Republic Services, Inc. $RSG Shares Acquired by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Republic Services by 1.2% in the first quarter, owning 577,867 shares worth about $126.6 million.
• Wall Street sentiment remains mixed but constructive: analysts have a consensus rating of “Moderate Buy” with a consensus price target of $243.89, while recent firms adjusted targets upward or downward.
• Republic Services reported better-than-expected quarterly results, posting EPS of $1.70 versus $1.64 expected and revenue of $4.11 billion, and it also paid a quarterly dividend of $0.625 per share.

Principal Financial Group Inc. increased its stake in Republic Services, Inc. (NYSE:RSG - Free Report) by 1.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 577,867 shares of the business services provider's stock after buying an additional 7,009 shares during the period. Principal Financial Group Inc. owned about 0.19% of Republic Services worth $126,564,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Republic Services by 75.8% in the 4th quarter. Brighton Jones LLC now owns 19,822 shares of the business services provider's stock valued at $3,988,000 after purchasing an additional 8,547 shares in the last quarter. Federated Hermes Inc. increased its holdings in Republic Services by 23.2% in the second quarter. Federated Hermes Inc. now owns 17,553 shares of the business services provider's stock valued at $4,329,000 after buying an additional 3,303 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Republic Services by 3.6% in the second quarter. NewEdge Advisors LLC now owns 29,690 shares of the business services provider's stock valued at $7,322,000 after buying an additional 1,044 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in Republic Services by 0.7% during the second quarter. Treasurer of the State of North Carolina now owns 94,626 shares of the business services provider's stock valued at $23,336,000 after buying an additional 688 shares in the last quarter. Finally, Ieq Capital LLC lifted its holdings in Republic Services by 68.4% during the 2nd quarter. Ieq Capital LLC now owns 11,643 shares of the business services provider's stock worth $2,871,000 after buying an additional 4,729 shares during the last quarter. 57.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Royal Bank Of Canada upped their price target on Republic Services from $265.00 to $267.00 and gave the company an "outperform" rating in a research report on Friday, May 8th. 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. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $249.00 target price on shares of Republic Services in a report on Friday, May 8th. Citigroup raised their price target on shares of Republic Services from $247.00 to $259.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Republic Services from $233.00 to $245.00 and gave the company a "neutral" rating in a research report on Friday, April 10th. Eleven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, Republic Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $243.89.

Insider Activity at Republic Services

In other news, Director Sandra M. Volpe sold 1,800 shares of Republic Services stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $211.28, for a total transaction of $380,304.00. Following the sale, the director owned 58 shares of the company's stock, valued at approximately $12,254.24. The trade was a 96.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Cascade Investment, L.L.C. acquired 60,700 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The stock was acquired at an average cost of $213.31 per share, with a total value of $12,947,917.00. Following the completion of the acquisition, the insider directly owned 110,803,982 shares in the company, valued at approximately $23,635,597,400.42. This represents a 0.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 987,150 shares of company stock worth $202,366,682 in the last 90 days. 0.12% of the stock is owned by company insiders.

Republic Services Price Performance

Shares of NYSE RSG opened at $217.16 on Thursday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market capitalization of $66.81 billion, a PE ratio of 31.16, a P/E/G ratio of 3.68 and a beta of 0.40. Republic Services, Inc. has a 1-year low of $196.41 and a 1-year high of $246.25. The business's fifty day moving average price is $210.01 and its two-hundred day moving average price is $214.56.

Republic Services (NYSE:RSG - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The business services provider reported $1.70 EPS for the quarter, topping the consensus estimate of $1.64 by $0.06. Republic Services had a net margin of 13.00% and a return on equity of 18.57%. The business had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the prior year, the firm earned $1.58 earnings per share. The company's quarterly revenue was up 2.6% on a year-over-year basis. On average, research analysts expect that Republic Services, Inc. will post 7.29 EPS for the current year.

Republic Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd were given a $0.625 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $2.50 annualized dividend and a yield of 1.2%. Republic Services's dividend payout ratio is 35.87%.

Republic Services Company Profile

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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