Bank of America Corp DE cut its stake in shares of Republic Services, Inc. (NYSE:RSG – Get Rating) by 1.7% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,750,239 shares of the business services provider’s stock after selling 29,870 shares during the quarter. Bank of America Corp DE’s holdings in Republic Services were worth $231,908,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in RSG. Quadrant Capital Group LLC lifted its stake in shares of Republic Services by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 3,015 shares of the business services provider’s stock worth $399,000 after acquiring an additional 82 shares during the period. First Commonwealth Financial Corp PA boosted its stake in shares of Republic Services by 2.4% in the 1st quarter. First Commonwealth Financial Corp PA now owns 3,605 shares of the business services provider’s stock valued at $478,000 after purchasing an additional 85 shares during the last quarter. Hanson & Doremus Investment Management increased its position in shares of Republic Services by 16.6% during the first quarter. Hanson & Doremus Investment Management now owns 626 shares of the business services provider’s stock worth $83,000 after buying an additional 89 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Republic Services by 1.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 9,693 shares of the business services provider’s stock valued at $1,285,000 after buying an additional 92 shares during the period. Finally, Desjardins Global Asset Management Inc. boosted its position in Republic Services by 35.6% during the first quarter. Desjardins Global Asset Management Inc. now owns 377 shares of the business services provider’s stock valued at $49,000 after acquiring an additional 99 shares during the last quarter. Institutional investors own 58.01% of the company’s stock.
Republic Services Price Performance
Shares of NYSE:RSG opened at $144.34 on Wednesday. Republic Services, Inc. has a twelve month low of $113.57 and a twelve month high of $149.17. The stock’s 50 day moving average is $140.76 and its 200-day moving average is $134.39. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $45.60 billion, a price-to-earnings ratio of 33.11, a PEG ratio of 2.65 and a beta of 0.70.
Republic Services Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Monday, October 3rd will be issued a dividend of $0.495 per share. This is a positive change from Republic Services’s previous quarterly dividend of $0.46. This represents a $1.98 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Friday, September 30th. Republic Services’s payout ratio is currently 42.20%.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on RSG. Morgan Stanley boosted their price objective on Republic Services from $147.00 to $157.00 and gave the company an “overweight” rating in a research note on Monday, August 8th. StockNews.com lowered Republic Services from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 15th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Republic Services from $147.00 to $158.00 in a research note on Tuesday, August 9th. Finally, Oppenheimer increased their target price on shares of Republic Services from $139.00 to $154.00 and gave the stock an “outperform” rating in a research note on Monday, August 8th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Republic Services has an average rating of “Moderate Buy” and a consensus price target of $148.33.
In related news, CEO Ark Jon Vander sold 14,100 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $142.49, for a total value of $2,009,109.00. Following the completion of the sale, the chief executive officer now directly owns 59,619 shares of the company’s stock, valued at approximately $8,495,111.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.06% of the company’s stock.
About Republic Services
Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States. The company offers collection and processing of recyclable materials, collection, transfer and disposal of non-hazardous solid waste, and other environmental solutions. Its collection services include curbside collection of material for transport to transfer stations, landfills, or recycling processing centers; supply of recycling and waste containers; and renting of compactors.
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