Zions Bancorporation N.A. Sells 128 Shares of Otis Worldwide Co. (NYSE:OTIS)

Zions Bancorporation N.A. lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,732 shares of the company’s stock after selling 128 shares during the period. Zions Bancorporation N.A.’s holdings in Otis Worldwide were worth $492,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in OTIS. Huntington National Bank boosted its stake in Otis Worldwide by 3.7% during the third quarter. Huntington National Bank now owns 19,577 shares of the company’s stock worth $2,035,000 after buying an additional 699 shares in the last quarter. ICICI Prudential Asset Management Co Ltd acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $2,141,000. Pinnacle Financial Partners Inc increased its stake in Otis Worldwide by 1,314.8% in the third quarter. Pinnacle Financial Partners Inc now owns 64,714 shares of the company’s stock valued at $6,726,000 after acquiring an additional 60,140 shares during the period. Haverford Trust Co lifted its stake in Otis Worldwide by 8.4% during the third quarter. Haverford Trust Co now owns 2,328 shares of the company’s stock worth $242,000 after purchasing an additional 180 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Otis Worldwide by 30.0% during the third quarter. Victory Capital Management Inc. now owns 685,347 shares of the company’s stock worth $71,235,000 after purchasing an additional 158,010 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $99.10 on Friday. The firm has a 50 day simple moving average of $100.41 and a 200 day simple moving average of $97.27. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33. The firm has a market cap of $39.59 billion, a P/E ratio of 24.71 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 EPS. On average, sell-side analysts expect that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. Otis Worldwide’s payout ratio is presently 38.90%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. UBS Group began coverage on Otis Worldwide in a report on Wednesday. They issued a “neutral” rating and a $113.00 target price for the company. Barclays reduced their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $104.57.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.