Watsco, Inc. $WSO Stake Raised by Comerica Bank

Key Points

• Comerica Bank increased its stake in Watsco, Inc. by 10.8% during the first quarter, now owning 34,204 shares valued at approximately $17.4 million.
• JPMorgan Chase & Co. raised their price target on Watsco from $445.00 to $460.00, while other analysts maintain a consensus rating of "Hold" with an average price target of $484.17.
• Watsco announced a quarterly dividend of $3.00, leading to an annualized dividend yield of 2.9% and a payout ratio of 92.02%.

Comerica Bank lifted its holdings in Watsco, Inc. (NYSE:WSO - Free Report) by 10.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,204 shares of the construction company's stock after purchasing an additional 3,340 shares during the quarter. Comerica Bank owned 0.08% of Watsco worth $17,386,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Opal Wealth Advisors LLC bought a new position in Watsco during the first quarter valued at about $25,000. Manitou Investment Management Ltd. bought a new position in Watsco during the first quarter valued at about $25,000. TCTC Holdings LLC boosted its stake in Watsco by 115.4% during the first quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock valued at $28,000 after buying an additional 30 shares in the last quarter. City Holding Co. bought a new position in Watsco during the first quarter valued at about $29,000. Finally, Rossby Financial LCC bought a new position in Watsco during the first quarter valued at about $33,000. Institutional investors own 89.71% of the company's stock.

Wall Street Analyst Weigh In

WSO has been the subject of several research reports. JPMorgan Chase & Co. raised their target price on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Morgan Stanley set a $505.00 target price on Watsco in a research note on Wednesday, July 2nd. Finally, UBS Group decreased their target price on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Watsco presently has an average rating of "Hold" and a consensus price target of $484.17.

Watsco Stock Down 1.7%

Shares of NYSE WSO traded down $6.93 during mid-day trading on Thursday, hitting $401.74. 174,750 shares of the company traded hands, compared to its average volume of 334,525. Watsco, Inc. has a 1 year low of $397.73 and a 1 year high of $571.41. The stock has a market capitalization of $16.29 billion, a price-to-earnings ratio of 30.81 and a beta of 0.95. The business has a 50 day moving average of $442.97 and a two-hundred day moving average of $467.59.

Watsco (NYSE:WSO - Get Free Report) last announced its earnings results on Wednesday, July 30th. The construction company reported $4.52 EPS for the quarter, missing the consensus estimate of $4.84 by ($0.32). Watsco had a net margin of 7.08% and a return on equity of 16.96%. The company had revenue of $2.06 billion for the quarter, compared to analysts' expectations of $2.24 billion. During the same period in the prior year, the company earned $4.49 earnings per share. The company's revenue for the quarter was down 3.6% on a year-over-year basis. As a group, research analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 16th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Wednesday, July 16th. Watsco's dividend payout ratio is currently 92.02%.

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.