National Bank of Canada FI Raises Position in RB Global, Inc. (NYSE:RBA)

Key Points

• National Bank of Canada FI increased its stake in RB Global, Inc. by 6.7% during Q1, acquiring an additional 61,136 shares, bringing its total ownership to 973,825 shares valued at approximately $97.4 million.
• RB Global recently raised its quarterly dividend to $0.31 per share, up from $0.29, with a $1.24 annualized yield representing a payout ratio of 57.43%.
• The company reported stronger-than-expected earnings of $1.07 per share for the last quarter, exceeding analyst estimates and indicating an 8.2% revenue increase year-over-year.

National Bank of Canada FI raised its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 6.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 973,825 shares of the business services provider's stock after buying an additional 61,136 shares during the period. National Bank of Canada FI owned about 0.53% of RB Global worth $97,415,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of RBA. CoreCap Advisors LLC boosted its position in shares of RB Global by 74.5% during the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after buying an additional 117 shares during the period. MV Capital Management Inc. boosted its position in shares of RB Global by 5,560.0% during the first quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock worth $28,000 after buying an additional 278 shares during the period. IFP Advisors Inc boosted its position in shares of RB Global by 348.8% during the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after buying an additional 279 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of RB Global by 10.9% during the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after buying an additional 104 shares during the period. Finally, Allworth Financial LP boosted its position in shares of RB Global by 1,870.9% during the first quarter. Allworth Financial LP now owns 1,084 shares of the business services provider's stock worth $107,000 after buying an additional 1,029 shares during the period. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on RBA. Wall Street Zen upgraded RB Global from a "hold" rating to a "buy" rating in a report on Saturday. BMO Capital Markets lifted their target price on RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. CIBC lifted their target price on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. Raymond James Financial lifted their target price on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Royal Bank Of Canada lifted their target price on RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, RB Global presently has a consensus rating of "Moderate Buy" and a consensus price target of $119.79.

RB Global Stock Down 0.5%

NYSE RBA traded down $0.59 during trading on Tuesday, reaching $116.74. 1,616,303 shares of the company's stock were exchanged, compared to its average volume of 1,090,443. The stock has a market cap of $21.66 billion, a P/E ratio of 57.79, a price-to-earnings-growth ratio of 2.65 and a beta of 0.75. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28. The company has a 50 day moving average price of $107.37 and a two-hundred day moving average price of $101.95. RB Global, Inc. has a 1 year low of $78.08 and a 1 year high of $117.76.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.12. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.14 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%. RB Global's revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 EPS. On average, equities research analysts anticipate that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.1%. This is a positive change from RB Global's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Thursday, August 28th. RB Global's dividend payout ratio is presently 57.43%.

Insider Transactions at RB Global

In related news, Director Adam Dewitt sold 800 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the transaction, the director owned 5,865 shares in the company, valued at $622,687.05. The trade was a 12.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO James Francis Kessler sold 45,658 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $5,022,380.00. Following the transaction, the chief executive officer owned 107,569 shares in the company, valued at $11,832,590. The trade was a 29.80% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,558 shares of company stock worth $6,528,065. 0.28% of the stock is currently owned by corporate insiders.

About RB Global

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.