Republic Services, Inc. (RSG) Position Trimmed by Texas Permanent School Fund
Texas Permanent School Fund trimmed its holdings in shares of Republic Services, Inc. (NYSE:RSG) by 2.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,043 shares of the business services provider’s stock after selling 1,419 shares during the period. Texas Permanent School Fund’s holdings in Republic Services were worth $4,195,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Evercore Wealth Management LLC increased its holdings in Republic Services by 48.6% during the 2nd quarter. Evercore Wealth Management LLC now owns 1,593 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 521 shares in the last quarter. Sun Life Financial INC increased its stake in shares of Republic Services by 20,900.0% in the 2nd quarter. Sun Life Financial INC now owns 1,680 shares of the business services provider’s stock valued at $107,000 after buying an additional 1,672 shares during the period. Benjamin F. Edwards & Company Inc. increased its stake in shares of Republic Services by 507.7% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,823 shares of the business services provider’s stock valued at $123,000 after buying an additional 1,523 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Republic Services in the 2nd quarter valued at $211,000. Finally, First Allied Advisory Services Inc. acquired a new stake in shares of Republic Services in the 2nd quarter valued at $224,000. 59.68% of the stock is owned by hedge funds and other institutional investors.
Shares of Republic Services, Inc. (NYSE:RSG) opened at $68.44 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.54 and a quick ratio of 0.51. Republic Services, Inc. has a 52 week low of $56.83 and a 52 week high of $69.40. The company has a market capitalization of $23,161.76, a price-to-earnings ratio of 29.00, a PEG ratio of 3.07 and a beta of 0.60.
Republic Services announced that its Board of Directors has approved a share repurchase program on Thursday, November 2nd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were paid a dividend of $0.345 per share. The ex-dividend date was Friday, December 29th. This represents a $1.38 dividend on an annualized basis and a dividend yield of 2.02%. Republic Services’s dividend payout ratio (DPR) is presently 58.47%.
In related news, CAO Brian A. Goebel sold 1,220 shares of Republic Services stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $68.06, for a total transaction of $83,033.20. Following the completion of the sale, the chief accounting officer now directly owns 7,406 shares of the company’s stock, valued at $504,052.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Brian A. Goebel sold 1,290 shares of Republic Services stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $68.44, for a total value of $88,287.60. Following the sale, the chief accounting officer now directly owns 6,696 shares of the company’s stock, valued at $458,274.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 137,063 shares of company stock valued at $8,816,258. 0.40% of the stock is owned by insiders.
RSG has been the subject of several research reports. Stifel Nicolaus cut Republic Services from a “buy” rating to a “hold” rating and lowered their target price for the company from $76.00 to $70.00 in a research note on Wednesday, October 4th. Bank of America lowered their target price on Republic Services from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. BMO Capital Markets reissued a “buy” rating and issued a $72.00 target price on shares of Republic Services in a research note on Friday, October 13th. Zacks Investment Research raised Republic Services from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. Finally, Credit Suisse Group lowered their target price on Republic Services from $69.00 to $67.00 and set a “neutral” rating for the company in a research note on Monday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $68.71.
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About Republic Services
Republic Services, Inc is a provider of non-hazardous solid waste collection, transfer, disposal, recycling and energy services. The Company’s segments include Group 1, Group 2 and Corporate entities. Its Group 1 and Group 2 segments provide integrated waste management services. Group 1 consists of geographic areas located in the western and portions of the mid-western United States.
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