First National Bank of Mount Dora Trust Investment Services Acquires New Position in Republic Services, Inc. $RSG

Key Points

• First National Bank of Mount Dora Trust Investment Services acquired 13,426 shares of Republic Services valued at approximately $2.94 million. Institutional investors own 57.73% of the company.
• Analyst sentiment remains moderately bullish, with an average rating of “Moderate Buy” and a consensus price target of $243.89, despite some recent downgrades to “Hold.”
• Republic Services exceeded quarterly earnings expectations, reporting $1.70 in EPS and $4.11 billion in revenue, while increasing its quarterly dividend from $0.62 to $0.67 per share.

First National Bank of Mount Dora Trust Investment Services purchased a new stake in Republic Services, Inc. (NYSE:RSG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 13,426 shares of the business services provider's stock, valued at approximately $2,941,000.

A number of other large investors have also modified their holdings of RSG. Brighton Jones LLC grew its position in shares of Republic Services by 75.8% during the fourth 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 in the last quarter. Federated Hermes Inc. increased its position in shares of Republic Services by 23.2% in the 2nd quarter. Federated Hermes Inc. now owns 17,553 shares of the business services provider's stock valued at $4,329,000 after purchasing an additional 3,303 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Republic Services by 3.6% in the 2nd quarter. NewEdge Advisors LLC now owns 29,690 shares of the business services provider's stock valued at $7,322,000 after purchasing an additional 1,044 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Republic Services by 0.7% during the second quarter. Treasurer of the State of North Carolina now owns 94,626 shares of the business services provider's stock worth $23,336,000 after purchasing an additional 688 shares in the last quarter. Finally, Ieq Capital LLC increased its holdings in Republic Services by 68.4% in the second quarter. Ieq Capital LLC now owns 11,643 shares of the business services provider's stock valued at $2,871,000 after buying an additional 4,729 shares during the last quarter. Hedge funds and other institutional investors own 57.73% of the company's stock.

Insider Buying and Selling at Republic Services

In other news, major shareholder Cascade Investment, L.L.C. acquired 60,700 shares of Republic Services stock in a transaction that occurred on Monday, May 18th. The stock was purchased at an average price of $213.31 per share, for a total transaction of $12,947,917.00. Following the completion of the transaction, the insider directly owned 110,803,982 shares in the company, valued at approximately $23,635,597,400.42. This trade represents a 0.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sandra M. Volpe sold 1,800 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the transaction, the director owned 58 shares in the company, valued at $12,254.24. The trade was a 96.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders bought a total of 987,150 shares of company stock valued at $202,366,682 in the last 90 days. Company insiders own 0.12% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on RSG. Argus downgraded Republic Services from a "buy" rating to a "hold" rating in a report on Monday, May 11th. Robert W. Baird cut their target price on Republic Services from $242.00 to $240.00 and set a "neutral" rating on the stock in a research report on Thursday, April 16th. Canadian Imperial Bank of Commerce restated an "outperform" rating and set a $249.00 target price on shares of Republic Services in a research note on Friday, May 8th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Republic Services in a research note on Friday, July 24th. Finally, Citigroup boosted their price objective on shares of Republic Services from $247.00 to $259.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Republic Services presently has an average rating of "Moderate Buy" and an average target price of $243.89.

Republic Services Stock Performance

Shares of RSG stock opened at $210.75 on Monday. The stock's 50-day moving average price is $212.57 and its 200 day moving average price is $215.01. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $64.84 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 3.52 and a beta of 0.40. Republic Services, Inc. has a 52-week low of $196.41 and a 52-week high of $238.62.

Republic Services (NYSE:RSG - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The business services provider reported $1.70 earnings per share for the quarter, topping analysts' consensus estimates of $1.64 by $0.06. Republic Services had a return on equity of 18.57% and a net margin of 13.00%.The company had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.10 billion. During the same period last year, the firm earned $1.58 EPS. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities research analysts forecast that Republic Services, Inc. will post 7.29 EPS for the current year.

Republic Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Friday, October 2nd will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, October 2nd. This is an increase from Republic Services's previous quarterly dividend of $0.62. Republic Services's payout ratio is currently 35.87%.

About Republic Services

Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.

Republic's core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.

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