RB Global, Inc. $RBA Shares Sold by Royal Bank of Canada

Key Points

• The Royal Bank of Canada has reduced its stake in RB Global, Inc. by 0.9%, now holding approximately 0.73% of the company valued at $135.5 million after selling 12,668 shares.
• RB Global recently reported earnings of $1.07 per share, exceeding analysts' expectations, with revenue increasing by 8.2% year-over-year to $1.20 billion.
• The company has announced an increase in its quarterly dividend from $0.29 to $0.31, representing an annual yield of 1.1% and a payout ratio of 61.39%.

Royal Bank of Canada lessened its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 0.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,350,741 shares of the business services provider's stock after selling 12,668 shares during the quarter. Royal Bank of Canada owned about 0.73% of RB Global worth $135,478,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. SouthState Corp acquired a new position in shares of RB Global in the first quarter worth $26,000. CoreCap Advisors LLC grew its stake in shares of RB Global by 74.5% in the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after acquiring an additional 117 shares in the last quarter. SVB Wealth LLC acquired a new position in shares of RB Global in the first quarter worth $28,000. MV Capital Management Inc. grew its stake in shares of RB Global by 5,560.0% in the first quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock worth $28,000 after acquiring an additional 278 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in shares of RB Global by 348.8% in the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after acquiring an additional 279 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Insider Activity

In other news, CEO James Francis Kessler sold 45,658 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $5,022,380.00. Following the completion of the sale, the chief executive officer directly owned 107,569 shares of the company's stock, valued at approximately $11,832,590. This represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Adam Dewitt sold 800 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total transaction of $84,936.00. Following the completion of the sale, the director directly owned 5,865 shares of the company's stock, valued at $622,687.05. The trade was a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,558 shares of company stock valued at $6,314,145. Insiders own 0.28% of the company's stock.

RB Global Stock Performance

RBA traded down $0.73 on Monday, reaching $114.32. The company had a trading volume of 189,370 shares, compared to its average volume of 1,065,910. RB Global, Inc. has a 1 year low of $78.08 and a 1 year high of $118.23. The stock has a market capitalization of $21.22 billion, a PE ratio of 56.56, a P/E/G ratio of 2.68 and a beta of 0.65. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. The stock has a 50-day moving average price of $111.19 and a 200-day moving average price of $104.88.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same period in the previous year, the company earned $0.94 earnings per share. RB Global's quarterly revenue was up 8.2% compared to the same quarter last year. As a group, research analysts forecast that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Thursday, August 28th. This is a positive change from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. RB Global's dividend payout ratio is currently 61.39%.

Analysts Set New Price Targets

RBA has been the subject of several research reports. CIBC boosted their price target on shares of RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. Raymond James Financial boosted their target price on shares of RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. National Bank Financial downgraded shares of RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Wall Street Zen downgraded shares of RB Global from a "buy" rating to a "hold" rating in a research note on Friday. Finally, National Bankshares boosted their target price on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $124.33.

RB Global Profile

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.