Republic Services, Inc. $RSG Position Cut by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Republic Services by 39.4%, selling 801,868 shares and now holding 1,234,130 shares valued at nearly $302 million.
• Republic Services announced an increase in its quarterly dividend to $0.625 per share, with the ex-dividend date set for October 2nd, representing an annualized yield of 1.1%.
• Despite recent stake adjustments among hedge funds, Republic Services' price target estimates vary widely among analysts, with a consensus rating of "Moderate Buy" and an average price target of $258.85.

Allspring Global Investments Holdings LLC trimmed its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 39.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,234,130 shares of the business services provider's stock after selling 801,868 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.39% of Republic Services worth $301,955,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in RSG. Golden State Wealth Management LLC lifted its stake in Republic Services by 3,533.3% in the first quarter. Golden State Wealth Management LLC now owns 109 shares of the business services provider's stock valued at $26,000 after buying an additional 106 shares during the last quarter. Cranbrook Wealth Management LLC raised its stake in shares of Republic Services by 1,222.2% during the second quarter. Cranbrook Wealth Management LLC now owns 119 shares of the business services provider's stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Key Financial Inc raised its stake 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 valued at $30,000 after purchasing an additional 99 shares in the last quarter. TCTC Holdings LLC raised its stake in shares of Republic Services by 113.8% during 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 in the last quarter. Finally, Elequin Capital LP bought a new stake in shares of Republic Services during the first quarter valued at about $30,000. 57.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Republic Services

In other Republic Services news, major shareholder Cascade Investment, L.L.C. purchased 4,258 shares of the stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average price of $234.91 per share, for a total transaction of $1,000,246.78. Following the completion of the acquisition, the insider owned 109,816,832 shares of the company's stock, valued at $25,797,072,005.12. This represents a 0.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gregg Brummer sold 7,338 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $233.94, for a total value of $1,716,651.72. Following the completion of the sale, the executive vice president directly owned 4,060 shares of the company's stock, valued at approximately $949,796.40. This represents a 64.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.11% of the company's stock.

Republic Services Price Performance

NYSE:RSG opened at $225.16 on Monday. The business's 50-day moving average price is $230.18 and its 200 day moving average price is $239.81. The firm has a market cap of $70.30 billion, a P/E ratio of 33.31, a PEG ratio of 3.64 and a beta of 0.59. Republic Services, Inc. has a 52-week low of $197.60 and a 52-week high of $258.75. The company has a quick ratio of 0.66, a current 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 data on Tuesday, July 29th. The business services provider reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.01. The firm 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%.The business'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 earned $1.61 EPS. Republic Services has set its FY 2025 guidance at 6.820-6.900 EPS. As a group, sell-side 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. Stockholders of record on Thursday, October 2nd will be issued a $0.625 dividend. 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 dividend yield of 1.1%. Republic Services's dividend payout ratio is currently 36.98%.

Wall Street Analyst Weigh In

RSG has been the topic of a number of recent analyst reports. Oppenheimer cut their price objective on shares of Republic Services from $268.00 to $263.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 8th. National Bankshares cut their price objective on shares of Republic Services from $270.00 to $241.00 and set a "sector perform" rating on the stock in a research note on Tuesday, October 7th. Weiss Ratings restated a "buy (b)" rating on shares of Republic Services in a research note on Wednesday, October 8th. Barclays started coverage on Republic Services in a report on Friday, September 19th. They set an "equal weight" rating and a $240.00 target price on the stock. Finally, Citigroup lowered their target price on Republic Services from $280.00 to $270.00 and set a "buy" rating on the stock in a report on Wednesday, September 17th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $258.85.

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.

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