Bank of Nova Scotia Sells 110,398 Shares of Republic Services, Inc. (NYSE:RSG)

Key Points

• Bank of Nova Scotia reduced its stake in Republic Services by 29.9%, selling 110,398 shares and now holding a total of 258,591 shares valued at $62,610,000.
• Republic Services announced a dividend increase to $0.625 per share, up from the previous $0.58, with the next payment scheduled for October 15th.
• Analysts have mixed ratings on Republic Services, with ten holding a "hold" rating, twelve a "buy", and two a "strong buy", indicating a current consensus of "Moderate Buy."

Bank of Nova Scotia cut its stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 29.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 258,591 shares of the business services provider's stock after selling 110,398 shares during the quarter. Bank of Nova Scotia owned 0.08% of Republic Services worth $62,610,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Golden State Wealth Management LLC raised its holdings in Republic Services by 3,533.3% during the 1st quarter. Golden State Wealth Management LLC now owns 109 shares of the business services provider's stock worth $26,000 after purchasing an additional 106 shares during the last quarter. Capital Management Associates Inc bought a new stake in Republic Services during the 1st quarter valued at $314,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Republic Services by 0.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 563,253 shares of the business services provider's stock valued at $136,397,000 after purchasing an additional 4,110 shares in the last quarter. Sowell Financial Services LLC bought a new stake in Republic Services during the 1st quarter valued at $260,000. Finally, GAMMA Investing LLC boosted its holdings in Republic Services by 61.6% during the 1st quarter. GAMMA Investing LLC now owns 9,193 shares of the business services provider's stock worth $2,226,000 after acquiring an additional 3,503 shares during the last quarter. 57.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Melius Research raised shares of Republic Services to a "hold" rating and set a $281.00 price target on the stock in a report on Monday, June 9th. Seaport Res Ptn raised shares of Republic Services to a "strong-buy" rating in a report on Tuesday, May 6th. Melius assumed coverage on shares of Republic Services in a report on Monday, June 9th. They issued a "hold" rating on the stock. Morgan Stanley boosted their price target on shares of Republic Services from $230.00 to $245.00 and gave the stock an "equal weight" rating in a report on Friday, April 25th. Finally, Wall Street Zen downgraded shares of Republic Services from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Ten investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Republic Services currently has an average rating of "Moderate Buy" and an average target price of $258.89.

Republic Services Stock Up 0.3%

Republic Services stock opened at $231.24 on Friday. The firm has a market cap of $72.20 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 3.61 and a beta of 0.60. Republic Services, Inc. has a 52 week low of $193.75 and a 52 week high of $258.75. The business's 50-day moving average price is $245.82 and its 200 day moving average price is $238.59. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.04.

Republic Services (NYSE:RSG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.76 by $0.01. The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.26 billion. Republic Services had a return on equity of 18.27% and a net margin of 12.97%. Republic Services's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.61 earnings per share. As a group, sell-side analysts anticipate that Republic Services, Inc. will post 6.86 earnings per share for the current year.

Republic Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.625 per share. This is an increase from Republic Services's previous quarterly dividend of $0.58. This represents a $2.50 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, October 2nd. Republic Services's dividend payout ratio (DPR) is currently 34.32%.

Republic Services Profile

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.

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