Fifth Third Bancorp Increases Stock Holdings in Republic Services, Inc. $RSG

Fifth Third Bancorp boosted its holdings in Republic Services, Inc. (NYSE:RSG) by 232.4% during the 1st quarter, Holdings Channel reports. The firm owned 88,739 shares of the business services provider’s stock after acquiring an additional 62,041 shares during the period. Fifth Third Bancorp’s holdings in Republic Services were worth $19,436,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SteelPeak Wealth LLC increased its stake in shares of Republic Services by 130.0% during the 4th quarter. SteelPeak Wealth LLC now owns 12,386 shares of the business services provider’s stock worth $2,625,000 after purchasing an additional 7,001 shares during the last quarter. Numerai GP LLC purchased a new stake in Republic Services in the third quarter worth $7,934,000. CIBC Bancorp USA Inc. bought a new stake in shares of Republic Services in the third quarter valued at $7,079,000. SG Americas Securities LLC lifted its position in shares of Republic Services by 1,337.9% during the 4th quarter. SG Americas Securities LLC now owns 575,637 shares of the business services provider’s stock valued at $121,995,000 after buying an additional 535,603 shares during the last quarter. Finally, iA Global Asset Management Inc. grew its stake in shares of Republic Services by 18.5% during the 4th quarter. iA Global Asset Management Inc. now owns 64,200 shares of the business services provider’s stock worth $13,606,000 after acquiring an additional 10,000 shares during the period. 57.73% of the stock is owned by hedge funds and other institutional investors.

Republic Services Stock Performance

Shares of NYSE RSG opened at $223.41 on Tuesday. The stock has a market cap of $68.73 billion, a price-to-earnings ratio of 32.05, a P/E/G ratio of 3.68 and a beta of 0.40. The stock’s 50-day moving average is $209.34 and its 200 day moving average is $214.49. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.11. Republic Services, Inc. has a 1-year low of $196.41 and a 1-year high of $246.25.

Republic Services (NYSE:RSG) last posted 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 firm had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.10 billion. During the same period last year, the firm posted $1.58 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Republic Services, Inc. will post 7.27 EPS for the current fiscal year.

Republic Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, July 2nd will be paid a $0.625 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $2.50 annualized dividend and a yield of 1.1%. Republic Services’s payout ratio is currently 35.87%.

Insider Activity

In other news, Director Sandra M. Volpe sold 1,800 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $211.28, for a total value of $380,304.00. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Cascade Investment, L.L.C. bought 366,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $202.24 per share, with a total value of $74,019,840.00. Following the completion of the acquisition, the insider directly owned 110,315,982 shares in the company, valued at $22,310,304,199.68. This trade represents a 0.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 987,150 shares of company stock worth $202,366,682. Company insiders own 0.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RSG. Royal Bank Of Canada upped their price target on shares of Republic Services from $265.00 to $267.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Argus cut Republic Services from a “buy” rating to a “hold” rating in a research report on Monday, May 11th. Robert W. Baird decreased their price target on Republic Services from $242.00 to $240.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. JPMorgan Chase & Co. increased their price target on shares of Republic Services from $233.00 to $245.00 and gave the stock a “neutral” rating in a report on Friday, April 10th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and set a $249.00 price objective on shares of Republic Services in a research note on Friday, May 8th. Eleven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $243.89.

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.