SVB Wealth LLC Makes New Investment in Republic Services, Inc. $RSG

SVB Wealth LLC acquired a new position in shares of Republic Services, Inc. (NYSE:RSG) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 11,382 shares of the business services provider’s stock, valued at approximately $2,389,000.

A number of other hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new position in Republic Services in the second quarter valued at $3,798,092,000. State Street Corp grew its holdings in Republic Services by 1.6% during the 2nd quarter. State Street Corp now owns 9,953,507 shares of the business services provider’s stock worth $2,120,893,000 after acquiring an additional 160,051 shares during the period. Bank of America Corp DE bought a new position in shares of Republic Services in the 2nd quarter worth about $682,573,000. Pictet Asset Management Holding SA lifted its stake in shares of Republic Services by 14.0% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,814,825 shares of the business services provider’s stock valued at $590,761,000 after purchasing an additional 345,719 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Republic Services by 68.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,256,190 shares of the business services provider’s stock valued at $497,828,000 after purchasing an additional 913,249 shares during the period. Institutional investors own 57.73% of the company’s stock.

Republic Services Trading Up 1.4%

RSG opened at $252.95 on Friday. The company has a fifty day moving average price of $227.08 and a two-hundred day moving average price of $218.34. Republic Services, Inc. has a 1-year low of $196.41 and a 1-year high of $254.39. The company has a market cap of $77.06 billion, a P/E ratio of 34.99, a price-to-earnings-growth ratio of 4.14 and a beta of 0.32. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.14.

Republic Services (NYSE:RSG) last released its quarterly earnings data on Thursday, October 29th. The business services provider reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.01. The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.42 billion. Republic Services had a net margin of 12.93% and a return on equity of 18.56%. The business’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.90 EPS. Analysts predict that Republic Services, Inc. will post 7.27 EPS for the current fiscal year.

Republic Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Monday, January 4th will be paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, January 4th. Republic Services’s dividend payout ratio is 37.07%.

Insiders Place Their Bets

In other news, major shareholder Cascade Investment, L.L.C. purchased 409,500 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were acquired at an average price of $221.49 per share, for a total transaction of $90,700,155.00. Following the completion of the acquisition, the insider owned 116,166,330 shares in the company, valued at approximately $25,729,680,431.70. The trade was a 0.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders purchased 5,240,588 shares of company stock worth $1,161,649,826. 0.12% of the stock is currently owned by corporate insiders.

Key Stories Impacting Republic Services

Here are a few of the latest stories about RSG:

• Positive Sentiment: Argus upgraded RSG to Buy from Hold and set a $275 price target, pointing to earnings growth. Republic Services upgraded by Argus on earnings growth
• Positive Sentiment: JPMorgan raised its rating to Overweight from Neutral and increased its price target to $295 from $265, signaling greater confidence in RSG’s potential. JPMorgan upgrades Republic Services
• Neutral Sentiment: Republic Services shared consumer recycling tips ahead of America Recycles Day. The outreach supports its environmental-services profile but does not indicate a material financial development. Republic Services shares recycling tips

Analysts Set New Price Targets

RSG has been the topic of several research analyst reports. Canadian Imperial Bank of Commerce cut their target price on Republic Services from $249.00 to $240.00 and set an “outperform” rating on the stock in a research report on Thursday, October 8th. Weiss Ratings upgraded Republic Services from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Robert W. Baird boosted their price target on Republic Services from $242.00 to $245.00 and gave the company a “neutral” rating in a research note on Thursday, October 22nd. Scotiabank restated a “sector perform” rating and set a $236.00 price target on shares of Republic Services in a report on Thursday, October 15th. Finally, BMO Capital Markets set a $244.00 price objective on shares of Republic Services in a research report on Thursday, October 15th. Fourteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Republic Services currently has an average rating of “Moderate Buy” and a consensus target price of $252.10.

Republic Services Company Profile

Republic Services, Inc. provides waste collection, recycling and environmental services to residential, commercial, industrial and municipal customers across the United States. Its services include collecting and transporting waste, operating transfer stations and landfills, and processing recyclable materials. The company also provides environmental solutions, including services for the management and disposal of hazardous and other specialized waste. Republic Services traces its origins to the 1990s and expanded its operations through the 2008 combination with Allied Waste Industries.