Republic Services, Inc. (NYSE:RSG) Position Reduced by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank has reduced its stake in Republic Services by 7.1%, now holding 84,778 shares valued at approximately $20.5 million.
• Republic Services recently raised its dividend to $0.625 per share, offering a 1.02% yield, up from the previous dividend of $0.58.
• Analysts have set a consensus price target of $258.16 for Republic Services, with a majority rating it as a Moderate Buy.

Zurcher Kantonalbank Zurich Cantonalbank cut its position in Republic Services, Inc. (NYSE:RSG - Free Report) by 7.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 84,778 shares of the business services provider's stock after selling 6,492 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Republic Services were worth $20,530,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Republic Services by 10.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,317,804 shares of the business services provider's stock valued at $1,069,836,000 after purchasing an additional 499,237 shares during the period. Geode Capital Management LLC lifted its position in Republic Services by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 4,565,137 shares of the business services provider's stock worth $918,045,000 after acquiring an additional 57,616 shares during the period. Northern Trust Corp lifted its position in Republic Services by 13.1% during the 4th quarter. Northern Trust Corp now owns 2,426,215 shares of the business services provider's stock worth $488,106,000 after acquiring an additional 280,542 shares during the period. GAMMA Investing LLC lifted its position in Republic Services by 39,024.4% during the 1st quarter. GAMMA Investing LLC now owns 2,226,177 shares of the business services provider's stock worth $539,091,000 after acquiring an additional 2,220,487 shares during the period. Finally, TD Asset Management Inc lifted its position in Republic Services by 12.4% during the 1st quarter. TD Asset Management Inc now owns 2,043,812 shares of the business services provider's stock worth $494,930,000 after acquiring an additional 224,867 shares during the period. 57.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Truist Financial increased their target price on Republic Services from $250.00 to $270.00 and gave the stock a "buy" rating in a research note on Tuesday, April 22nd. Oppenheimer raised their price objective on Republic Services from $262.00 to $268.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Seaport Res Ptn raised Republic Services to a "strong-buy" rating in a research note on Tuesday, May 6th. National Bank Financial raised Republic Services to a "hold" rating in a research note on Monday, May 26th. Finally, UBS Group set a $260.00 price objective on Republic Services and gave the company a "neutral" rating in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $258.89.

Republic Services Stock Performance

Shares of NYSE RSG traded up $0.48 during midday trading on Friday, hitting $231.13. 721,439 shares of the company's stock were exchanged, compared to its average volume of 1,298,069. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.66 and a quick ratio of 0.66. The stock's 50 day moving average price is $246.25 and its 200-day moving average price is $238.22. The firm has a market cap of $72.23 billion, a P/E ratio of 34.19, a PEG ratio of 3.54 and a beta of 0.61. Republic Services, Inc. has a twelve month low of $193.75 and a twelve month high of $258.75.

Republic Services (NYSE:RSG - Get Free Report) last issued 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 business had revenue of $4.24 billion during 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 was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.61 earnings per share. Equities research analysts anticipate that Republic Services, Inc. will post 6.86 EPS for the current year.

Republic Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Thursday, October 2nd will be issued a dividend of $0.625 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This is a positive change from Republic Services's previous quarterly dividend of $0.58. This represents a $2.50 annualized dividend and a yield of 1.1%. Republic Services's dividend payout ratio is presently 34.99%.

Republic Services Company Profile

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.