Corebridge Financial Inc. Has $14.98 Million Stock Holdings in Republic Services, Inc. $RSG

Key Points

• Corebridge Financial Inc. reduced its stake in Republic Services, selling 3,094 shares and bringing its total holdings to 61,867 shares valued at approximately $14.98 million.
• Republic Services has announced a quarterly dividend of $0.625 per share, increasing from the previous dividend of $0.58, which reflects an annual yield of 1.1%.
• The company reported Q2 earnings of $1.77 per share, exceeding analysts' expectations, despite revenue of $4.24 billion slightly missing the consensus forecast of $4.26 billion.

Corebridge Financial Inc. lessened its stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 4.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,867 shares of the business services provider's stock after selling 3,094 shares during the period. Corebridge Financial Inc.'s holdings in Republic Services were worth $14,982,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of RSG. Golden State Wealth Management LLC increased its holdings in shares of Republic Services by 3,533.3% in the 1st quarter. Golden State Wealth Management LLC now owns 109 shares of the business services provider's stock valued at $26,000 after purchasing an additional 106 shares during the period. Key Financial Inc grew its stake in shares of Republic Services by 380.8% in the 1st quarter. Key Financial Inc now owns 125 shares of the business services provider's stock valued at $30,000 after buying an additional 99 shares in the last quarter. TCTC Holdings LLC boosted its position in Republic Services by 113.8% during 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 period. Elequin Capital LP bought a new stake in Republic Services during the first quarter worth approximately $30,000. Finally, Park Square Financial Group LLC bought a new stake in shares of Republic Services in the fourth quarter valued at approximately $44,000. Institutional investors and hedge funds own 57.73% of the company's stock.

Republic Services Stock Up 0.5%

Shares of NYSE:RSG traded up $1.13 during trading on Friday, hitting $234.23. 875,330 shares of the company were exchanged, compared to its average volume of 1,282,439. The stock has a market cap of $73.13 billion, a price-to-earnings ratio of 34.65, a P/E/G ratio of 3.67 and a beta of 0.60. Republic Services, Inc. has a fifty-two week low of $197.60 and a fifty-two week high of $258.75. The firm has a fifty day moving average price of $238.94 and a two-hundred day moving average price of $240.73. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.04.

Republic Services (NYSE:RSG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.01. The firm 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 business's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.61 EPS. Republic Services has set its FY 2025 guidance at 6.820-6.900 EPS. As a group, research analysts anticipate that Republic Services, Inc. will post 6.86 earnings per share for the current fiscal year.

Republic Services Increases Dividend

The business 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 a positive change from Republic Services's previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $2.50 annualized dividend and a dividend yield of 1.1%. Republic Services's payout ratio is presently 34.32%.

Insider Activity at Republic Services

In related news, EVP Gregg Brummer sold 7,338 shares of the business's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $949,796.40. The trade was a 64.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Cascade Investment, L.L.C. purchased 4,258 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were acquired at an average cost of $234.91 per share, with a total value of $1,000,246.78. Following the acquisition, the insider directly owned 109,816,832 shares in the company, valued at approximately $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 owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RSG. JPMorgan Chase & Co. upped their target price on Republic Services from $229.00 to $275.00 and gave the company a "neutral" rating in a research note on Friday, May 23rd. BMO Capital Markets increased their target price on Republic Services from $280.00 to $284.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Oppenheimer raised their price target on Republic Services from $262.00 to $268.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Raymond James Financial raised their price target on Republic Services from $257.00 to $260.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Finally, Scotiabank raised their target price on Republic Services from $250.00 to $260.00 and gave the stock a "sector perform" rating in a report on Friday, July 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average 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.