Bank of America Corp DE Acquires 104,560 Shares of RB Global, Inc. $RBA

Key Points

• Bank of America increased its RB Global stake by 7.8%, buying 104,560 additional shares to reach 1.45 million shares valued at approximately $139.2 million. Institutional investors collectively own 95.37% of the company.
• RB Global exceeded quarterly expectations, reporting adjusted EPS of $1.13 versus the $1.09 consensus and revenue of $1.66 billion versus $1.21 billion expected. Analysts maintain a consensus “Buy” rating with a $128 price target.
• The company raised its quarterly dividend to $0.33 per share from $0.31, implying a $1.32 annual payout and a 1.4% yield. Despite the earnings beat and positive analyst sentiment, shares were trading down 13.6% and opened at $95.99.

Bank of America Corp DE raised its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 7.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,452,438 shares of the business services provider's stock after purchasing an additional 104,560 shares during the period. Bank of America Corp DE owned approximately 0.78% of RB Global worth $139,216,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in RBA. MV Capital Management Inc. purchased a new stake in RB Global during the 4th quarter valued at $29,000. Bayban purchased a new position in shares of RB Global in the 4th quarter valued at approximately $34,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of RB Global during the 1st quarter valued at $43,000. State of Wyoming purchased a new stake in RB Global in the second quarter worth about $46,000. Finally, Nemes Rush Group LLC purchased a new stake in shares of RB Global in the 4th quarter worth approximately $54,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insider Buying and Selling at RB Global

In other RB Global news, Director Deborah Stein purchased 425 shares of the company's stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the purchase, the director owned 1,825 shares of the company's stock, valued at approximately $188,248.75. The trade was a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.57% of the company's stock.

Key Headlines Impacting RB Global

Here are the key news stories impacting RB Global this week:

• Positive Sentiment: Quarterly earnings and revenue beat estimates. RB Global reported adjusted earnings of $1.13 per share, above the $1.09 consensus and up from $1.07 a year earlier. Revenue reached $1.66 billion versus expectations of $1.21 billion, providing a favorable fundamental backdrop. RB Global Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Analysts raised their price targets and maintained bullish ratings. National Bank Financial increased its target from $132 to $133 and assigned an “outperform” rating. Royal Bank of Canada raised its target from $150 to $152, also with an “outperform” rating. These targets imply meaningful upside from the recent trading level. RB Global Analyst Ratings
• Positive Sentiment: Management’s earnings presentation and conference call offer additional details on the quarter and outlook. Investors are reviewing the company’s Q2 materials following the earnings release. RB Global Q2 Results Presentation
• Neutral Sentiment: The market reaction has been negative despite the earnings beat. The supplied reports do not identify a specific operational disappointment, suggesting investors may be weighing valuation, forward expectations, or taking profits after the results. RB Global trades at a relatively high trailing P/E of approximately 44.7.

RB Global Trading Down 13.6%

NYSE:RBA opened at $95.99 on Thursday. The firm has a market cap of $17.77 billion, a P/E ratio of 41.20, a P/E/G ratio of 2.27 and a beta of 0.56. RB Global, Inc. has a one year low of $93.58 and a one year high of $119.58. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. The firm has a 50-day simple moving average of $109.92 and a 200-day simple moving average of $106.45.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.21 billion. RB Global had a return on equity of 12.37% and a net margin of 9.99%. Equities analysts anticipate that RB Global, Inc. will post 4.16 EPS for the current fiscal year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 25th. This is a positive change from RB Global's previous quarterly dividend of $0.31. RB Global's payout ratio is 57.67%.

Analyst Upgrades and Downgrades

RBA has been the subject of several recent analyst reports. Zacks Research raised shares of RB Global from a "hold" rating to a "strong-buy" rating in a report on Friday, July 3rd. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of RB Global in a report on Wednesday. Stephens reaffirmed an "equal weight" rating and issued a $96.00 price objective on shares of RB Global in a research note on Tuesday, May 5th. National Bank Financial boosted their price target on RB Global from $132.00 to $133.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, RB Global currently has a consensus rating of "Buy" and a consensus price target of $128.00.

About RB Global

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.

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