Bank of Nova Scotia Cuts Holdings in Republic Services, Inc. $RSG

Bank of Nova Scotia reduced its stake in shares of Republic Services, Inc. (NYSE:RSG) by 21.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 203,856 shares of the business services provider’s stock after selling 54,735 shares during the period. Bank of Nova Scotia owned approximately 0.07% of Republic Services worth $50,271,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in RSG. Norges Bank purchased a new position in shares of Republic Services in the 2nd quarter worth about $690,313,000. Nuveen LLC bought a new stake in shares of Republic Services in the 1st quarter worth approximately $198,685,000. M&G PLC boosted its stake in shares of Republic Services by 113.0% in the 2nd quarter. M&G PLC now owns 1,164,656 shares of the business services provider’s stock valued at $287,670,000 after purchasing an additional 617,939 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Republic Services by 118.4% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 806,409 shares of the business services provider’s stock worth $198,869,000 after purchasing an additional 437,190 shares during the period. Finally, Invesco Ltd. boosted its position in Republic Services by 21.3% during the second quarter. Invesco Ltd. now owns 2,325,302 shares of the business services provider’s stock valued at $573,443,000 after buying an additional 408,885 shares during the period. Hedge funds and other institutional investors own 57.73% of the company’s stock.

Wall Street Analyst Weigh In

RSG has been the subject of a number of recent research reports. Barclays started coverage on Republic Services in a research note on Friday, September 19th. They issued an “equal weight” rating and a $240.00 target price for the company. The Goldman Sachs Group initiated coverage on shares of Republic Services in a report on Monday, November 24th. They issued a “buy” rating and a $255.00 target price on the stock. Stifel Nicolaus dropped their price target on shares of Republic Services from $257.00 to $251.00 and set a “buy” rating for the company in a research report on Friday, October 31st. Weiss Ratings restated a “buy (b-)” rating on shares of Republic Services in a research report on Monday, December 1st. Finally, Raymond James Financial reissued an “outperform” rating and issued a $240.00 target price on shares of Republic Services in a research note on Friday, October 31st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Republic Services has a consensus rating of “Moderate Buy” and an average price target of $250.45.

Republic Services Stock Performance

Shares of RSG stock opened at $211.37 on Tuesday. Republic Services, Inc. has a 12 month low of $199.43 and a 12 month high of $258.75. The stock has a market cap of $65.43 billion, a PE ratio of 31.45, a price-to-earnings-growth ratio of 3.47 and a beta of 0.54. The company’s fifty day moving average price is $216.30 and its 200-day moving average price is $231.32. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.04.

Republic Services (NYSE:RSG) last announced its quarterly earnings data on Friday, October 31st. The business services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.12. Republic Services had a net margin of 12.77% and a return on equity of 18.24%. The business had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.25 billion. During the same quarter in the prior year, the company earned $1.81 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. On average, equities analysts expect that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Friday, January 2nd will be issued a dividend of $0.625 per share. The ex-dividend date is Friday, January 2nd. This represents a $2.50 annualized dividend and a dividend yield of 1.2%. Republic Services’s dividend payout ratio (DPR) is presently 37.20%.

Republic Services Company Profile

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.