PNC Financial Services Group Inc. Boosts Stock Holdings in Republic Services, Inc. (NYSE:RSG)

PNC Financial Services Group Inc. grew its stake in shares of Republic Services, Inc. (NYSE:RSG) by 4.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 49,542 shares of the business services provider’s stock after buying an additional 2,082 shares during the period. PNC Financial Services Group Inc.’s holdings in Republic Services were worth $9,950,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RSG. EntryPoint Capital LLC purchased a new position in shares of Republic Services in the 1st quarter worth about $29,000. CreativeOne Wealth LLC acquired a new position in Republic Services during the first quarter valued at approximately $333,000. EP Wealth Advisors LLC grew its stake in Republic Services by 62.9% during the first quarter. EP Wealth Advisors LLC now owns 3,800 shares of the business services provider’s stock worth $727,000 after buying an additional 1,467 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Republic Services by 32.6% in the 1st quarter. Advisors Asset Management Inc. now owns 21,687 shares of the business services provider’s stock valued at $4,152,000 after acquiring an additional 5,333 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in shares of Republic Services by 13.0% during the 1st quarter. Lazard Asset Management LLC now owns 32,573 shares of the business services provider’s stock valued at $6,235,000 after acquiring an additional 3,735 shares in the last quarter. 57.73% of the stock is currently owned by institutional investors and hedge funds.

Republic Services Stock Performance

Shares of RSG stock opened at $216.79 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 1.07. The business has a 50 day moving average of $204.56 and a two-hundred day moving average of $198.86. The company has a market cap of $67.89 billion, a P/E ratio of 34.69, a PEG ratio of 3.22 and a beta of 0.70. Republic Services, Inc. has a 52 week low of $159.10 and a 52 week high of $216.86.

Republic Services (NYSE:RSG) last issued its earnings results on Tuesday, October 29th. The business services provider reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.20. Republic Services had a return on equity of 18.18% and a net margin of 12.46%. The firm had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.12 billion. During the same period last year, the company earned $1.54 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, analysts anticipate that Republic Services, Inc. will post 6.24 EPS for the current year.

Republic Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.32 annualized dividend and a dividend yield of 1.07%. Republic Services’s dividend payout ratio is presently 37.12%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RSG. Truist Financial raised their target price on Republic Services from $220.00 to $244.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. StockNews.com cut shares of Republic Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. CIBC raised their price target on shares of Republic Services from $208.00 to $217.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Royal Bank of Canada boosted their price objective on shares of Republic Services from $211.00 to $219.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 30th. Finally, TD Cowen raised their target price on Republic Services from $195.00 to $200.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Republic Services presently has an average rating of “Moderate Buy” and a consensus price target of $215.71.

Insider Activity at Republic Services

In related news, CFO Brian M. Delghiaccio sold 5,071 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $210.02, for a total value of $1,065,011.42. Following the completion of the sale, the chief financial officer now owns 6,318 shares of the company’s stock, valued at $1,326,906.36. This represents a 44.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.09% of the stock is owned by insiders.

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.