday. The firm has a market cap of $3.05 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 1.48 and a beta of 0.77. The business’s fifty day moving average is $117.30 and its 200-day moving average is $111.68. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be issued a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Friday, January 17th. McGrath RentCorp’s dividend payout ratio is currently 20.77%.

Wall Street Analysts Forecast Growth

MGRC has been the subject of a number of research reports. Oppenheimer boosted their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. StockNews.com raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Finally, CJS Securities initiated coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 target price on the stock.

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.