Royal Bank of Canada Forecasts Strong Price Appreciation for RB Global (NYSE:RBA) Stock

RB Global (NYSE:RBA) (TSE:RBA) had its price target lifted by Royal Bank of Canada from $99.00 to $107.00 in a report published on Monday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the business services provider’s stock.

Several other brokerages also recently issued reports on RBA. Raymond James raised their price objective on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Robert W. Baird raised their price target on RB Global from $86.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday. Bank of America upped their price objective on RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a research report on Monday, August 26th. Finally, BMO Capital Markets lifted their target price on RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a research report on Monday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, RB Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.36.

RB Global Trading Down 1.9 %

Shares of RBA opened at $91.15 on Monday. RB Global has a twelve month low of $59.11 and a twelve month high of $94.85. The company has a current ratio of 1.28, a quick ratio of 1.17 and a debt-to-equity ratio of 0.52. The company’s fifty day simple moving average is $84.13 and its 200-day simple moving average is $80.13. The company has a market cap of $16.81 billion, a P/E ratio of 49.54, a P/E/G ratio of 4.55 and a beta of 0.92.

RB Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Wednesday, November 27th. RB Global’s dividend payout ratio (DPR) is presently 63.04%.

Insiders Place Their Bets

In other news, insider Darren Jeffrey Watt sold 2,915 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $82.80, for a total transaction of $241,362.00. Following the transaction, the insider now owns 19,271 shares in the company, valued at approximately $1,595,638.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other RB Global news, insider Darren Jeffrey Watt sold 2,915 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $82.80, for a total transaction of $241,362.00. Following the transaction, the insider now directly owns 19,271 shares in the company, valued at $1,595,638.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO James J. Jeter sold 3,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.55, for a total transaction of $256,650.00. Following the completion of the sale, the executive now owns 20,267 shares of the company’s stock, valued at approximately $1,733,841.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,681 shares of company stock worth $3,489,480. 4.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RBA. Massmutual Trust Co. FSB ADV lifted its stake in shares of RB Global by 58.7% during the 2nd 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 during the last quarter. UMB Bank n.a. boosted its holdings in shares of RB Global by 196.0% in the 3rd quarter. UMB Bank n.a. now owns 586 shares of the business services provider’s stock valued at $47,000 after buying an additional 388 shares in the last quarter. Quarry LP purchased a new position in shares of RB Global in the 2nd quarter worth approximately $53,000. Nisa Investment Advisors LLC raised its stake in shares of RB Global by 33.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock worth $64,000 after acquiring an additional 210 shares in the last quarter. Finally, Covestor Ltd lifted its position in RB Global by 533.1% during the third quarter. Covestor Ltd now owns 804 shares of the business services provider’s stock valued at $65,000 after acquiring an additional 677 shares during the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

About RB Global

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.