Truist Financial Corp Sells 21,115 Shares of Watsco, Inc. (NYSE:WSO)

Truist Financial Corp decreased its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 49.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,843 shares of the construction company's stock after selling 21,115 shares during the quarter. Truist Financial Corp owned approximately 0.05% of Watsco worth $10,351,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in WSO. Wingate Wealth Advisors Inc. acquired a new stake in Watsco during the 4th quarter valued at $36,000. Ashton Thomas Securities LLC acquired a new stake in Watsco during the 3rd quarter valued at $43,000. Quarry LP lifted its holdings in Watsco by 57.9% during the 3rd quarter. Quarry LP now owns 90 shares of the construction company's stock valued at $44,000 after purchasing an additional 33 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Watsco during the 3rd quarter valued at $48,000. Finally, Golden State Wealth Management LLC acquired a new stake in Watsco during the 4th quarter valued at $50,000. Institutional investors and hedge funds own 89.71% of the company's stock.

Watsco Price Performance

Shares of NYSE:WSO traded down $17.09 during trading on Friday, reaching $498.12. 286,029 shares of the stock were exchanged, compared to its average volume of 248,613. The firm has a market cap of $20.11 billion, a price-to-earnings ratio of 37.59 and a beta of 0.95. The stock has a fifty day moving average of $484.99 and a two-hundred day moving average of $491.92. Watsco, Inc. has a 1-year low of $380.58 and a 1-year high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last announced its earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.13 by $0.24. Watsco had a return on equity of 17.59% and a net margin of 7.04%. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.67 billion. Sell-side analysts forecast that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 17th were paid a dividend of $2.70 per share. The ex-dividend date of this dividend was Friday, January 17th. This represents a $10.80 annualized dividend and a dividend yield of 2.17%. Watsco's payout ratio is 81.51%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on WSO. Raymond James began coverage on Watsco in a report on Friday, January 17th. They set a "market perform" rating for the company. Robert W. Baird lifted their target price on Watsco from $540.00 to $560.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Northcoast Research began coverage on Watsco in a research report on Friday, November 22nd. They issued a "neutral" rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Watsco has a consensus rating of "Hold" and a consensus price target of $495.00.

Insider Transactions at Watsco

In other news, EVP Barry S. Logan sold 10,998 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total transaction of $5,589,293.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.86% of the stock is owned by corporate insiders.

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.