Truist Financial Corp Sells 2,179 Shares of Watsco, Inc. $WSO

Truist Financial Corp decreased its position in Watsco, Inc. (NYSE:WSO) by 5.8% during the 4th quarter, Holdings Channel reports. The firm owned 35,629 shares of the construction company’s stock after selling 2,179 shares during the period. Truist Financial Corp’s holdings in Watsco were worth $12,005,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Watsco in the 4th quarter worth approximately $6,528,000. Blalock Williams LLC purchased a new stake in Watsco in the fourth quarter worth $757,000. Danske Bank A S boosted its holdings in Watsco by 3.9% in the fourth quarter. Danske Bank A S now owns 15,437 shares of the construction company’s stock valued at $5,201,000 after acquiring an additional 580 shares in the last quarter. Conestoga Capital Advisors LLC boosted its holdings in Watsco by 22.4% in the fourth quarter. Conestoga Capital Advisors LLC now owns 115,568 shares of the construction company’s stock valued at $38,941,000 after acquiring an additional 21,119 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in Watsco during the 4th quarter valued at $37,000. 89.71% of the stock is currently owned by institutional investors.

Watsco Stock Down 0.7%

Shares of NYSE WSO opened at $428.92 on Friday. The company has a 50 day moving average of $399.21 and a 200 day moving average of $378.37. Watsco, Inc. has a twelve month low of $323.05 and a twelve month high of $496.25. The firm has a market cap of $17.42 billion, a P/E ratio of 35.59 and a beta of 1.12.

Watsco (NYSE:WSO) last posted its quarterly earnings results on Tuesday, April 28th. The construction company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.14. Watsco had a return on equity of 15.31% and a net margin of 6.85%.The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. The company’s revenue was up .1% on a year-over-year basis. As a group, equities analysts expect that Watsco, Inc. will post 12.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th were paid a dividend of $3.30 per share. The ex-dividend date was Thursday, April 16th. This represents a $13.20 annualized dividend and a yield of 3.1%. This is an increase from Watsco’s previous quarterly dividend of $3.00. Watsco’s dividend payout ratio (DPR) is currently 109.54%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on WSO shares. JPMorgan Chase & Co. raised their target price on shares of Watsco from $370.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, February 19th. Stephens upped their target price on shares of Watsco from $475.00 to $485.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Morgan Stanley dropped their price objective on shares of Watsco from $460.00 to $370.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 14th. Mizuho set a $425.00 target price on shares of Watsco in a report on Wednesday, February 18th. Finally, Zacks Research raised Watsco from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 25th. One analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $399.83.

Watsco Profile

Watsco, Inc is the largest distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts and supplies in the United States. Headquartered in Miami, Florida, the company operates a network of more than 600 branches across the continental U.S., Canada and Puerto Rico. Watsco serves residential and commercial contractors by providing essential components for climate control systems, including air conditioners, furnaces, heat pumps, coils, refrigerants, controls and electrical and piping supplies.

Founded in 1947, Watsco has grown from a single regional distributor into an industry leader through a combination of organic expansion, acquisitions and strategic partnerships with original equipment manufacturers such as Carrier, Trane, Goodman and Lennox.