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

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CoreCap Advisors LLC increased its stake in shares of RB Global by 74.5% during the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after purchasing an additional 117 shares during the last quarter. SouthState Corp purchased a new position in RB Global in the 1st quarter valued at approximately $26,000. MV Capital Management Inc. grew its stake in RB Global by 5,560.0% in the 1st quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock valued at $28,000 after buying an additional 278 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of RB Global during the 1st quarter valued at $28,000. Finally, IFP Advisors Inc grew its position in shares of RB Global by 348.8% during the 1st quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock valued at $36,000 after purchasing an additional 279 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on RBA shares. Wall Street Zen lowered shares of RB Global from a "buy" rating to a "hold" rating in a research report on Friday. 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 price target 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. Royal Bank Of Canada boosted their price target on shares of RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, National Bankshares upped their price objective on shares of RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $124.33.

RB Global Stock Performance

Shares of RB Global stock traded down $1.01 during trading on Friday, reaching $115.02. The company's stock had a trading volume of 1,034,494 shares, compared to its average volume of 969,611. The company has a 50-day moving average price of $111.19 and a two-hundred day moving average price of $104.87. RB Global, Inc. has a fifty-two week low of $78.08 and a fifty-two week high of $118.23. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. The firm has a market cap of $21.34 billion, a PE ratio of 56.94, a P/E/G ratio of 2.68 and a beta of 0.65.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data 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. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. RB Global had a net margin of 9.46% and a return on equity of 9.42%. RB Global's quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the firm posted $0.94 EPS. On average, analysts forecast that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 28th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.1%. 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. RB Global's dividend payout ratio is presently 61.39%.

Insider Activity at RB Global

In related news, CEO James Francis Kessler sold 45,658 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the completion of the sale, the chief executive officer owned 107,569 shares of the company's stock, valued at approximately $11,832,590. This represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Adam Dewitt sold 800 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total transaction of $84,936.00. Following the sale, the director directly owned 5,865 shares of the company's stock, valued at approximately $622,687.05. This trade represents a 12.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,558 shares of company stock valued at $6,314,145. 4.32% of the stock is owned by insiders.

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.