Republic Services, Inc. $RSG Shares Acquired by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in Republic Services in the fourth quarter, increasing holdings by 104.6% to 16,064 shares valued at about $3.4 million.
• Several other institutional investors also added to or initiated positions, and hedge funds now own 57.73% of Republic Services’ stock.
• Republic Services recently beat earnings expectations, reporting $1.70 EPS on revenue of $4.11 billion, while analysts currently assign the stock a Hold consensus with a $245.15 target price.

Allstate Corp grew its holdings in Republic Services, Inc. (NYSE:RSG - Free Report) by 104.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,064 shares of the business services provider's stock after buying an additional 8,211 shares during the period. Allstate Corp's holdings in Republic Services were worth $3,404,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Wealth Watch Advisors INC purchased a new stake in shares of Republic Services in the third quarter valued at about $26,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Republic Services in the fourth quarter valued at about $25,000. Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Republic Services by 121.8% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 122 shares of the business services provider's stock valued at $28,000 after purchasing an additional 67 shares during the period. Ameriflex Group Inc. purchased a new position in Republic Services during the third quarter worth about $29,000. Finally, Sound Income Strategies LLC purchased a new position in Republic Services during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 57.73% of the company's stock.

Wall Street Analysts Forecast Growth

RSG has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price on shares of Republic Services from $233.00 to $245.00 and gave the stock a "neutral" rating in a research note on Friday, April 10th. Barclays increased their target price on shares of Republic Services from $227.00 to $233.00 and gave the stock an "equal weight" rating in a research note on Monday, May 11th. Wells Fargo & Company increased their target price on shares of Republic Services from $238.00 to $252.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 18th. UBS Group lowered their target price on shares of Republic Services from $240.00 to $223.00 and set a "neutral" rating for the company in a research note on Tuesday, May 12th. Finally, Argus lowered shares of Republic Services from a "buy" rating to a "hold" rating in a research note on Monday, May 11th. Eleven analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, Republic Services currently has an average rating of "Hold" and a consensus target price of $245.15.

Insiders Place Their Bets

In related news, major shareholder Cascade Investment, L.L.C. acquired 60,700 shares of the business's stock in a transaction on Monday, May 18th. The shares were bought at an average price of $213.31 per share, with a total value of $12,947,917.00. Following the completion of the acquisition, the insider owned 110,803,982 shares in the company, valued at $23,635,597,400.42. This trade represents a 0.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have purchased a total of 987,150 shares of company stock worth $202,366,682 over the last 90 days. 0.12% of the stock is currently owned by company insiders.

Republic Services Stock Down 0.7%

Shares of NYSE:RSG opened at $205.68 on Thursday. The firm's 50 day moving average price is $211.97 and its 200 day moving average price is $214.92. The stock has a market cap of $63.28 billion, a price-to-earnings ratio of 29.51, a price-to-earnings-growth ratio of 3.41 and a beta of 0.43. Republic Services, Inc. has a fifty-two week low of $196.41 and a fifty-two week high of $258.75. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.11.

Republic Services (NYSE:RSG - Get Free Report) last issued its earnings results on Friday, May 8th. The business services provider reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.06. The firm had revenue of $4.11 billion for the quarter, compared to analysts' expectations of $4.10 billion. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The firm's revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.58 earnings per share. As a group, equities research analysts predict that Republic Services, Inc. will post 7.27 earnings per share for the current fiscal year.

Republic Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.625 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $2.50 dividend on an annualized basis and a yield of 1.2%. Republic Services's dividend payout ratio (DPR) is presently 35.87%.

About Republic Services

Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.

Republic's core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.

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