1,160,400 Shares in Pitney Bowes Inc. $PBI Acquired by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors Inc. acquired 1,160,400 shares of Pitney Bowes Inc., valued at approximately $12.66 million, representing about 0.63% of the company.
• Pitney Bowes reported quarterly earnings of $0.27 EPS, meeting estimates, but experienced a 5.7% decline in revenue compared to the previous year.
• The company authorized a $400 million share repurchase program, indicating management's belief that the shares may be undervalued, while also increasing its quarterly dividend to $0.08 per share.

Hennessy Advisors Inc. acquired a new position in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,160,400 shares of the technology company's stock, valued at approximately $12,660,000. Hennessy Advisors Inc. owned about 0.63% of Pitney Bowes at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Pitney Bowes by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 21,313,865 shares of the technology company's stock worth $192,890,000 after purchasing an additional 151,353 shares during the last quarter. Invesco Ltd. raised its position in shares of Pitney Bowes by 38.9% during the 1st quarter. Invesco Ltd. now owns 2,918,742 shares of the technology company's stock worth $26,415,000 after purchasing an additional 817,953 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Pitney Bowes during the 1st quarter worth approximately $11,032,000. Deutsche Bank AG raised its position in shares of Pitney Bowes by 493.1% during the 1st quarter. Deutsche Bank AG now owns 850,538 shares of the technology company's stock worth $7,697,000 after purchasing an additional 707,133 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Pitney Bowes by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 788,203 shares of the technology company's stock valued at $7,133,000 after acquiring an additional 19,830 shares during the last quarter. 67.88% of the stock is currently owned by institutional investors and hedge funds.

Pitney Bowes Stock Down 1.5%

Shares of NYSE PBI opened at $11.11 on Friday. Pitney Bowes Inc. has a 52-week low of $6.66 and a 52-week high of $13.11. The firm has a fifty day moving average of $11.62 and a 200-day moving average of $10.45. The stock has a market capitalization of $1.91 billion, a PE ratio of -18.51, a P/E/G ratio of 0.58 and a beta of 1.27.

Pitney Bowes (NYSE:PBI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. Pitney Bowes had a negative net margin of 5.60% and a negative return on equity of 38.01%. The company had revenue of $461.91 million during the quarter, compared to analysts' expectations of $475.92 million. During the same period in the previous year, the company earned $0.03 EPS. The business's quarterly revenue was down 5.7% compared to the same quarter last year. Pitney Bowes has set its FY 2025 guidance at 1.200-1.400 EPS. Equities research analysts expect that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.

Pitney Bowes announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 30th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the technology company to repurchase up to 18.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Pitney Bowes Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 11th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.32 annualized dividend and a dividend yield of 2.9%. This is a boost from Pitney Bowes's previous quarterly dividend of $0.07. Pitney Bowes's dividend payout ratio is presently -53.33%.

Insider Buying and Selling at Pitney Bowes

In other news, EVP Deborah Pfeiffer sold 35,000 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $12.14, for a total transaction of $424,900.00. Following the completion of the sale, the executive vice president directly owned 115,405 shares of the company's stock, valued at $1,401,016.70. The trade was a 23.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brent D. Rosenthal purchased 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were acquired at an average cost of $11.97 per share, with a total value of $35,910.00. Following the completion of the transaction, the director owned 3,000 shares in the company, valued at $35,910. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 9.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on PBI. Weiss Ratings reiterated a "sell (d)" rating on shares of Pitney Bowes in a report on Saturday, September 27th. Wall Street Zen downgraded Pitney Bowes from a "strong-buy" rating to a "buy" rating in a report on Friday, August 22nd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Pitney Bowes currently has a consensus rating of "Reduce".

Pitney Bowes Profile

Pitney Bowes Inc, a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States and internationally. It operates through Global Ecommerce, Presort Services, and SendTech Solutions segments.

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