Fifth Third Bancorp Raises Holdings in Watsco, Inc. (NYSE:WSO)

Fifth Third Bancorp boosted its position in Watsco, Inc. (NYSE:WSO) by 4.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,028 shares of the construction company’s stock after acquiring an additional 47 shares during the period. Fifth Third Bancorp’s holdings in Watsco were worth $523,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WSO. Manitou Investment Management Ltd. purchased a new stake in shares of Watsco during the 1st quarter valued at $25,000. City Holding Co. purchased a new stake in shares of Watsco during the 1st quarter valued at $29,000. Rialto Wealth Management LLC purchased a new stake in shares of Watsco during the 4th quarter valued at $31,000. ST Germain D J Co. Inc. grew its stake in shares of Watsco by 260.0% during the 1st quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company’s stock valued at $37,000 after buying an additional 52 shares during the period. Finally, Atala Financial Inc purchased a new stake in shares of Watsco during the 4th quarter valued at $49,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Trading Down 1.3%

NYSE:WSO opened at $423.93 on Wednesday. Watsco, Inc. has a twelve month low of $422.99 and a twelve month high of $571.42. The firm has a market capitalization of $17.17 billion, a price-to-earnings ratio of 32.58 and a beta of 1.06. The firm’s fifty day simple moving average is $466.94 and its 200 day simple moving average is $485.06.

Watsco (NYSE:WSO) last issued its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.36). Watsco had a return on equity of 17.13% and a net margin of 6.98%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the firm earned $2.17 EPS. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were issued a $3.00 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a yield of 2.83%. This is a positive change from Watsco’s previous quarterly dividend of $2.70. Watsco’s payout ratio is currently 92.24%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Watsco from $445.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Robert W. Baird lowered their price objective on shares of Watsco from $560.00 to $540.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. UBS Group reduced their target price on shares of Watsco from $475.00 to $455.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Loop Capital lifted their target price on shares of Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a report on Thursday, February 27th. Finally, Mizuho set a $490.00 target price on shares of Watsco in a report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Watsco currently has an average rating of “Hold” and an average target price of $486.67.

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.