PNC Financial Services Group Inc. Reduces Position in Watsco, Inc. (NYSE:WSO)

PNC Financial Services Group Inc. cut its holdings in shares of Watsco, Inc. (NYSE:WSO) by 0.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 14,067 shares of the construction company’s stock after selling 36 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Watsco were worth $6,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. J. W. Coons Advisors LLC boosted its position in shares of Watsco by 0.7% during the third quarter. J. W. Coons Advisors LLC now owns 2,999 shares of the construction company’s stock valued at $1,475,000 after buying an additional 20 shares during the last quarter. My Legacy Advisors LLC lifted its holdings in Watsco by 3.2% in the fourth quarter. My Legacy Advisors LLC now owns 687 shares of the construction company’s stock valued at $329,000 after acquiring an additional 21 shares during the period. Avidian Wealth Enterprises LLC lifted its holdings in Watsco by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 1,196 shares of the construction company’s stock valued at $567,000 after acquiring an additional 21 shares during the period. Centennial Wealth Advisory LLC lifted its holdings in Watsco by 3.0% in the fourth quarter. Centennial Wealth Advisory LLC now owns 754 shares of the construction company’s stock valued at $358,000 after acquiring an additional 22 shares during the period. Finally, M&T Bank Corp lifted its holdings in Watsco by 1.4% in the fourth quarter. M&T Bank Corp now owns 1,686 shares of the construction company’s stock valued at $799,000 after acquiring an additional 23 shares during the period. 89.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on WSO shares. Raymond James started coverage on Watsco in a report on Friday, January 17th. They issued a “market perform” rating on the stock. Robert W. Baird increased their target price on Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Loop Capital increased their target price on Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a report on Thursday, February 27th. Finally, Northcoast Research started coverage on Watsco in a report on Friday, November 22nd. They issued a “neutral” rating on the stock. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Watsco currently has an average rating of “Hold” and an average target price of $486.25.

Insider Activity at Watsco

In related news, EVP Barry S. Logan sold 10,998 shares of Watsco stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 12.86% of the stock is owned by corporate insiders.

Watsco Stock Down 0.1 %

NYSE WSO opened at $504.82 on Thursday. The stock’s 50-day moving average price is $488.48 and its 200-day moving average price is $494.83. Watsco, Inc. has a 52 week low of $393.88 and a 52 week high of $571.41. The company has a market capitalization of $20.39 billion, a P/E ratio of 38.10 and a beta of 0.92.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.67 billion. Research analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were paid a dividend of $2.70 per share. This represents a $10.80 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Friday, January 17th. Watsco’s dividend payout ratio (DPR) is presently 81.51%.

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.