Bank of Nova Scotia Boosts Position in Republic Services, Inc. $RSG

Bank of Nova Scotia lifted its position in shares of Republic Services, Inc. (NYSE:RSG) by 68.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 396,491 shares of the business services provider’s stock after buying an additional 160,456 shares during the quarter. Bank of Nova Scotia owned approximately 0.13% of Republic Services worth $86,842,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC purchased a new stake in Republic Services in the 4th quarter valued at approximately $25,000. Wealth Watch Advisors INC acquired a new position in shares of Republic Services during the 3rd quarter valued at about $26,000. Prosperity Bancshares Inc purchased a new position in Republic Services during the fourth quarter worth approximately $30,000. Sound Income Strategies LLC acquired a new position in Republic Services in the fourth quarter valued at $32,000. Finally, Hilton Head Capital Partners LLC acquired a new position in shares of Republic Services in the 4th quarter valued at about $32,000. 57.73% of the stock is currently owned by hedge funds and other institutional investors.

Republic Services Stock Performance

Shares of RSG stock opened at $217.14 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67. The company’s fifty day moving average price is $212.06 and its two-hundred day moving average price is $214.84. The firm has a market capitalization of $66.80 billion, a P/E ratio of 31.15, a P/E/G ratio of 3.63 and a beta of 0.40. Republic Services, Inc. has a 12 month low of $196.41 and a 12 month high of $246.25.

Republic Services (NYSE:RSG) last announced its earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.06. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The company had revenue of $4.11 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same period last year, the firm earned $1.58 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. On average, research analysts anticipate that Republic Services, Inc. will post 7.28 earnings per share for the current fiscal year.

Republic Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd were issued a dividend of $0.625 per share. The ex-dividend date was Thursday, July 2nd. This represents a $2.50 annualized dividend and a yield of 1.2%. Republic Services’s payout ratio is currently 35.87%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RSG shares. Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $249.00 price objective on shares of Republic Services in a research report on Friday, May 8th. Robert W. Baird cut their price objective on Republic Services from $242.00 to $240.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. UBS Group reduced their price objective on Republic Services from $240.00 to $223.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Barclays increased their target price on Republic Services from $227.00 to $233.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Finally, Citigroup raised their target price on Republic Services from $247.00 to $259.00 and gave the company a “buy” rating in a report on Friday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, Republic Services currently has an average rating of “Moderate Buy” and an average price target of $243.89.

Insider Activity at Republic Services

In other news, Director Sandra M. Volpe sold 1,800 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $211.28, for a total transaction of $380,304.00. Following the completion of the transaction, the director directly owned 58 shares in the company, valued at approximately $12,254.24. This represents a 96.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Cascade Investment, L.L.C. purchased 366,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average price of $202.24 per share, with a total value of $74,019,840.00. Following the purchase, the insider owned 110,315,982 shares of the company’s stock, valued at approximately $22,310,304,199.68. The trade was a 0.33% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have bought 987,150 shares of company stock valued at $202,366,682. Company insiders own 0.12% of the company’s stock.

Republic Services Company Profile

Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.

Republic’s core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.