Atlantic Union Bankshares Corp Has $3.65 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Atlantic Union Bankshares Corp increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,370 shares of the company’s stock after buying an additional 682 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Otis Worldwide were worth $3,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of OTIS. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide during the third quarter valued at $29,000. Fortitude Family Office LLC grew its holdings in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at $33,000. Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide during the third quarter valued at $34,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the sale, the chief executive officer now directly owns 230,153 shares in the company, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock valued at $10,046,255 in the last quarter. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Performance

NYSE OTIS opened at $104.08 on Friday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The stock has a market capitalization of $41.27 billion, a PE ratio of 25.63 and a beta of 1.05. The stock has a 50-day simple moving average of $95.67 and a 200 day simple moving average of $97.71.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its board has authorized a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.50%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.