Otis Worldwide Corporation (OTIS) will raise its quarterly dividend by 20 percent to 24 cents per share in 2021. Last year the elevator and escalator manufacturer started paying a quarterly dividend of $0.20 per share. Otis was separated from United Technologies (UTX) earlier in 2020 following the acquistion of Raytheon by the former UTX now known as Raytheon Technologies (RTX).

The next dividend will be payable on June 10, 2021, to shareholders of record at the close of business on May 21, 2021. The next ex-dividend date for Otis is May 20, 2021. A new annualized dividend rate of 96 cents per share yields 1.4% at a stock price of $70.47. Otis will now pay an estimated $416 million in dividends to shareholders annually.

Otis Worldwide Corp (ISIN US68902V1070) is an elevator and escalator manufacturing, installation and service company. Otis operates through two segments: New Equipment and Service. Through its New Equipment segment, it 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. It sells its New Equipment units directly to customers, as well as through agents and distributors globally. Through its Service segment, it performs maintenance and repair services for both its products and those of other manufacturers and provides services to upgrade elevators and escalators. Otis was spun off from United Technologies on April 3, 2020. The company initiated a quarterly dividend in May 2020.