Republic Services, Inc. (NYSE:RSG) Shares Sold by Prudential PLC

Key Points

• Prudential PLC reduced its stake in Republic Services, Inc. by 6.8% in the first quarter, selling 2,348 shares, resulting in a total of 32,053 shares valued at approximately $7.76 million.
• Republic Services recently announced an increase in its quarterly dividend from $0.58 to $0.625, representing an annualized payout of $2.50 with a yield of 1.1%.
• The stock currently holds a Moderate Buy rating from analysts, with an average target price of $262.17 based on a mix of hold and buy ratings from various research institutions.

Prudential PLC cut its holdings in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 6.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,053 shares of the business services provider's stock after selling 2,348 shares during the quarter. Prudential PLC's holdings in Republic Services were worth $7,762,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC raised its holdings in shares of Republic Services by 75.8% in the 4th quarter. Brighton Jones LLC now owns 19,822 shares of the business services provider's stock valued at $3,988,000 after purchasing an additional 8,547 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new stake in shares of Republic Services in the 4th quarter valued at $259,000. Synovus Financial Corp raised its holdings in shares of Republic Services by 6.8% in the 4th quarter. Synovus Financial Corp now owns 15,207 shares of the business services provider's stock valued at $3,060,000 after purchasing an additional 974 shares in the last quarter. Mariner LLC raised its holdings in shares of Republic Services by 0.8% in the 4th quarter. Mariner LLC now owns 80,340 shares of the business services provider's stock valued at $16,163,000 after purchasing an additional 604 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its holdings in shares of Republic Services by 70.0% in the 4th quarter. CreativeOne Wealth LLC now owns 3,666 shares of the business services provider's stock valued at $738,000 after purchasing an additional 1,510 shares in the last quarter. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Republic Services Stock Performance

Shares of NYSE:RSG traded down $0.10 during midday trading on Thursday, hitting $232.64. The stock had a trading volume of 1,097,831 shares, compared to its average volume of 1,444,512. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.04. Republic Services, Inc. has a 1 year low of $197.60 and a 1 year high of $258.75. The stock has a 50 day moving average price of $242.03 and a two-hundred day moving average price of $239.70. The company has a market capitalization of $72.64 billion, a PE ratio of 34.41, a P/E/G ratio of 3.63 and a beta of 0.60.

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

Republic Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.625 per share. The ex-dividend date 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 yield of 1.1%. Republic Services's dividend payout ratio (DPR) is presently 34.32%.

Analysts Set New Price Targets

RSG has been the topic of a number of recent analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $266.00 target price on shares of Republic Services in a research report on Friday, April 25th. Citigroup increased their target price on shares of Republic Services from $265.00 to $278.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Scotiabank increased their target price on shares of Republic Services from $250.00 to $260.00 and gave the company a "sector perform" rating in a research report on Friday, July 18th. Melius Research raised shares of Republic Services to a "hold" rating and set a $281.00 price objective on the stock in a research report on Monday, June 9th. Finally, Raymond James Financial raised their price objective on shares of Republic Services from $257.00 to $260.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Nine investment 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 company's stock. Based on data from MarketBeat, Republic Services presently has an average rating of "Moderate Buy" and a consensus target price of $262.17.

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.