Corebridge Financial Inc. Has $1.36 Million Holdings in McGrath RentCorp (NASDAQ:MGRC)

Corebridge Financial Inc. trimmed its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 7.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,134 shares of the financial services provider’s stock after selling 916 shares during the period. Corebridge Financial Inc.’s holdings in McGrath RentCorp were worth $1,357,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in shares of McGrath RentCorp by 1,487.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 2,648 shares in the last quarter. Asset Management One Co. Ltd. bought a new stake in McGrath RentCorp during the fourth quarter worth $3,833,000. Sanctuary Advisors LLC bought a new stake in McGrath RentCorp during the third quarter worth $548,000. One Wealth Advisors LLC boosted its holdings in shares of McGrath RentCorp by 40.1% in the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider’s stock valued at $1,885,000 after purchasing an additional 4,824 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of McGrath RentCorp by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider’s stock valued at $30,243,000 after purchasing an additional 8,428 shares during the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC opened at $107.15 on Friday. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The company has a market capitalization of $2.63 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62. The company has a fifty day moving average of $118.55 and a 200-day moving average of $115.35.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $243.75 million for the quarter, compared to analyst estimates of $246.93 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. On average, equities analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be paid a dividend of $0.485 per share. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.81%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.57%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MGRC. CJS Securities initiated coverage on McGrath RentCorp in a research report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price objective for the company. StockNews.com cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, March 14th.

Insider Buying and Selling

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the transaction, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $935,175. The trade was a 11.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by insiders.

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.