Bank of Nova Scotia Cuts Stake in RB Global, Inc. $RBA

Bank of Nova Scotia lessened its holdings in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 6.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 252,859 shares of the business services provider’s stock after selling 17,807 shares during the period. Bank of Nova Scotia owned approximately 0.14% of RB Global worth $24,244,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RBA. Walleye Capital LLC boosted its holdings in RB Global by 19.6% in the first quarter. Walleye Capital LLC now owns 340,935 shares of the business services provider’s stock worth $32,679,000 after acquiring an additional 55,857 shares in the last quarter. NewEdge Wealth LLC acquired a new position in shares of RB Global during the first quarter valued at about $384,000. PNC Financial Services Group Inc. increased its holdings in shares of RB Global by 8.7% during the first quarter. PNC Financial Services Group Inc. now owns 21,064 shares of the business services provider’s stock valued at $2,019,000 after acquiring an additional 1,685 shares in the last quarter. Oslo Pensjonsforsikring AS purchased a new position in shares of RB Global in the 1st quarter valued at approximately $268,000. Finally, Long Road Investment Counsel LLC raised its position in shares of RB Global by 4.1% in the 1st quarter. Long Road Investment Counsel LLC now owns 58,140 shares of the business services provider’s stock valued at $5,573,000 after purchasing an additional 2,300 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

RB Global Stock Performance

RBA opened at $111.68 on Friday. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40. RB Global, Inc. has a 12-month low of $93.58 and a 12-month high of $119.58. The firm has a 50 day moving average of $108.82 and a two-hundred day moving average of $106.35. The firm has a market capitalization of $20.71 billion, a PE ratio of 51.95, a P/E/G ratio of 1.75 and a beta of 0.55.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The firm had revenue of $888.01 million for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the business earned $0.89 earnings per share. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, analysts anticipate that RB Global, Inc. will post 4.16 EPS for the current year.

RB Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th were paid a dividend of $0.31 per share. The ex-dividend date was Wednesday, May 27th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. RB Global’s dividend payout ratio (DPR) is presently 57.67%.

Insider Activity

In related news, Director Deborah Stein acquired 425 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $103.15 per share, with a total value of $43,838.75. Following the acquisition, the director directly owned 1,825 shares in the company, valued at $188,248.75. This represents a 30.36% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.57% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have weighed in on RBA shares. Raymond James Financial raised shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, June 30th. Stephens reaffirmed an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. National Bank Financial lifted their price objective on shares of RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Barclays dropped their price objective on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Wall Street Zen downgraded RB Global from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, RB Global currently has a consensus rating of “Buy” and an average target price of $127.57.

About RB Global

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.