Truist Financial Corp Has $20.69 Million Stock Position in Watsco, Inc. (NYSE:WSO)

Truist Financial Corp cut its position in Watsco, Inc. (NYSE:WSO) by 7.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,672 shares of the construction company’s stock after selling 3,706 shares during the period. Truist Financial Corp owned 0.11% of Watsco worth $20,694,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. First PREMIER Bank acquired a new position in shares of Watsco in the 1st quarter worth approximately $25,000. EntryPoint Capital LLC boosted its stake in Watsco by 100.0% in the first quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock worth $25,000 after purchasing an additional 29 shares in the last quarter. Quarry LP bought a new stake in shares of Watsco during the second quarter worth $26,000. ORG Partners LLC acquired a new stake in shares of Watsco in the first quarter valued at $31,000. Finally, Tortoise Investment Management LLC raised its holdings in shares of Watsco by 76.2% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock valued at $34,000 after buying an additional 32 shares during the last quarter. 89.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Robert W. Baird increased their price target on shares of Watsco from $460.00 to $522.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $469.80.

Watsco Price Performance

Shares of WSO stock opened at $484.10 on Friday. The company has a quick ratio of 1.55, a current ratio of 3.21 and a debt-to-equity ratio of 0.01. Watsco, Inc. has a 12 month low of $338.58 and a 12 month high of $520.41. The firm has a market cap of $19.51 billion, a price-to-earnings ratio of 37.24 and a beta of 0.88. The stock has a 50-day moving average price of $478.06 and a 200 day moving average price of $466.94.

Watsco (NYSE:WSO) last issued its quarterly earnings results on Tuesday, July 30th. The construction company reported $4.49 EPS for the quarter, missing the consensus estimate of $4.70 by ($0.21). Watsco had a return on equity of 18.55% and a net margin of 7.02%. The business had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the firm earned $4.42 EPS. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. Research analysts expect that Watsco, Inc. will post 13.83 EPS for the current year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th will be given a $2.70 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $10.80 annualized dividend and a dividend yield of 2.23%. Watsco’s dividend payout ratio is currently 83.08%.

Watsco Company Profile

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.