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

Atlantic Union Bankshares Corp lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 20.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 46,140 shares of the company’s stock after selling 11,948 shares during the period. Atlantic Union Bankshares Corp’s holdings in Otis Worldwide were worth $4,219,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $26,000. Chilton Capital Management LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at $31,000. Nemes Rush Group LLC raised its stake in shares of Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. Rakuten Investment Management Inc. bought a new position in shares of Otis Worldwide during the 3rd quarter worth about $31,000. Finally, Oakworth Capital Inc. boosted its position in shares of Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent research reports. Barclays increased their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Wells Fargo & Company dropped their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research note on Friday. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Performance

Shares of OTIS opened at $86.11 on Tuesday. The company has a market cap of $33.56 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 2.56 and a beta of 1.02. The stock has a fifty day moving average price of $88.38 and a two-hundred day moving average price of $89.08. Otis Worldwide Corporation has a 52-week low of $84.00 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting 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 company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the company posted $0.93 earnings per share. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.23% of the company’s stock.

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.