Raymond James Financial Inc. Reduces Holdings in RB Global, Inc. $RBA

Key Points

• Raymond James Financial Inc. decreased its stake in RB Global, Inc. by 4.1% in Q1, owning 2,830,267 shares valued at approximately $283.9 million.
• RB Global recently declared a quarterly dividend increase from $0.29 to $0.31 per share, set to be paid on September 18th, representing an annualized yield of 1.1%.
• Analysts have a consensus rating of "Moderate Buy" for RB Global, with a target price averaging $119.79 following several price target adjustments from major brokerages.

Raymond James Financial Inc. cut its stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,830,267 shares of the business services provider's stock after selling 120,045 shares during the quarter. Raymond James Financial Inc. owned approximately 1.53% of RB Global worth $283,876,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. CoreCap Advisors LLC lifted its position in shares of RB Global by 74.5% in the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after purchasing an additional 117 shares during the period. SouthState Corp purchased a new stake in shares of RB Global in the 1st quarter worth approximately $26,000. MV Capital Management Inc. lifted its position in shares of RB Global by 5,560.0% in the 1st quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock worth $28,000 after purchasing an additional 278 shares during the period. IFP Advisors Inc lifted its position in shares of RB Global by 348.8% in the 1st quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after purchasing an additional 279 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of RB Global by 10.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after purchasing an additional 104 shares during the period. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other RB Global news, Director Adam Dewitt sold 800 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total value of $84,936.00. Following the transaction, the director directly owned 5,865 shares in the company, valued at $622,687.05. The trade was a 12.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 shares were sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the completion of the sale, the chief executive officer directly owned 107,569 shares in the company, valued at $11,832,590. This trade represents a 29.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,558 shares of company stock worth $6,314,145. 4.32% of the stock is owned by insiders.

RB Global Stock Performance

RB Global stock traded up $1.2310 during mid-day trading on Friday, reaching $116.9210. 239,863 shares of the company traded hands, compared to its average volume of 1,081,377. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. RB Global, Inc. has a fifty-two week low of $78.08 and a fifty-two week high of $118.23. The company has a market capitalization of $21.69 billion, a price-to-earnings ratio of 57.87, a price-to-earnings-growth ratio of 2.68 and a beta of 0.75. The firm's fifty day moving average is $108.98 and its two-hundred day moving average is $103.21.

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

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 28th will be given a dividend of $0.31 per share. The ex-dividend date is Thursday, August 28th. This is a boost from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. RB Global's dividend payout ratio (DPR) is presently 57.43%.

Analysts Set New Price Targets

RBA has been the subject of several research reports. Royal Bank Of Canada upped their price target on shares of RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. BMO Capital Markets increased their target price on shares of RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. CIBC increased their target price on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. Robert W. Baird increased their target price on shares of RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Finally, National Bankshares increased their target price on shares of RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, RB Global has an average rating of "Moderate Buy" and a consensus target price of $119.79.

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.