Comerica Bank Lowers Position in Republic Services, Inc. $RSG

Key Points

• Comerica Bank has reduced its stake in Republic Services, Inc. by 3.4%, now holding 67,344 shares worth approximately $16.3 million.
• Several hedge funds have made significant changes to their positions in Republic Services, with notable increases in holdings by firms like Golden State Wealth Management, which raised its stake by 3,533.3%.
• Republic Services recently announced a quarterly dividend increase, now set at $0.625 per share, reflecting an annualized payout of $2.50 and a yield of 1.1%.

Comerica Bank lessened its holdings in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 3.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,344 shares of the business services provider's stock after selling 2,385 shares during the quarter. Comerica Bank's holdings in Republic Services were worth $16,308,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Golden State Wealth Management LLC boosted its position in Republic Services by 3,533.3% in the first 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. TCTC Holdings LLC boosted its position in Republic Services by 113.8% in the first quarter. TCTC Holdings LLC now owns 124 shares of the business services provider's stock worth $30,000 after purchasing an additional 66 shares during the last quarter. Key Financial Inc boosted its position in Republic Services by 380.8% in the first quarter. Key Financial Inc now owns 125 shares of the business services provider's stock worth $30,000 after purchasing an additional 99 shares during the last quarter. Elequin Capital LP purchased a new position in Republic Services in the first quarter worth $30,000. Finally, Cheviot Value Management LLC purchased a new position in Republic Services in the first quarter worth $49,000. Institutional investors own 57.73% of the company's stock.

Insider Activity

In other news, EVP Gregg Brummer sold 7,338 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $233.94, for a total transaction of $1,716,651.72. Following the transaction, the executive vice president directly owned 4,060 shares in the company, valued at approximately $949,796.40. This represents a 64.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Cascade Investment, L.L.C. purchased 4,258 shares of Republic Services stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average price of $234.91 per share, for a total transaction of $1,000,246.78. Following the completion of the transaction, the insider owned 109,816,832 shares in the company, valued at $25,797,072,005.12. The trade was a 0.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.11% of the stock is currently owned by corporate insiders.

Republic Services Price Performance

NYSE RSG traded up $1.13 during trading on Friday, reaching $234.23. The company's stock had a trading volume of 875,330 shares, compared to its average volume of 1,282,439. The stock has a market capitalization of $73.13 billion, a PE ratio of 34.65, a P/E/G ratio of 3.67 and a beta of 0.60. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a fifty day moving average of $238.94 and a 200 day moving average of $240.73. Republic Services, Inc. has a one year low of $197.60 and a one year high of $258.75.

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

Republic Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.625 per share. This is a boost from Republic Services's previous quarterly dividend of $0.58. The ex-dividend date is Thursday, October 2nd. This represents a $2.50 annualized dividend and a dividend yield of 1.1%. Republic Services's dividend payout ratio is currently 34.32%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Melius assumed coverage on Republic Services in a research report on Monday, June 9th. They set a "hold" rating on the stock. JPMorgan Chase & Co. upped their price target on Republic Services from $229.00 to $275.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. BMO Capital Markets upped their price target on Republic Services from $280.00 to $284.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Raymond James Financial upped their price target on Republic Services from $257.00 to $260.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Finally, UBS Group set a $260.00 price target on Republic Services and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $262.17.

About Republic Services

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.