Assenagon Asset Management S.A. Takes $2.12 Million Position in Pitney Bowes Inc. $PBI

Key Points

• Assenagon Asset Management S.A. has acquired a new position in Pitney Bowes Inc. worth approximately $2.12 million, purchasing 194,200 shares.
• Pitney Bowes recently declared a quarterly dividend of $0.08 per share, an increase from the previous $0.07, resulting in a dividend yield of 2.8%.
• Despite a recent earnings report meeting estimates, Pitney Bowes reported a 5.7% decline in revenue compared to the previous year and negative margins, indicating ongoing financial challenges.

Assenagon Asset Management S.A. purchased a new position in Pitney Bowes Inc. (NYSE:PBI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 194,200 shares of the technology company's stock, valued at approximately $2,119,000. Assenagon Asset Management S.A. owned about 0.11% of Pitney Bowes at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its position in Pitney Bowes by 16.0% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 15,896 shares of the technology company's stock valued at $182,000 after purchasing an additional 2,194 shares during the period. Range Financial Group LLC lifted its holdings in shares of Pitney Bowes by 14.3% in the second quarter. Range Financial Group LLC now owns 121,600 shares of the technology company's stock worth $1,327,000 after buying an additional 15,215 shares in the last quarter. Strs Ohio bought a new stake in shares of Pitney Bowes in the first quarter worth about $708,000. Intech Investment Management LLC grew its holdings in shares of Pitney Bowes by 15.5% in the first quarter. Intech Investment Management LLC now owns 195,309 shares of the technology company's stock valued at $1,768,000 after purchasing an additional 26,260 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Pitney Bowes by 18.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 470,488 shares of the technology company's stock valued at $4,258,000 after acquiring an additional 72,437 shares during the last quarter. Hedge funds and other institutional investors own 67.88% of the company's stock.

Pitney Bowes Stock Down 4.0%

Shares of PBI opened at $11.52 on Friday. Pitney Bowes Inc. has a twelve month low of $6.66 and a twelve month high of $13.11. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -19.19, a price-to-earnings-growth ratio of 0.61 and a beta of 1.29. The company has a 50 day moving average of $11.75 and a two-hundred day moving average of $10.37.

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 for the quarter, hitting the consensus estimate of $0.27. The company had revenue of $461.91 million for the quarter, compared to the consensus estimate of $475.92 million. Pitney Bowes had a negative net margin of 5.60% and a negative return on equity of 38.01%. Pitney Bowes's revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 EPS. Pitney Bowes has set its FY 2025 guidance at 1.200-1.400 EPS. On average, sell-side analysts expect that Pitney Bowes Inc. will post 1.21 EPS for the current year.

Pitney Bowes Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 11th were given 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 yield of 2.8%. This is an increase from Pitney Bowes's previous quarterly dividend of $0.07. Pitney Bowes's payout ratio is -53.33%.

Pitney Bowes announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 30th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 18.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of 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, Based on data from MarketBeat, the company currently has a consensus rating of "Hold".

Insider Activity at Pitney Bowes

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

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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