Otis Worldwide (OTIS) Declares $0.29 Dividend

Otis Worldwide said on February 2, 2023 that its board of directors declared a regular quarterly dividend of $0.29 per share ($1.16 annualized). Shareholders of record as of February 16, 2023 will receive the payment on March 10, 2023. Previously, the company paid $0.29 per share.

At the current share price of $84.73 / share, the stock's dividend yield is 1.37%. Looking back five years and taking a sample every week, the average dividend yield has been 1.30%, the lowest has been 1.04%, and the highest has been 1.78%. The standard deviation of yields is 0.16 (n=127).

The current dividend yield is 0.45 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.39. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

Analyst Price Forecast Suggests 5.08% Downside

As of February 6, 2023, the average one-year price target for Otis Worldwide is $80.42. The forecasts range from a low of $68.68 to a high of $94.50. The average price target represents a decrease of 5.08% from its latest reported closing price of $84.73.

The projected annual revenue for Otis Worldwide is $14,134MM, an increase of 3.28%. The projected annual EPS is $3.48, an increase of 16.78%.

Fund Sentiment

There are 1920 funds or institutions reporting positions in Otis Worldwide. This is a decrease of 19 owner(s) or 0.98%.

Average portfolio weight of all funds dedicated to US:OTIS is 0.2641%, a decrease of 3.9432%. Total shares owned by institutions decreased in the last three months by 0.32% to 411,925K shares.

What are large shareholders doing?

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 12,532,340 shares representing 3.01% ownership of the company. In it's prior filing, the firm reported owning 12,444,733 shares, representing an increase of 0.70%. The firm decreased its portfolio allocation in OTIS by 5.23% over the last quarter.

Fiera Capital holds 9,844,380 shares representing 2.36% ownership of the company. In it's prior filing, the firm reported owning 10,382,608 shares, representing a decrease of 5.47%. The firm decreased its portfolio allocation in OTIS by 39.36% over the last quarter.

Geode Capital Management holds 9,726,352 shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 9,579,652 shares, representing an increase of 1.51%. The firm decreased its portfolio allocation in OTIS by 4.97% over the last quarter.

Alliancebernstein holds 9,637,299 shares representing 2.31% ownership of the company. In it's prior filing, the firm reported owning 9,836,416 shares, representing a decrease of 2.07%. The firm decreased its portfolio allocation in OTIS by 6.24% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 9,526,074 shares representing 2.29% ownership of the company. In it's prior filing, the firm reported owning 9,359,658 shares, representing an increase of 1.75%. The firm decreased its portfolio allocation in OTIS by 4.99% over the last quarter.

Otis Worldwide Background Information
(This description is provided by the company.)

Otis Worldwide Corporation gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, Otis moves 2 billion people a day and maintain more than 2 million customer units worldwide - the industry's largest Service portfolio. Otis is present in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 40,000 field professionals, all committed to meeting the diverse needs of its customers and passengers in more than 200 countries and territories.

This story originally appeared on Fintel.