Allianz Asset Management GmbH grew its position in shares of Republic Services, Inc. (NYSE:RSG) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,180,847 shares of the business services provider’s stock after acquiring an additional 11,756 shares during the quarter. Allianz Asset Management GmbH owned 0.35% of Republic Services worth $78,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Evercore Wealth Management LLC boosted its holdings in Republic Services by 48.6% during the 2nd 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 boosted its holdings in Republic Services by 20,900.0% during the 2nd quarter. Sun Life Financial INC now owns 1,680 shares of the business services provider’s stock worth $107,000 after acquiring an additional 1,672 shares during the last quarter. Almanack Investment Partners LLC. purchased a new position in Republic Services during the 2nd quarter worth $141,000. Acrospire Investment Management LLC purchased a new position in shares of Republic Services in the 2nd quarter worth about $191,000. Finally, Pinnacle Financial Partners Inc. boosted its holdings in shares of Republic Services by 1.9% in the 2nd 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 currently owned by hedge funds and other institutional investors.
In related news, CEO Donald W. Slager sold 98,132 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $64.19, for a total value of $6,299,093.08. Following the sale, the chief executive officer now directly owns 322,541 shares in the company, valued at approximately $20,703,906.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey A. Hughes sold 6,329 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $66.50, for a total value of $420,878.50. Following the completion of the sale, the executive vice president now owns 428 shares in the company, valued at $28,462. The disclosure for this sale can be found here. Insiders sold a total of 173,740 shares of company stock worth $11,228,959 over the last 90 days. 0.40% of the stock is currently owned by company insiders.
A number of equities analysts recently weighed in on RSG shares. Bank of America cut their price target on shares of Republic Services from $72.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 5th. KeyCorp reissued a “hold” rating on shares of Republic Services in a report on Thursday, August 24th. Royal Bank Of Canada reissued an “outperform” rating on shares of Republic Services in a report on Thursday, September 7th. Credit Suisse Group cut their price target on shares of Republic Services from $69.00 to $67.00 and set a “neutral” rating on the stock in a report on Monday, November 6th. Finally, Zacks Investment Research raised shares of Republic Services from a “sell” rating to a “hold” rating in a report on Friday, October 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $67.71.
Shares of Republic Services, Inc. (NYSE RSG) traded up $0.05 during trading hours on Wednesday, hitting $65.08. 1,296,600 shares of the company were exchanged, compared to its average volume of 1,142,994. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.93. The stock has a market cap of $21,734.62, a P/E ratio of 27.10, a P/E/G ratio of 3.20 and a beta of 0.60. Republic Services, Inc. has a 52 week low of $55.13 and a 52 week high of $67.18.
Republic Services (NYSE:RSG) last issued its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.04. Republic Services had a net margin of 8.15% and a return on equity of 10.58%. The company had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the firm earned $0.62 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. analysts predict that Republic Services, Inc. will post 2.4 EPS for the current year.
Republic Services announced that its Board of Directors has initiated a share buyback plan on Thursday, November 2nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
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 paid a $0.345 dividend. 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%.
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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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