1,473,773 Shares in RB Global, Inc. $RBA Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 1.47 million RB Global shares worth approximately $171.6 million during the second quarter, giving it a 0.80% stake. Institutional investors and hedge funds collectively own 95.37% of the company.
• RB Global reported quarterly EPS of $1.13, beating estimates by $0.04, while revenue reached $1.66 billion versus the $1.21 billion consensus forecast.
• The company increased its quarterly dividend to $0.33 per share, or $1.32 annually, producing a 1.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $127.57, despite the stock trading near $84.28.

Bank of America Corp DE bought a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,473,773 shares of the business services provider's stock, valued at approximately $171,621,000. Bank of America Corp DE owned 0.80% of RB Global as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the business. Freestone Grove Partners LP acquired a new stake in RB Global in the 2nd quarter worth about $16,254,000. Caisse de depot et placement du Quebec acquired a new position in shares of RB Global during the 2nd quarter valued at about $183,651,000. Man Group plc acquired a new position in shares of RB Global during the 2nd quarter valued at about $6,146,000. Invst LLC purchased a new position in shares of RB Global during the 2nd quarter worth about $1,252,000. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of RB Global in the second quarter worth approximately $446,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

RB Global Stock Down 0.0%

Shares of RB Global stock opened at $84.28 on Friday. RB Global, Inc. has a twelve month low of $79.75 and a twelve month high of $119.58. The stock has a market cap of $15.61 billion, a price-to-earnings ratio of 36.17, a price-to-earnings-growth ratio of 1.44 and a beta of 0.52. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51. The company has a fifty day moving average price of $95.04 and a 200 day moving average price of $101.06.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.21 billion. RB Global had a return on equity of 12.37% and a net margin of 9.99%. Equities research analysts forecast that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.6%. This is a positive change from RB Global's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Tuesday, August 25th. RB Global's dividend payout ratio is 56.65%.

Analysts Set New Price Targets

A number of research firms recently issued reports on RBA. National Bank Financial lowered their target price on shares of RB Global from $133.00 to $130.00 and set a "sector outperform" rating for the company in a report on Monday. Wall Street Zen downgraded shares of RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Royal Bank Of Canada lifted their price target on shares of RB Global from $150.00 to $152.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Weiss Ratings downgraded RB Global from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 17th. Finally, Zacks Research lowered RB Global from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $127.57.

Insider Buying and Selling

In other news, Director Deborah Stein bought 500 shares of RB Global stock in a transaction dated Wednesday, September 9th. The shares were acquired at an average cost of $80.91 per share, with a total value of $40,455.00. Following the completion of the transaction, the director owned 2,325 shares in the company, valued at approximately $188,115.75. This trade represents a 27.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chloe Harford bought 1,200 shares of the firm's stock in a transaction dated Monday, August 24th. The stock was purchased at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares of the company's stock, valued at approximately $100,488. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.57% of the company's stock.

RB Global Company Profile

RB Global, Inc NYSE: RBA operates a global marketplace for the sale and management of used equipment, vehicles and other commercial assets. The company serves construction, transportation, agriculture, energy, government and other industrial sectors, helping businesses buy, sell, manage and value assets through digital and physical channels.

Its services include unreserved live and online auctions, timed auctions, private sales, equipment listings, inspections, valuations, financing and asset-management solutions.

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