PNC Financial Services Group Inc. Reduces Holdings in RB Global, Inc. (NYSE:RBA)

PNC Financial Services Group Inc. cut its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 5.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,174 shares of the business services provider’s stock after selling 1,074 shares during the quarter. PNC Financial Services Group Inc.’s holdings in RB Global were worth $1,624,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RBA. Massmutual Trust Co. FSB ADV increased its stake in shares of RB Global by 58.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock worth $34,000 after acquiring an additional 165 shares in the last quarter. UMB Bank n.a. grew its holdings in 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 during the period. Quarry LP purchased a new stake in RB Global in the second quarter worth about $53,000. Covestor Ltd grew its holdings in 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 during the period. Finally, Nisa Investment Advisors LLC grew its holdings in 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 during the period. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at RB Global

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RBA shares. Raymond James upped their price objective 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. Royal Bank of Canada upped their price objective on shares of RB Global from $99.00 to $107.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Bank of America upped their price objective on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Robert W. Baird upped their target price on shares of RB Global from $86.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, BMO Capital Markets upped their target price on shares of RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a research note 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.36.

RB Global Stock Down 0.7 %

Shares of RB Global stock opened at $97.83 on Wednesday. The company has a market cap 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 moving average is $85.82 and its 200 day moving average is $81.47. RB Global, Inc. has a twelve month low of $60.84 and a twelve month high of $99.79. The company has a quick ratio of 1.17, a current ratio of 1.28 and a debt-to-equity ratio of 0.52.

RB Global Dividend Announcement

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

RB Global 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.