Bank of America Corporation Trims Republic Services, Inc. (RSG) Target Price to $70.00
Republic Services, Inc. (NYSE:RSG) had its price target cut by Bank of America Corporation from $72.00 to $70.00 in a report released on Thursday. They currently have a buy rating on the business services provider’s stock.
A number of other equities research analysts also recently issued reports on the stock. Stifel Nicolaus downgraded shares of Republic Services from a buy rating to a hold rating and reduced their price target for the company from $76.00 to $70.00 in a research report on Wednesday. Royal Bank Of Canada reiterated an outperform rating on shares of Republic Services in a research report on Thursday, September 7th. KeyCorp reiterated a hold rating on shares of Republic Services in a research report on Thursday, August 24th. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Republic Services in a research report on Friday, August 25th. Finally, BidaskClub downgraded shares of Republic Services from a hold rating to a sell rating in a research report on Thursday, August 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $71.33.
Shares of Republic Services (NYSE:RSG) opened at 63.18 on Thursday. Republic Services has a 1-year low of $49.18 and a 1-year high of $67.18. The stock has a market capitalization of $21.28 billion, a price-to-earnings ratio of 32.43 and a beta of 0.60. The firm’s 50-day moving average price is $65.45 and its 200 day moving average price is $64.07.
Republic Services (NYSE:RSG) last posted its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.02. Republic Services had a net margin of 6.86% and a return on equity of 10.42%. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the firm earned $0.55 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. Equities research analysts expect that Republic Services will post $2.39 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a dividend of $0.345 per share. This is an increase from Republic Services’s previous quarterly dividend of $0.32. This represents a $1.38 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, September 29th. Republic Services’s payout ratio is currently 70.77%.
In related news, insider Donald W. Slager sold 22,608 shares of Republic Services stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $66.05, for a total transaction of $1,493,258.40. Following the completion of the transaction, the insider now directly owns 246,617 shares in the company, valued at approximately $16,289,052.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Catharine D. Ellingsen sold 14,250 shares of Republic Services stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $66.02, for a total value of $940,785.00. Following the transaction, the executive vice president now owns 8,007 shares of the company’s stock, valued at $528,622.14. The disclosure for this sale can be found here. Insiders have sold a total of 43,187 shares of company stock valued at $2,854,922 over the last 90 days. Insiders own 0.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Capital Fund Management S.A. purchased a new stake in Republic Services in the 2nd quarter worth approximately $12,536,000. Dearborn Partners LLC grew its stake in Republic Services by 3.4% in the 2nd quarter. Dearborn Partners LLC now owns 451,059 shares of the business services provider’s stock worth $28,746,000 after acquiring an additional 14,701 shares during the period. Dynamic Capital Management Ltd purchased a new stake in Republic Services in the 1st quarter worth approximately $1,947,000. Meiji Yasuda Asset Management Co Ltd. grew its stake in Republic Services by 1.4% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 47,622 shares of the business services provider’s stock worth $2,991,000 after acquiring an additional 680 shares during the period. Finally, Swiss National Bank grew its stake in Republic Services by 1.6% in the 2nd quarter. Swiss National Bank now owns 1,869,648 shares of the business services provider’s stock worth $119,153,000 after acquiring an additional 28,600 shares during the period. 60.57% of the stock is owned by hedge funds and other institutional investors.
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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