Beacon Financial Group Cuts Position in Republic Services, Inc. $RSG

Key Points

• Beacon Financial Group has reduced its stake in Republic Services, Inc. by 6.3%, selling 1,974 shares during the second quarter, now owning approximately $7.23 million worth of the stock.
• Republic Services recently increased its quarterly dividend from $0.58 to $0.625 per share, with an annualized yield of 1.1%, payable on October 15th, 2023.
• Despite a slight decline in stock price, Republic Services reported a 4.6% increase in year-over-year revenue and an EPS of $1.77, surpassing analysts' expectations during the recent earnings release.

Beacon Financial Group lessened its holdings in Republic Services, Inc. (NYSE:RSG - Free Report) by 6.3% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,332 shares of the business services provider's stock after selling 1,974 shares during the period. Beacon Financial Group's holdings in Republic Services were worth $7,233,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RSG. Brighton Jones LLC boosted its stake in shares of Republic Services by 75.8% in the 4th quarter. Brighton Jones LLC now owns 19,822 shares of the business services provider's stock worth $3,988,000 after buying an additional 8,547 shares during the last quarter. ProShare Advisors LLC lifted its stake in Republic Services by 9.7% in the fourth quarter. ProShare Advisors LLC now owns 36,980 shares of the business services provider's stock valued at $7,440,000 after purchasing an additional 3,278 shares during the last quarter. Rafferty Asset Management LLC lifted its stake in Republic Services by 11.1% in the fourth quarter. Rafferty Asset Management LLC now owns 19,018 shares of the business services provider's stock valued at $3,826,000 after purchasing an additional 1,901 shares during the last quarter. Royal Bank of Canada lifted its stake in Republic Services by 8.5% in the fourth quarter. Royal Bank of Canada now owns 681,511 shares of the business services provider's stock valued at $137,106,000 after purchasing an additional 53,538 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its stake in Republic Services by 0.5% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 8,648 shares of the business services provider's stock valued at $1,740,000 after purchasing an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 57.73% of the company's stock.

Republic Services Stock Down 0.1%

RSG opened at $228.27 on Tuesday. The stock has a market cap of $71.27 billion, a PE ratio of 33.77, a P/E/G ratio of 3.56 and a beta of 0.59. 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, Inc. has a 52 week low of $197.60 and a 52 week high of $258.75. The business's fifty day simple moving average is $235.65 and its 200 day simple moving average is $240.97.

Republic Services (NYSE:RSG - Get Free Report) last released its earnings results on Tuesday, July 29th. The business services provider reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.76 by $0.01. The business had revenue of $4.24 billion for the quarter, compared to analysts' expectations of $4.26 billion. Republic Services had a return on equity of 18.27% and a net margin of 12.97%.The firm's revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.61 earnings per share. Republic Services has set its FY 2025 guidance at 6.820-6.900 EPS. As a group, research analysts expect that Republic Services, Inc. will post 6.86 earnings per share for the current fiscal year.

Republic Services Increases Dividend

The business 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. The ex-dividend date is Thursday, October 2nd. This represents a $2.50 annualized dividend and a yield of 1.1%. This is a boost from Republic Services's previous quarterly dividend of $0.58. Republic Services's dividend payout ratio (DPR) is currently 34.32%.

Analyst Upgrades and Downgrades

RSG has been the topic of several research analyst reports. Melius Research upgraded Republic Services to a "hold" rating and set a $281.00 price objective on the stock in a research note on Monday, June 9th. Melius initiated coverage on Republic Services in a research note on Monday, June 9th. They issued a "hold" rating on the stock. Raymond James Financial upped their price objective on Republic Services from $257.00 to $260.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. National Bank Financial upgraded Republic Services to a "hold" rating in a research note on Monday, May 26th. Finally, Scotiabank increased their target price on Republic Services from $250.00 to $260.00 and gave the stock a "sector perform" rating in a research report on Friday, July 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, Republic Services presently has a consensus rating of "Moderate Buy" and an average target price of $262.17.

Insider Activity

In related news, major shareholder Cascade Investment, L.L.C. bought 4,258 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average cost of $234.91 per share, for a total transaction of $1,000,246.78. Following the acquisition, the insider directly owned 109,816,832 shares of the company's stock, valued at $25,797,072,005.12. The trade was a 0.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gregg Brummer sold 7,338 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $233.94, for a total value of $1,716,651.72. Following the sale, the executive vice president owned 4,060 shares of the company's stock, valued at $949,796.40. This represents a 64.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company's stock.

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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