Truist Financial Corp Cuts Position in Watsco, Inc. (NYSE:WSO)

Truist Financial Corp decreased its holdings in Watsco, Inc. (NYSE:WSO) by 49.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,843 shares of the construction company’s stock after selling 21,115 shares during the quarter. Truist Financial Corp owned about 0.05% of Watsco worth $10,351,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Toronto Dominion Bank raised its position in Watsco by 32.2% in the third quarter. Toronto Dominion Bank now owns 4,258 shares of the construction company’s stock worth $2,094,000 after acquiring an additional 1,038 shares in the last quarter. Citizens Financial Group Inc. RI raised its position in Watsco by 40.6% in the third quarter. Citizens Financial Group Inc. RI now owns 3,217 shares of the construction company’s stock worth $1,582,000 after acquiring an additional 929 shares in the last quarter. Larson Financial Group LLC raised its position in Watsco by 3,571.0% in the third quarter. Larson Financial Group LLC now owns 1,138 shares of the construction company’s stock worth $560,000 after acquiring an additional 1,107 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Watsco by 1.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company’s stock worth $31,853,000 after acquiring an additional 1,074 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Watsco by 5.6% in the third quarter. Franklin Resources Inc. now owns 51,590 shares of the construction company’s stock valued at $25,645,000 after purchasing an additional 2,738 shares during the last quarter. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Up 0.8 %

WSO opened at $515.53 on Friday. The firm has a market cap of $20.82 billion, a P/E ratio of 38.91 and a beta of 0.95. Watsco, Inc. has a 52 week low of $377.92 and a 52 week high of $571.41. The business’s fifty day simple moving average is $484.99 and its 200 day simple moving average is $491.92.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.24. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.67 billion. Watsco had a return on equity of 17.61% and a net margin of 7.04%. As a group, equities analysts expect that Watsco, Inc. will post 14.5 EPS for the current fiscal year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were paid a dividend of $2.70 per share. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend was Friday, January 17th. Watsco’s payout ratio is currently 81.51%.

Insider Activity at Watsco

In other Watsco news, EVP Barry S. Logan sold 10,998 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total value of $5,589,293.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on WSO shares. Northcoast Research started coverage on Watsco in a report on Friday, November 22nd. They issued a “neutral” rating on the stock. Robert W. Baird upped their target price on Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Raymond James started coverage on Watsco in a report on Friday, January 17th. They issued a “market perform” rating on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Watsco presently has an average rating of “Hold” and a consensus target price of $495.00.

About Watsco

Watsco, Inc, together with its subsidiaries, engages in the distribution of air conditioning, heating, refrigeration equipment, and related parts and supplies in the United States and internationally. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.