Republic Services, Inc. (NYSE:RSG) Shares Bought by Algebris UK Ltd

Key Points

• Algebris UK Ltd has increased its stake in Republic Services, Inc. by 43.4%, bringing its total holdings to 11,170 shares valued at approximately $2.50 million as of its latest SEC filing.
• The company announced a quarterly dividend increase to $0.625 per share, up from $0.58, set to be paid on October 15th, 2023, with a current annualized dividend yield of 1.04%.
• Analysts maintain a positive outlook on Republic Services, with an average rating of “Moderate Buy” and a forecasted price target of approximately $258.16.

Algebris UK Ltd raised its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 43.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,170 shares of the business services provider's stock after purchasing an additional 3,378 shares during the period. Algebris UK Ltd's holdings in Republic Services were worth $2,504,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in Republic Services by 39,024.4% in the first quarter. GAMMA Investing LLC now owns 2,226,177 shares of the business services provider's stock valued at $539,091,000 after buying an additional 2,220,487 shares during the last quarter. C WorldWide Group Holding A S purchased a new stake in Republic Services in the 1st quarter worth approximately $230,013,000. Price T Rowe Associates Inc. MD boosted its position in Republic Services by 10.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,317,804 shares of the business services provider's stock worth $1,069,836,000 after purchasing an additional 499,237 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in Republic Services by 170.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 584,345 shares of the business services provider's stock worth $117,559,000 after purchasing an additional 368,395 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its position in Republic Services by 176.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 548,255 shares of the business services provider's stock worth $110,298,000 after purchasing an additional 350,221 shares in the last quarter. Hedge funds and other institutional investors own 57.73% of the company's stock.

Republic Services Trading Up 1.8%

Shares of NYSE RSG traded up $4.39 during mid-day trading on Tuesday, reaching $245.80. 1,861,532 shares of the company's stock were exchanged, compared to its average volume of 1,264,418. The firm has a market capitalization of $76.81 billion, a price-to-earnings ratio of 37.07, a PEG ratio of 3.67 and a beta of 0.61. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.66 and a current ratio of 0.66. Republic Services, Inc. has a 52-week low of $192.11 and a 52-week high of $258.75. The company's 50-day moving average is $247.06 and its 200-day moving average is $238.10.

Republic Services (NYSE:RSG - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.75 by $0.02. Republic Services had a return on equity of 18.28% and a net margin of 12.88%. During the same quarter in the previous year, the firm posted $1.61 earnings per share. The company's revenue for the quarter was up 4.6% on a year-over-year basis. Analysts expect that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Thursday, October 2nd will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.02%. This is a boost from Republic Services's previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Thursday, October 2nd. Republic Services's dividend payout ratio (DPR) is 34.99%.

Analysts Set New Price Targets

Several equities research analysts have commented on RSG shares. National Bank Financial upgraded Republic Services to a "hold" rating in a research report on Monday, May 26th. JPMorgan Chase & Co. upped their target price on Republic Services from $229.00 to $275.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. Citigroup upped their target price on Republic Services from $265.00 to $278.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. William Blair reaffirmed an "outperform" rating on shares of Republic Services in a research note on Friday, April 25th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $280.00 target price (up from $268.00) on shares of Republic Services in a research note on Monday, June 9th. Ten investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $258.16.

About Republic Services

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.