Republic Services, Inc. (NYSE:RSG) Announces Dividend Increase – $0.58 Per Share

Republic Services, Inc. (NYSE:RSG) announced a quarterly dividend on Wednesday, July 24th, RTT News reports. Stockholders of record on Wednesday, October 2nd will be given a dividend of 0.58 per share by the business services provider on Tuesday, October 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Wednesday, October 2nd. This is a boost from Republic Services’s previous quarterly dividend of $0.54.

Republic Services has increased its dividend payment by an average of 7.5% per year over the last three years and has raised its dividend annually for the last 22 consecutive years. Republic Services has a payout ratio of 33.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Republic Services to earn $6.80 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 34.1%.

Republic Services Trading Up 0.7 %

RSG opened at $200.84 on Tuesday. The firm has a market capitalization of $63.25 billion, a P/E ratio of 35.24, a P/E/G ratio of 3.26 and a beta of 0.70. The firm’s 50 day moving average is $202.03 and its 200-day moving average is $194.58. Republic Services has a 52-week low of $140.23 and a 52-week high of $208.69. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.05.

Republic Services (NYSE:RSG) last released its quarterly earnings results on Wednesday, July 24th. The business services provider reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.08. Republic Services had a net margin of 12.11% and a return on equity of 17.81%. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.03 billion. Analysts expect that Republic Services will post 6.18 EPS for the current fiscal year.

Insider Activity at Republic Services

In related news, Director Tomago Collins sold 3,200 shares of Republic Services stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $203.01, for a total transaction of $649,632.00. Following the sale, the director now directly owns 17,486 shares in the company, valued at $3,549,832.86. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RSG. Raymond James decreased their price target on shares of Republic Services from $219.00 to $214.00 and set an “outperform” rating for the company in a research report on Thursday, July 25th. Robert W. Baird lifted their price objective on shares of Republic Services from $208.00 to $210.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Oppenheimer decreased their price objective on shares of Republic Services from $211.00 to $210.00 and set an “outperform” rating for the company in a report on Thursday, July 25th. TD Cowen lifted their price objective on shares of Republic Services from $195.00 to $200.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Finally, Truist Financial raised shares of Republic Services from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $192.00 to $220.00 in a report on Thursday, July 11th. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $211.00.

About Republic Services

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.