PNC Financial Services Group Inc. Acquires 2,079 Shares of Republic Services, Inc. (NYSE:RSG)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Republic Services by 4.3%, now owning 50,272 shares valued at approximately $12.17 million.
• Republic Services recently reported a quarterly earnings per share of $1.77, beating analysts' expectations of $1.76, with a year-over-year revenue increase of 4.6% to $4.24 billion.
• The company has announced a quarterly dividend of $0.625 per share, reflecting an increase from its previous dividend and a yield of 1.1%.

PNC Financial Services Group Inc. boosted its holdings in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 4.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,272 shares of the business services provider's stock after buying an additional 2,079 shares during the period. PNC Financial Services Group Inc.'s holdings in Republic Services were worth $12,174,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Golden State Wealth Management LLC increased its holdings in shares of Republic Services by 3,533.3% during the 1st quarter. Golden State Wealth Management LLC now owns 109 shares of the business services provider's stock worth $26,000 after purchasing an additional 106 shares during the period. Key Financial Inc raised its position in shares of 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 purchasing an additional 99 shares during the period. TCTC Holdings LLC raised its holdings in shares of 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 purchasing an additional 66 shares during the last quarter. Park Square Financial Group LLC acquired a new position in shares of Republic Services in the fourth quarter valued at approximately $44,000. Finally, Proathlete Wealth Management LLC bought a new stake in shares of Republic Services during the 1st quarter valued at approximately $76,000. 57.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Melius initiated coverage on Republic Services in a research note on Monday, June 9th. They set a "hold" rating for the company. Citigroup lifted their target price on Republic Services from $265.00 to $278.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. National Bank Financial upgraded Republic Services to a "hold" rating in a report on Monday, May 26th. Truist Financial increased their target price on Republic Services from $250.00 to $270.00 and gave the company a "buy" rating in a research report on Tuesday, April 22nd. Finally, Oppenheimer raised their price objective on shares of Republic Services from $262.00 to $268.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $262.17.

Republic Services Stock Up 1.4%

Shares of NYSE RSG traded up $3.32 during mid-day trading on Wednesday, reaching $235.40. 1,573,294 shares of the company's stock were exchanged, compared to its average volume of 1,473,277. 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 firm has a market capitalization of $73.50 billion, a price-to-earnings ratio of 34.82, a PEG ratio of 3.62 and a beta of 0.60. Republic Services, Inc. has a twelve month low of $197.30 and a twelve month high of $258.75. The business has a fifty day simple moving average of $244.95 and a 200 day simple moving average of $238.85.

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, beating the consensus estimate of $1.76 by $0.01. Republic Services had a return on equity of 18.27% and a net margin of 12.97%. The business had revenue of $4.24 billion during the quarter, compared to analysts' expectations of $4.26 billion. During the same period in the previous year, the company posted $1.61 earnings per share. The firm's revenue for the quarter was up 4.6% compared to the same quarter last year. As a group, equities analysts expect that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 a positive change 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 1.1%. Republic Services's dividend payout ratio (DPR) is 34.32%.

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.