Eastern Bank Makes New Investment in Watsco, Inc. (NYSE:WSO)

Eastern Bank acquired a new position in Watsco, Inc. (NYSE:WSO) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,974 shares of the construction company’s stock, valued at approximately $1,463,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Berry Wealth Group LP purchased a new stake in Watsco in the 3rd quarter worth approximately $202,000. Prio Wealth Limited Partnership boosted its holdings in shares of Watsco by 58.1% during the 3rd quarter. Prio Wealth Limited Partnership now owns 952 shares of the construction company’s stock valued at $468,000 after purchasing an additional 350 shares during the last quarter. Compass Ion Advisors LLC boosted its position in shares of Watsco by 7.7% during the 3rd quarter. Compass Ion Advisors LLC now owns 935 shares of the construction company’s stock valued at $460,000 after acquiring an additional 67 shares during the last quarter. Blue Trust Inc. raised its holdings in Watsco by 139.5% during the 3rd quarter. Blue Trust Inc. now owns 527 shares of the construction company’s stock valued at $244,000 after buying an additional 307 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its stake in Watsco by 1.0% in the third quarter. Stratos Wealth Partners LTD. now owns 22,718 shares of the construction company’s stock worth $11,175,000 after purchasing an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Down 1.5 %

WSO opened at $484.78 on Wednesday. The company has a market cap of $19.54 billion, a PE ratio of 37.29 and a beta of 0.88. The business has a 50 day moving average price of $481.93 and a two-hundred day moving average price of $473.05. 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 52 week low of $338.58 and a 52 week high of $520.41.

Watsco (NYSE:WSO) last issued its quarterly earnings data on Tuesday, July 30th. The construction company reported $4.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.70 by ($0.21). The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.19 billion. Watsco had a return on equity of 18.55% and a net margin of 7.02%. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.42 earnings per share. As a group, research analysts anticipate that Watsco, Inc. will post 13.78 EPS for the current year.

Watsco Dividend Announcement

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

Analyst Upgrades and Downgrades

WSO has been the subject of several research reports. JPMorgan Chase & Co. upped their price target on shares of Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Robert W. Baird raised their price target on shares of Watsco from $522.00 to $550.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th.

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.