Mechanics Bank Trust Department Has $5.26 Million Position in Republic Services, Inc. $RSG

Key Points

• Mechanics Bank Trust Department reduced its stake in Republic Services, Inc. by 12.1%, selling 2,950 shares and now owning 21,334 shares valued at approximately $5.26 million.
• Institutional investors hold a significant 57.73% of Republic Services' stock, with notable increases in holdings from various hedge funds in the first quarter.
• Republic Services announced a quarterly dividend of $0.625 per share, marking an increase from the previous dividend of $0.58, with an annualized yield of 1.1%.

Mechanics Bank Trust Department lowered its position in Republic Services, Inc. (NYSE:RSG - Free Report) by 12.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,334 shares of the business services provider's stock after selling 2,950 shares during the period. Mechanics Bank Trust Department's holdings in Republic Services were worth $5,261,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC raised 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 acquiring an additional 106 shares in the last quarter. Key Financial Inc grew its position in Republic Services by 380.8% during the first quarter. Key Financial Inc now owns 125 shares of the business services provider's stock worth $30,000 after buying an additional 99 shares during the period. TCTC Holdings LLC increased its holdings in Republic Services by 113.8% in the first quarter. TCTC Holdings LLC now owns 124 shares of the business services provider's stock valued at $30,000 after buying an additional 66 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Republic Services during the 1st quarter worth approximately $30,000. Finally, Atticus Wealth Management LLC acquired a new stake in shares of Republic Services in the 2nd quarter worth approximately $39,000. 57.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on RSG shares. Scotiabank raised their price target on Republic Services from $250.00 to $260.00 and gave the company a "sector perform" rating in a research report on Friday, July 18th. Citigroup reduced their target price on Republic Services from $280.00 to $270.00 and set a "buy" rating on the stock in a research note on Wednesday, September 17th. National Bank Financial raised shares of Republic Services to a "hold" rating in a research note on Monday, May 26th. UBS Group set a $260.00 price objective on shares of Republic Services and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Finally, Raymond James Financial upped their price objective on Republic Services from $257.00 to $260.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Republic Services presently has a consensus rating of "Moderate Buy" and an average price target of $260.58.

Insider Activity at Republic Services

In other news, major shareholder Cascade Investment, L.L.C. purchased 4,258 shares of the stock in a transaction dated Tuesday, August 19th. The shares were bought at an average cost of $234.91 per share, for a total transaction of $1,000,246.78. Following the transaction, the insider owned 109,816,832 shares in the company, valued at $25,797,072,005.12. This trade represents a 0.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gregg Brummer sold 7,338 shares of the business's 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 completion of the sale, the executive vice president owned 4,060 shares in the company, valued at approximately $949,796.40. This trade represents a 64.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.11% of the company's stock.

Republic Services Stock Down 0.3%

NYSE RSG traded down $0.77 on Monday, hitting $226.17. 957,217 shares of the stock traded hands, compared to its average volume of 1,047,020. Republic Services, Inc. has a twelve month low of $197.60 and a twelve month high of $258.75. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $70.61 billion, a P/E ratio of 33.46, a price-to-earnings-growth ratio of 3.54 and a beta of 0.59. The stock has a 50-day moving average of $234.18 and a 200 day moving average of $240.65.

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

Republic Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Thursday, October 2nd will be issued a $0.625 dividend. 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 dividend on an annualized basis and a yield of 1.1%. Republic Services's dividend payout ratio is currently 34.32%.

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.