Truist Financial Corp Has $4.48 Million Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Truist Financial Corp has reduced its stake in Otis Worldwide Corporation by 6.4%, now holding a total of 45,250 shares valued at approximately $4.48 million.
• Otis Worldwide reported earnings of $1.05 per share, surpassing estimates, but saw a slight decline in revenue from the previous year, totaling $3.60 billion.
• The company has declared a quarterly dividend of $0.42 per share, reflecting a 1.9% dividend yield with a payout ratio of 44.44%.

Truist Financial Corp decreased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,250 shares of the company's stock after selling 3,112 shares during the quarter. Truist Financial Corp's holdings in Otis Worldwide were worth $4,481,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. NBC Securities Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $25,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Flaharty Asset Management LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $38,000. Finally, Toth Financial Advisory Corp bought a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $90.36 on Wednesday. The stock has a fifty day moving average price of $88.25 and a 200-day moving average price of $93.94. The company has a market cap of $35.47 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 3.56 and a beta of 1.00. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the prior year, the company posted $1.06 EPS. The company's revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's payout ratio is 44.44%.

Analyst Ratings Changes

OTIS has been the subject of several research analyst reports. Morgan Stanley lifted their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 target price for the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of Otis Worldwide in a research note on Saturday, September 27th. Wells Fargo & Company lifted their target price on Otis Worldwide from $93.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Monday. Finally, Royal Bank Of Canada reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $103.25.

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.

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