Republic Services, Inc. (NYSE:RSG) Stock Holdings Reduced by Westpac Banking Corp

Key Points

• Westpac Banking Corp has reduced its stake in Republic Services, Inc. by 9.7%, owning 22,865 shares valued at approximately $5.54 million after selling 2,459 shares in the first quarter.
• Republic Services recently declared a quarterly dividend of $0.625 per share, an increase from its previous dividend of $0.58, representing a yield of 1.1%.
• The company reported a net margin of 12.97% and a return on equity of 18.27%, with quarterly revenue increasing by 4.6% year-over-year.

Westpac Banking Corp lowered its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 9.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 22,865 shares of the business services provider's stock after selling 2,459 shares during the period. Westpac Banking Corp's holdings in Republic Services were worth $5,537,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tlwm lifted its holdings in Republic Services by 2.3% during the 1st quarter. Tlwm now owns 7,643 shares of the business services provider's stock worth $1,851,000 after buying an additional 169 shares during the last quarter. SouthState Corp lifted its holdings in Republic Services by 1.6% during the 1st quarter. SouthState Corp now owns 25,999 shares of the business services provider's stock worth $6,296,000 after buying an additional 405 shares during the last quarter. Cobblestone Capital Advisors LLC NY lifted its holdings in Republic Services by 7.5% during the 1st quarter. Cobblestone Capital Advisors LLC NY now owns 85,469 shares of the business services provider's stock worth $20,697,000 after buying an additional 5,954 shares during the last quarter. Nuveen LLC bought a new position in Republic Services during the 1st quarter worth approximately $198,685,000. Finally, Cooper Financial Group bought a new position in Republic Services during the 1st quarter worth approximately $253,000. Institutional investors own 57.73% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on RSG. Melius initiated coverage on Republic Services in a report on Monday, June 9th. They set a "hold" rating on the stock. JPMorgan Chase & Co. raised their price target on Republic Services from $229.00 to $275.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. BMO Capital Markets raised their price target on Republic Services from $280.00 to $284.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Oppenheimer raised their price target on Republic Services from $262.00 to $268.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Finally, Scotiabank raised their price target on Republic Services from $250.00 to $260.00 and gave the stock a "sector perform" rating in a report on Friday, July 18th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $262.17.

Republic Services Price Performance

Shares of RSG traded down $0.10 during trading hours on Thursday, hitting $232.64. 1,097,831 shares of the company were exchanged, compared to its average volume of 1,304,928. The company has a market capitalization of $72.64 billion, a PE ratio of 34.41, a PEG ratio of 3.64 and a beta of 0.60. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a fifty day simple moving average of $242.43 and a 200-day simple moving average of $239.58. Republic Services, Inc. has a one year low of $197.60 and a one year high of $258.75.

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

Republic Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Thursday, October 2nd will be paid a $0.625 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $2.50 annualized dividend and a yield of 1.1%. This is an increase from Republic Services's previous quarterly dividend of $0.58. Republic Services's dividend payout ratio (DPR) is currently 36.98%.

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.