Pinebridge Investments L.P. grew its stake in Republic Services, Inc. (NYSE:RSG) by 134.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,101 shares of the business services provider’s stock after acquiring an additional 28,764 shares during the period. Pinebridge Investments L.P.’s holdings in Republic Services were worth $3,310,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Evercore Wealth Management LLC raised its stake in shares of Republic Services by 48.6% in the second quarter. Evercore Wealth Management LLC now owns 1,593 shares of the business services provider’s stock worth $102,000 after acquiring an additional 521 shares during the last quarter. Sun Life Financial INC raised its stake in shares of Republic Services by 20,900.0% during the second quarter. Sun Life Financial INC now owns 1,680 shares of the business services provider’s stock worth $107,000 after buying an additional 1,672 shares during the last quarter. Almanack Investment Partners LLC. bought a new stake in shares of Republic Services during the second quarter worth approximately $141,000. Acrospire Investment Management LLC bought a new stake in shares of Republic Services during the second quarter worth approximately $191,000. Finally, Pinnacle Financial Partners Inc. raised its stake in shares of Republic Services by 1.9% during the second quarter. Pinnacle Financial Partners Inc. now owns 3,293 shares of the business services provider’s stock worth $210,000 after buying an additional 60 shares during the last quarter. 60.01% of the stock is owned by institutional investors.
A number of research firms recently weighed in on RSG. BMO Capital Markets dropped their price target on shares of Republic Services from $72.00 to $70.00 and set an “outperform” rating for the company in a research note on Monday, November 6th. Credit Suisse Group dropped their price target on shares of Republic Services from $69.00 to $67.00 and set a “neutral” rating for the company in a research note on Monday, November 6th. Zacks Investment Research raised shares of Republic Services from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Bank of America dropped their price target on shares of Republic Services from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. Finally, Stifel Nicolaus downgraded shares of Republic Services from a “buy” rating to a “hold” rating and dropped their price target for the stock from $76.00 to $70.00 in a research note on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $67.71.
Republic Services (NYSE:RSG) last issued its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.04. The firm had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Republic Services had a net margin of 8.15% and a return on equity of 10.58%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.62 earnings per share. equities analysts anticipate that Republic Services, Inc. will post 2.4 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be issued a dividend of $0.345 per share. This represents a $1.38 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, December 29th. Republic Services’s dividend payout ratio is currently 58.47%.
Republic Services declared that its Board of Directors has initiated a share buyback plan on Thursday, November 2nd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, insider Donald W. Slager sold 32,421 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $64.00, for a total transaction of $2,074,944.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Donald W. Slager sold 98,132 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $64.19, for a total transaction of $6,299,093.08. Following the transaction, the chief executive officer now owns 322,541 shares of the company’s stock, valued at approximately $20,703,906.79. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,740 shares of company stock valued at $11,228,959. Corporate insiders own 0.40% of the company’s stock.
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Republic Services Company Profile
Republic Services, Inc is a provider of non-hazardous solid waste collection, transfer, disposal, recycling and energy services. The Company’s segments include Group 1, Group 2 and Corporate entities. Its Group 1 and Group 2 segments provide integrated waste management services. Group 1 consists of geographic areas located in the western and portions of the mid-western United States.
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