Bank of Nova Scotia Makes New $25 Million Investment in RB Global, Inc. $RBA

Key Points

• Bank of Nova Scotia acquired 214,793 shares of RB Global in the second quarter, valued at approximately $25 million, giving it a 0.12% stake. Institutional investors collectively own 95.37% of the company.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $128.00. Recent targets range from $96 to $145.
• RB Global exceeded quarterly earnings expectations, reporting $1.13 in adjusted earnings per share and $1.66 billion in revenue. The company also increased its quarterly dividend to $0.33 per share, representing a 1.5% annualized yield.

Bank of Nova Scotia bought a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 214,793 shares of the business services provider's stock, valued at approximately $25,004,000. Bank of Nova Scotia owned approximately 0.12% of RB Global at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its stake in RB Global by 9.2% in the first quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider's stock worth $19,873,000 after buying an additional 17,489 shares in the last quarter. Wilson Asset Management International PTY Ltd. boosted its holdings in shares of RB Global by 8.5% during the 4th quarter. Wilson Asset Management International PTY Ltd. now owns 139,295 shares of the business services provider's stock valued at $14,329,000 after acquiring an additional 10,951 shares during the last quarter. Bank of America Corp DE lifted its holdings in RB Global by 7.8% in the first quarter. Bank of America Corp DE now owns 1,452,438 shares of the business services provider's stock valued at $139,216,000 after acquiring an additional 104,560 shares during the period. Oppenheimer Asset Management Inc. raised its position in RB Global by 20.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 173,358 shares of the business services provider's stock worth $17,833,000 after acquiring an additional 29,530 shares during the period. Finally, Legacy Wealth Asset Management LLC raised its stake in shares of RB Global by 127.3% in the second quarter. Legacy Wealth Asset Management LLC now owns 26,343 shares of the business services provider's stock worth $3,068,000 after buying an additional 14,755 shares during the period. Institutional investors own 95.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. BMO Capital Markets reiterated an "outperform" rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of RB Global in a research report on Wednesday, August 5th. Wall Street Zen lowered RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Raymond James Financial raised shares of RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price objective for the company in a research note on Tuesday, June 30th. Finally, Stephens reissued an "equal weight" rating and set a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. 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 company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $128.00.

RB Global Stock Performance

Shares of NYSE RBA opened at $86.97 on Monday. RB Global, Inc. has a 12 month low of $82.03 and a 12 month high of $119.58. 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 stock has a market cap of $16.10 billion, a price-to-earnings ratio of 37.33, a PEG ratio of 1.49 and a beta of 0.56. The company has a 50 day simple moving average of $105.76 and a two-hundred day simple moving average of $104.17.

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

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be given a dividend of $0.33 per share. This is a boost from RB Global's previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 1.5%. The ex-dividend date is Tuesday, August 25th. RB Global's dividend payout ratio (DPR) is 53.22%.

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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