Bank of America Corp DE Sells 71,342 Shares of Republic Services, Inc. $RSG

Key Points

• Bank of America reduced its Republic Services stake by 3.7%, selling 71,342 shares during the first quarter and retaining 1.88 million shares valued at approximately $410.7 million. Institutional investors collectively own 57.73% of RSG.
• Republic Services exceeded quarterly expectations, reporting $1.70 in adjusted EPS and $4.11 billion in revenue, with revenue up 2.6% year over year.
• The company raised its quarterly dividend from $0.62 to $0.67 per share, implying an annualized dividend of $2.68 and a 1.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $243.89.

Bank of America Corp DE lessened its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 3.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,875,014 shares of the business services provider's stock after selling 71,342 shares during the quarter. Bank of America Corp DE owned approximately 0.61% of Republic Services worth $410,666,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of RSG. Wealth Watch Advisors INC purchased a new position in Republic Services during the third quarter worth about $26,000. Laurel Wealth Advisors LLC purchased a new position in shares of Republic Services in the 4th quarter worth approximately $25,000. Prosperity Bancshares Inc bought a new position in shares of Republic Services in the fourth quarter valued at approximately $30,000. Sound Income Strategies LLC purchased a new stake in shares of Republic Services during the fourth quarter valued at approximately $32,000. Finally, Hilton Head Capital Partners LLC bought a new stake in Republic Services during the fourth quarter worth $32,000. Institutional investors own 57.73% of the company's stock.

Republic Services Trading Down 0.3%

Shares of Republic Services stock opened at $210.75 on Friday. The stock has a market capitalization of $64.84 billion, a P/E ratio of 30.24, a P/E/G ratio of 3.52 and a beta of 0.40. Republic Services, Inc. has a 52-week low of $196.41 and a 52-week high of $238.62. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.67 and a current ratio of 0.67. The stock's 50-day simple moving average is $212.57 and its 200 day simple moving average is $214.98.

Republic Services (NYSE:RSG - Get Free Report) last issued its earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share for the quarter, topping analysts' consensus estimates of $1.64 by $0.06. The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.10 billion. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The company's quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business earned $1.58 earnings per share. As a group, research analysts anticipate that Republic Services, Inc. will post 7.29 EPS for the current year.

Republic Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Friday, October 2nd will be issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, October 2nd. This is a positive change from Republic Services's previous quarterly dividend of $0.62. Republic Services's payout ratio is presently 35.87%.

Analyst Ratings Changes

RSG has been the subject of a number of recent analyst reports. Royal Bank Of Canada upped their price objective on Republic Services from $265.00 to $267.00 and gave the company an "outperform" rating in a research note on Friday, May 8th. Weiss Ratings restated a "hold (c+)" rating on shares of Republic Services in a research report on Friday, July 24th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and issued a $249.00 price objective on shares of Republic Services in a research report on Friday, May 8th. Robert W. Baird dropped their target price on shares of Republic Services from $242.00 to $240.00 and set a "neutral" rating on the stock in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised their price target on shares of Republic Services from $233.00 to $245.00 and gave the stock a "neutral" rating in a research note on Friday, April 10th. Eleven analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $243.89.

Insider Buying and Selling at Republic Services

In other news, Director Sandra M. Volpe sold 1,800 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the completion of the transaction, the director directly owned 58 shares of the company's stock, valued at $12,254.24. This trade represents a 96.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Cascade Investment, L.L.C. acquired 60,700 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were bought at an average price of $213.31 per share, for a total transaction of $12,947,917.00. Following the completion of the purchase, the insider owned 110,803,982 shares in the company, valued at $23,635,597,400.42. This trade represents a 0.05% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 987,150 shares of company stock worth $202,366,682. Company insiders own 0.12% of the company's stock.

About Republic Services

Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.

Republic's core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.

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