First Citizens Bank & Trust Co. Sells 2,221 Shares of Otis Worldwide (NASDAQ:OTIS)

First Citizens Bank & Trust Co. reduced its holdings in shares of Otis Worldwide (NASDAQ:OTIS) by 7.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,922 shares of the company’s stock after selling 2,221 shares during the period. First Citizens Bank & Trust Co.’s holdings in Otis Worldwide were worth $1,680,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Core Alternative Capital bought a new position in shares of Otis Worldwide in the second quarter worth approximately $25,000. Independence Bank of Kentucky bought a new position in shares of Otis Worldwide in the second quarter worth approximately $26,000. Sowa Financial Group Inc. bought a new position in shares of Otis Worldwide in the second quarter worth approximately $26,000. Truehand Inc bought a new position in shares of Otis Worldwide in the second quarter worth approximately $27,000. Finally, Gradient Investments LLC bought a new position in shares of Otis Worldwide in the second quarter worth approximately $27,000.

Shares of Otis Worldwide stock opened at $65.03 on Friday. The stock has a market capitalization of $28.16 billion and a price-to-earnings ratio of 33.87. The firm’s fifty day moving average price is $62.47. Otis Worldwide has a 12 month low of $38.00 and a 12 month high of $66.00.

Otis Worldwide (NASDAQ:OTIS) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.44 by $0.12. The firm had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Otis Worldwide’s quarterly revenue was down 9.6% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 20th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Thursday, November 19th. Otis Worldwide’s dividend payout ratio is currently 41.67%.

Several brokerages have recently issued reports on OTIS. HSBC began coverage on shares of Otis Worldwide in a report on Monday, June 29th. They issued a “reduce” rating and a $44.00 target price on the stock. Wolfe Research upgraded shares of Otis Worldwide from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 24th. BidaskClub upgraded shares of Otis Worldwide from a “sell” rating to a “hold” rating in a report on Friday, September 25th. Credit Suisse Group raised their price target on Otis Worldwide from $55.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their price target on Otis Worldwide from $75.00 to $79.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $62.63.

Otis Worldwide Profile

There is no company description available for Otis Worldwide Corp.

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Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

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