Webster Bank N. A. Sells 174 Shares of Otis Worldwide Co. (NYSE:OTIS)

Webster Bank N. A. decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,921 shares of the company’s stock after selling 174 shares during the quarter. Webster Bank N. A.’s holdings in Otis Worldwide were worth $290,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Atlantic Union Bankshares Corp raised its stake in Otis Worldwide by 8.0% in the first quarter. Atlantic Union Bankshares Corp now owns 29,086 shares of the company’s stock valued at $2,887,000 after buying an additional 2,160 shares during the period. Register Financial Advisors LLC bought a new stake in Otis Worldwide in the 1st quarter valued at $58,000. Brookstone Capital Management acquired a new stake in Otis Worldwide during the 1st quarter valued at $257,000. Sarasin & Partners LLP boosted its position in Otis Worldwide by 11.2% during the first quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock worth $322,788,000 after purchasing an additional 328,539 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at $40,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company lowered their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Argus upped their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $99.33.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $96.26 on Friday. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84. The stock’s fifty day moving average is $96.20 and its 200 day moving average is $93.93. The stock has a market capitalization of $38.92 billion, a P/E ratio of 27.82 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a $0.39 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Otis Worldwide Company 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.