Toronto Dominion Bank boosted its stake in Republic Services, Inc. (NYSE:RSG) by 12.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 103,157 shares of the business services provider’s stock after buying an additional 11,777 shares during the quarter. Toronto Dominion Bank’s holdings in Republic Services were worth $6,975,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Patten Group Inc. raised its holdings in shares of Republic Services by 279.6% during the 3rd quarter. Patten Group Inc. now owns 18,789 shares of the business services provider’s stock valued at $327,000 after purchasing an additional 13,839 shares in the last quarter. Advisory Services Network LLC raised its holdings in shares of Republic Services by 6.3% during the 2nd quarter. Advisory Services Network LLC now owns 3,782 shares of the business services provider’s stock valued at $241,000 after purchasing an additional 223 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Republic Services by 9.0% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,624 shares of the business services provider’s stock valued at $1,230,000 after purchasing an additional 1,544 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of Republic Services during the 3rd quarter valued at $1,897,000. Finally, Macquarie Group Ltd. raised its holdings in shares of Republic Services by 1,040.0% during the 2nd quarter. Macquarie Group Ltd. now owns 5,700 shares of the business services provider’s stock valued at $364,000 after purchasing an additional 5,200 shares in the last quarter. Institutional investors and hedge funds own 60.31% of the company’s stock.
Shares of Republic Services, Inc. (NYSE:RSG) opened at $65.14 on Monday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.94. The stock has a market cap of $21,575.25, a price-to-earnings ratio of 26.70, a price-to-earnings-growth ratio of 2.07 and a beta of 0.53. Republic Services, Inc. has a 12-month low of $58.60 and a 12-month high of $69.40.
Republic Services (NYSE:RSG) last posted its quarterly earnings results on Thursday, February 8th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.04. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.52 billion. Republic Services had a net margin of 12.73% and a return on equity of 10.61%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the business posted $0.57 EPS. sell-side analysts predict that Republic Services, Inc. will post 3.08 earnings per share for the current fiscal year.
Republic Services announced that its Board of Directors has authorized a stock repurchase plan on Thursday, November 2nd that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Monday, April 2nd will be given a $0.345 dividend. The ex-dividend date is Thursday, March 29th. This represents a $1.38 annualized dividend and a yield of 2.12%. Republic Services’s dividend payout ratio is 36.41%.
In other news, CAO Brian A. Goebel sold 2,000 shares of Republic Services stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $67.88, for a total transaction of $135,760.00. Following the sale, the chief accounting officer now directly owns 6,696 shares in the company, valued at approximately $454,524.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Donald W. Slager sold 98,132 shares of Republic Services stock in a transaction dated 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 sale, the chief executive officer now owns 322,541 shares in the company, valued at $20,703,906.79. The disclosure for this sale can be found here. Insiders sold a total of 104,642 shares of company stock worth $6,741,314 over the last 90 days. Company insiders own 0.40% of the company’s stock.
RSG has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Republic Services from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Stifel Nicolaus upgraded shares of Republic Services from a “hold” rating to a “buy” rating and raised their target price for the company from $70.00 to $73.00 in a research note on Thursday, January 4th. BMO Capital Markets lowered their target price on shares of Republic Services from $74.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday, February 9th. Credit Suisse Group lowered their target price on shares of Republic Services from $67.00 to $64.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. Finally, Bank of America raised their price target on shares of Republic Services from $70.00 to $73.00 and gave the stock a “buy” rating in a research report on Monday, February 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Republic Services presently has an average rating of “Hold” and a consensus price target of $68.57.
About Republic Services
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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