PNC Financial Services Group Inc. Trims Stake in RB Global, Inc. (NYSE:RBA)

PNC Financial Services Group Inc. reduced its holdings in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,174 shares of the business services provider’s stock after selling 1,074 shares during the period. PNC Financial Services Group Inc.’s holdings in RB Global were worth $1,624,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RBA. Massmutual Trust Co. FSB ADV increased its stake in shares of RB Global by 58.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock worth $34,000 after purchasing an additional 165 shares in the last quarter. UMB Bank n.a. increased its stake in shares of RB Global by 196.0% in the third quarter. UMB Bank n.a. now owns 586 shares of the business services provider’s stock worth $47,000 after purchasing an additional 388 shares in the last quarter. Quarry LP purchased a new stake in shares of RB Global in the second quarter worth $53,000. Nisa Investment Advisors LLC increased its stake in shares of RB Global by 33.5% in the second quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock worth $64,000 after purchasing an additional 210 shares in the last quarter. Finally, Covestor Ltd increased its stake in shares of RB Global by 533.1% in the third quarter. Covestor Ltd now owns 804 shares of the business services provider’s stock worth $65,000 after purchasing an additional 677 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Trading Down 0.7 %

NYSE RBA opened at $97.83 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.17 and a current ratio of 1.28. The company has a market capitalization of $18.04 billion, a price-to-earnings ratio of 53.42, a price-to-earnings-growth ratio of 4.70 and a beta of 0.92. The company’s 50-day simple moving average is $85.82 and its two-hundred day simple moving average is $81.47. RB Global, Inc. has a one year low of $60.84 and a one year high of $99.79.

RB Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 27th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Wednesday, November 27th. RB Global’s payout ratio is currently 63.04%.

Insider Transactions at RB Global

In other news, CEO James Francis Kessler sold 17,883 shares of RB Global stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $84.19, for a total value of $1,505,569.77. Following the transaction, the chief executive officer now owns 86,247 shares of the company’s stock, valued at $7,261,134.93. The trade was a 17.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RBA shares. Bank of America raised their target price on shares of RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a research note on Monday, August 26th. Royal Bank of Canada increased their price objective on shares of RB Global from $99.00 to $107.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Raymond James raised their target price on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Robert W. Baird raised their target price on shares of RB Global from $86.00 to $100.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, BMO Capital Markets lifted their price objective on shares of RB Global from $105.00 to $107.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, RB Global currently has an average rating of “Moderate Buy” and an average price target of $98.36.

RB Global Company Profile

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.