Bank of America Corp DE Has $67.15 Million Stock Position in Watsco, Inc. (NYSE:WSO)

Bank of America Corp DE reduced its position in Watsco, Inc. (NYSE:WSO - Free Report) by 22.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 141,693 shares of the construction company's stock after selling 42,179 shares during the quarter. Bank of America Corp DE owned approximately 0.35% of Watsco worth $67,147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rialto Wealth Management LLC acquired a new position in Watsco during the fourth quarter worth $31,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Watsco in the fourth quarter valued at $36,000. Atala Financial Inc acquired a new stake in shares of Watsco in the fourth quarter valued at $49,000. Golden State Wealth Management LLC acquired a new stake in shares of Watsco in the fourth quarter valued at $50,000. Finally, Tortoise Investment Management LLC increased its stake in shares of Watsco by 76.2% in the fourth quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company's stock valued at $70,000 after buying an additional 64 shares in the last quarter. 89.71% of the stock is owned by institutional investors.

Watsco Stock Performance

WSO traded up $13.23 during midday trading on Friday, reaching $492.29. 219,389 shares of the company were exchanged, compared to its average volume of 253,681. Watsco, Inc. has a one year low of $439.08 and a one year high of $571.42. The stock has a market capitalization of $19.89 billion, a P/E ratio of 37.15 and a beta of 1.11. The stock's 50-day simple moving average is $489.80 and its 200 day simple moving average is $497.48.

Watsco (NYSE:WSO - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). Watsco had a return on equity of 17.59% and a net margin of 7.04%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the business posted $2.17 EPS. Watsco's quarterly revenue was down 2.2% on a year-over-year basis. On average, research analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Tuesday, April 15th. This is a boost from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is 92.24%.

Analysts Set New Price Targets

WSO has been the subject of a number of research reports. UBS Group lowered their target price on Watsco from $475.00 to $455.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. StockNews.com upgraded Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Robert W. Baird lowered their target price on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Loop Capital lifted their price objective on Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research report on Thursday, February 27th. Finally, Mizuho set a $490.00 price objective on Watsco in a research report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $480.83.

Watsco 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.