Republic Services (RSG) Given New $79.00 Price Target at Bank of America
Republic Services (NYSE:RSG) had its price target increased by Bank of America from $70.00 to $79.00 in a research report report published on Friday morning. Bank of America currently has a buy rating on the business services provider’s stock.
Several other brokerages have also recently commented on RSG. BMO Capital Markets increased their price target on shares of Republic Services from $75.00 to $79.00 and gave the stock a positive rating in a research report on Thursday. ValuEngine raised shares of Republic Services from a hold rating to a buy rating in a research report on Thursday, August 2nd. Zacks Investment Research raised shares of Republic Services from a sell rating to a hold rating in a research report on Wednesday, August 1st. Argus raised shares of Republic Services from a hold rating to a buy rating in a research report on Thursday, May 10th. Finally, Oppenheimer reaffirmed a hold rating on shares of Republic Services in a research report on Thursday, May 3rd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $74.29.
Shares of Republic Services stock traded up $0.58 during trading hours on Friday, hitting $74.49. 1,621,887 shares of the company’s stock traded hands, compared to its average volume of 1,607,242. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market capitalization of $23.71 billion, a PE ratio of 30.65, a P/E/G ratio of 2.24 and a beta of 0.60. Republic Services has a twelve month low of $60.26 and a twelve month high of $74.74.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be issued a $0.375 dividend. The ex-dividend date is Friday, September 28th. This represents a $1.50 dividend on an annualized basis and a yield of 2.01%. This is a boost from Republic Services’s previous quarterly dividend of $0.35. Republic Services’s dividend payout ratio (DPR) is currently 56.79%.
In other Republic Services news, EVP Jeffrey A. Hughes sold 16,200 shares of the firm’s stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $68.00, for a total value of $1,101,600.00. Following the transaction, the executive vice president now owns 16,200 shares of the company’s stock, valued at $1,101,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donald W. Slager sold 225,734 shares of the firm’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $73.02, for a total transaction of $16,483,096.68. Following the completion of the transaction, the insider now directly owns 378,023 shares in the company, valued at approximately $27,603,239.46. The disclosure for this sale can be found here. Insiders sold 342,768 shares of company stock worth $24,920,732 in the last three months. 0.30% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RSG. Ceredex Value Advisors LLC bought a new stake in shares of Republic Services during the first quarter valued at approximately $91,949,000. Unigestion Holding SA bought a new stake in shares of Republic Services during the second quarter valued at approximately $67,460,000. Bank of America Corp DE raised its holdings in shares of Republic Services by 11.7% during the second quarter. Bank of America Corp DE now owns 8,681,132 shares of the business services provider’s stock valued at $593,441,000 after buying an additional 909,717 shares during the last quarter. Eaton Vance Management raised its holdings in shares of Republic Services by 5,223.4% during the first quarter. Eaton Vance Management now owns 752,036 shares of the business services provider’s stock valued at $49,807,000 after buying an additional 737,909 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Republic Services by 2.1% during the first quarter. BlackRock Inc. now owns 20,456,218 shares of the business services provider’s stock valued at $1,354,817,000 after buying an additional 425,547 shares during the last quarter. 60.70% of the stock is currently owned by institutional investors.
About Republic Services
Republic Services, Inc, together with its subsidiaries, provides non-hazardous solid waste collection, transfer, recycling, disposal, and energy services for small-container, large-container, municipal and residential, and energy services customers in the United States and Puerto Rico. The company's collection services include curbside collection of waste for transport to transfer stations; supply of waste containers; and renting of compactors.
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