Atlantic Union Bankshares Corp Has $4.22 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Atlantic Union Bankshares Corp trimmed its position in Otis Worldwide Corporation (NYSE:OTIS) by 20.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,140 shares of the company’s stock after selling 11,948 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Otis Worldwide were worth $4,219,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allied Investment Advisors LLC boosted its stake in Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after purchasing an additional 6,770 shares during the period. Pinnacle Financial Partners Inc raised its stake in shares of Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock valued at $7,085,000 after purchasing an additional 12,721 shares during the period. Natixis lifted its holdings in shares of Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after purchasing an additional 58,286 shares in the last quarter. Carnegie Investment Counsel lifted its stake in Otis Worldwide by 19.9% in the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after acquiring an additional 38,931 shares in the last quarter. Finally, Canoe Financial LP lifted its stake in Otis Worldwide by 64.0% in the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after acquiring an additional 940,862 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $86.11 on Tuesday. Otis Worldwide Corporation has a 52-week low of $84.00 and a 52-week high of $106.83. The company has a market capitalization of $33.56 billion, a P/E ratio of 24.60, a price-to-earnings-growth ratio of 2.56 and a beta of 1.02. The company has a 50-day simple moving average of $88.38 and a 200 day simple moving average of $89.08.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the business earned $0.93 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio is 48.00%.

Analyst Ratings Changes

OTIS has been the topic of a number of recent research reports. Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. New Street Research set a $98.00 price objective on Otis Worldwide in a report on Friday. Wells Fargo & Company dropped their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $101.44.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer owned 2,628 shares of the company’s stock, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.