Republic Services, Inc. (NYSE:RSG) Shares Sold by Cornerstone Advisors LLC

Key Points

• Cornerstone Advisors LLC reduced its stake in Republic Services by 22.7%, holding 6,800 shares worth $1,647,000 after selling 2,000 shares during the 1st quarter.
• Republic Services announced an increase in its quarterly dividend to $0.625, representing a $2.50 annualized dividend and a yield of 1.1%.
• The company reported $1.77 earnings per share for the last quarter, exceeding analysts' expectations, and noted a 4.6% year-over-year increase in revenue.

Cornerstone Advisors LLC reduced its stake in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 22.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,800 shares of the business services provider's stock after selling 2,000 shares during the period. Cornerstone Advisors LLC's holdings in Republic Services were worth $1,647,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc lifted its position in Republic Services by 0.4% during the first quarter. Versant Capital Management Inc now owns 9,973 shares of the business services provider's stock valued at $2,415,000 after purchasing an additional 44 shares during the period. Silvercrest Asset Management Group LLC lifted its position in Republic Services by 0.5% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 8,648 shares of the business services provider's stock valued at $1,740,000 after purchasing an additional 46 shares during the period. Elevation Point Wealth Partners LLC lifted its position in Republic Services by 4.2% during the first quarter. Elevation Point Wealth Partners LLC now owns 1,154 shares of the business services provider's stock valued at $279,000 after purchasing an additional 46 shares during the period. Hemington Wealth Management increased its holdings in Republic Services by 6.2% in the first quarter. Hemington Wealth Management now owns 806 shares of the business services provider's stock valued at $195,000 after buying an additional 47 shares in the last quarter. Finally, FORA Capital LLC increased its holdings in Republic Services by 0.7% in the fourth quarter. FORA Capital LLC now owns 7,659 shares of the business services provider's stock valued at $1,541,000 after buying an additional 50 shares in the last quarter. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Republic Services Stock Performance

RSG opened at $232.27 on Wednesday. The firm has a market capitalization of $72.52 billion, a PE ratio of 34.36, a PEG ratio of 3.61 and a beta of 0.60. Republic Services, Inc. has a twelve month low of $195.36 and a twelve month high of $258.75. The firm's 50-day moving average price is $244.95 and its 200 day moving average price is $238.85. 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 (NYSE:RSG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.76 by $0.01. The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.26 billion. Republic Services had a net margin of 12.97% and a return on equity of 18.27%. Republic Services's quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.61 earnings per share. As a group, sell-side analysts expect that Republic Services, Inc. will post 6.86 EPS for the current fiscal year.

Republic Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Thursday, October 2nd will be issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.1%. The ex-dividend date is Thursday, October 2nd. This is a positive change from Republic Services's previous quarterly dividend of $0.58. Republic Services's dividend payout ratio (DPR) is presently 34.32%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. National Bank Financial raised shares of Republic Services to a "hold" rating in a report on Monday, May 26th. Melius assumed coverage on shares of Republic Services in a report on Monday, June 9th. They issued a "hold" rating for the company. BMO Capital Markets lifted their price objective on shares of Republic Services from $280.00 to $284.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Seaport Res Ptn raised shares of Republic Services to a "strong-buy" rating in a report on Tuesday, May 6th. Finally, Truist Financial boosted their target price on shares of Republic Services from $250.00 to $270.00 and gave the stock a "buy" rating in a research note on Tuesday, April 22nd. Nine investment 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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