Allianz Asset Management GmbH Lowers Stock Holdings in Pitney Bowes Inc. (NYSE:PBI)

Key Points

• Allianz Asset Management GmbH reduced its stake in Pitney Bowes by 31.6%, selling 23,300 shares, leaving it with 50,500 shares valued at $457,000.
• In the fourth quarter, several institutional investors increased their holdings in Pitney Bowes, with American Assets Inc. leading with an 80.6% increase, now owning 130,000 shares valued at $941,000.
• Pitney Bowes has declared a quarterly dividend of $0.08 per share, a rise from $0.07, indicating confidence in its financial position despite its negative net margin.

Allianz Asset Management GmbH trimmed its holdings in Pitney Bowes Inc. (NYSE:PBI - Free Report) by 31.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 50,500 shares of the technology company's stock after selling 23,300 shares during the period. Allianz Asset Management GmbH's holdings in Pitney Bowes were worth $457,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. PFG Investments LLC boosted its position in shares of Pitney Bowes by 14.6% during the first quarter. PFG Investments LLC now owns 12,884 shares of the technology company's stock worth $117,000 after buying an additional 1,644 shares during the period. Federated Hermes Inc. boosted its position in shares of Pitney Bowes by 2.7% during the fourth quarter. Federated Hermes Inc. now owns 102,197 shares of the technology company's stock worth $740,000 after buying an additional 2,711 shares during the period. Bank of Montreal Can boosted its position in shares of Pitney Bowes by 8.6% during the fourth quarter. Bank of Montreal Can now owns 37,259 shares of the technology company's stock worth $270,000 after buying an additional 2,962 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Pitney Bowes by 4.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,275 shares of the technology company's stock worth $668,000 after buying an additional 3,904 shares during the period. Finally, Corton Capital Inc. boosted its position in shares of Pitney Bowes by 16.9% during the fourth quarter. Corton Capital Inc. now owns 30,456 shares of the technology company's stock worth $221,000 after buying an additional 4,407 shares during the period. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

Pitney Bowes Trading Up 2.5%

NYSE:PBI traded up $0.29 during midday trading on Monday, reaching $11.54. The company had a trading volume of 2,770,589 shares, compared to its average volume of 2,501,796. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -19.23, a PEG ratio of 0.58 and a beta of 1.54. The stock's fifty day simple moving average is $11.01 and its 200-day simple moving average is $9.75. Pitney Bowes Inc. has a 12-month low of $5.58 and a 12-month high of $13.11.

Pitney Bowes (NYSE:PBI - Get Free Report) last released its earnings results on Wednesday, July 30th. The technology company reported $0.27 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.27. The firm had revenue of $461.91 million during the quarter, compared to analyst estimates of $475.92 million. Pitney Bowes had a negative return on equity of 38.01% and a negative net margin of 5.60%. Pitney Bowes's revenue was down 5.7% compared to the same quarter last year. During the same period last year, the business posted $0.03 earnings per share. As a group, sell-side analysts expect that Pitney Bowes Inc. will post 1.21 EPS for the current year.

Pitney Bowes Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 11th will be paid a $0.08 dividend. This is a boost from Pitney Bowes's previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, August 11th. Pitney Bowes's payout ratio is -46.67%.

Pitney Bowes declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 30th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 18.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently commented on PBI. Sidoti upgraded Pitney Bowes to a "hold" rating in a research report on Monday, May 5th. Wall Street Zen lowered Pitney Bowes from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 15th.

Insiders Place Their Bets

In other news, EVP Deborah Pfeiffer sold 35,000 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $12.14, for a total transaction of $424,900.00. Following the sale, the executive vice president owned 115,405 shares of the company's stock, valued at approximately $1,401,016.70. This trade represents a 23.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.00% of the stock is currently owned by corporate insiders.

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.