Dearborn Partners LLC Sells 42,746 Shares of Republic Services, Inc. (NYSE:RSG)

Key Points

• Dearborn Partners LLC has reduced its stake in Republic Services, Inc. by 19.2%, selling 42,746 shares and now holding 180,422 shares.
• Republic Services has seen several analysts projecting growth, with target prices ranging from $245.00 to $281.00 and an average rating of Moderate Buy.
• The company recently announced an increase in its quarterly dividend to $0.625 per share, reflecting a 1.08% yield based on an annualized basis.

Dearborn Partners LLC lowered its position in Republic Services, Inc. (NYSE:RSG - Free Report) by 19.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 180,422 shares of the business services provider's stock after selling 42,746 shares during the period. Republic Services comprises approximately 2.1% of Dearborn Partners LLC's investment portfolio, making the stock its 6th biggest position. Dearborn Partners LLC owned approximately 0.06% of Republic Services worth $43,691,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RSG. GAMMA Investing LLC raised its position in shares of Republic Services by 39,024.4% during the 1st quarter. GAMMA Investing LLC now owns 2,226,177 shares of the business services provider's stock worth $539,091,000 after purchasing an additional 2,220,487 shares during the last quarter. C WorldWide Group Holding A S acquired a new position in Republic Services during the first quarter worth about $230,013,000. Price T Rowe Associates Inc. MD boosted its position in Republic Services by 10.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,317,804 shares of the business services provider's stock worth $1,069,836,000 after acquiring an additional 499,237 shares during the last quarter. Alyeska Investment Group L.P. boosted its position in Republic Services by 170.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 584,345 shares of the business services provider's stock worth $117,559,000 after acquiring an additional 368,395 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in Republic Services by 176.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 548,255 shares of the business services provider's stock valued at $110,298,000 after buying an additional 350,221 shares in the last quarter. Institutional investors and hedge funds own 57.73% of the company's stock.

Wall Street Analysts Forecast Growth

RSG has been the subject of several analyst reports. Truist Financial upped their target price on Republic Services from $250.00 to $270.00 and gave the company a "buy" rating in a report on Tuesday, April 22nd. Melius Research upgraded shares of Republic Services to a "hold" rating and set a $281.00 price objective for the company in a research report on Monday, June 9th. Royal Bank Of Canada restated an "outperform" rating and set a $266.00 price objective on shares of Republic Services in a research report on Friday, April 25th. Robert W. Baird raised their price objective on shares of Republic Services from $232.00 to $245.00 and gave the stock a "neutral" rating in a research report on Friday, April 25th. Finally, Citigroup raised their price objective on shares of Republic Services from $265.00 to $278.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Ten research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $258.89.

Republic Services Stock Down 5.7%

Shares of RSG traded down $14.04 during mid-day trading on Wednesday, hitting $231.97. 3,176,920 shares of the company's stock were exchanged, compared to its average volume of 1,300,905. The company has a market cap of $72.49 billion, a price-to-earnings ratio of 34.32, a P/E/G ratio of 3.74 and a beta of 0.61. Republic Services, Inc. has a fifty-two week low of $192.64 and a fifty-two week high of $258.75. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.66 and a current ratio of 0.66. The stock's 50-day moving average is $246.66 and its 200-day moving average is $238.06.

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 the consensus estimate 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 net margin of 12.97% and a return on equity of 18.52%. The business's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.61 earnings per share. On average, sell-side 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 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. The ex-dividend date of this dividend is Thursday, October 2nd. 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 dividend yield of 1.08%. Republic Services's payout ratio is currently 34.99%.

Republic Services Company 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.