PNC Financial Services Group Inc. Has $30.76 Million Stock Holdings in Otis Worldwide Corporation $OTIS

PNC Financial Services Group Inc. lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 5.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 352,100 shares of the company’s stock after selling 18,893 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Otis Worldwide were worth $30,756,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Allied Investment Advisors LLC boosted its holdings in shares of Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after purchasing an additional 6,770 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Otis Worldwide by 54.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after purchasing an additional 1,013,876 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Otis Worldwide by 12,345.2% in the 4th quarter. SG Americas Securities LLC now owns 499,177 shares of the company’s stock valued at $43,603,000 after acquiring an additional 495,166 shares during the last quarter. Pinnacle Financial Partners Inc. lifted its stake in shares of Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after acquiring an additional 12,721 shares during the last quarter. Finally, Caprock Group LLC bought a new position in shares of Otis Worldwide in the 3rd quarter valued at $982,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on OTIS. Barclays dropped their price target on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research note on Thursday, April 23rd. Royal Bank Of Canada dropped their price target on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday, April 23rd. UBS Group set a $105.00 price target on Otis Worldwide in a research note on Thursday, April 23rd. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Finally, New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $97.64.

Otis Worldwide Stock Up 1.6%

Shares of NYSE:OTIS opened at $72.79 on Friday. The firm has a market cap of $27.93 billion, a P/E ratio of 19.36, a P/E/G ratio of 2.34 and a beta of 0.95. Otis Worldwide Corporation has a 12-month low of $69.72 and a 12-month high of $101.42. The business has a fifty day simple moving average of $77.66 and a 200 day simple moving average of $85.10.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.02). The company had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.19 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 15th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.76 annualized dividend and a yield of 2.4%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s dividend payout ratio is 46.81%.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.