Fifth Third Bancorp Has $6.30 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Fifth Third Bancorp grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 671.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 81,714 shares of the company’s stock after purchasing an additional 71,123 shares during the period. Fifth Third Bancorp’s holdings in Otis Worldwide were worth $6,298,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Camelot Portfolios LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at about $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide in the third quarter worth about $27,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $27,000. Elevation Wealth Partners LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 4.0%

OTIS stock opened at $75.06 on Friday. The company has a 50 day moving average of $72.11 and a two-hundred day moving average of $80.58. The company has a market cap of $28.80 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 2.59 and a beta of 0.90. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $101.36.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.02). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The company had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter in the prior year, the firm earned $0.92 earnings per share. The company’s revenue was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.16 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.3%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date was Friday, May 15th. Otis Worldwide’s dividend payout ratio is presently 46.81%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research analyst reports. UBS Group set a $105.00 price target on shares of Otis Worldwide in a research report on Thursday, April 23rd. Evercore assumed coverage on Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 target price for the company. Weiss Ratings cut Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Morgan Stanley set a $88.00 price target on Otis Worldwide in a report on Friday, April 24th. Finally, Royal Bank Of Canada dropped their price target on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $96.55.

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.