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

Key Points

• Assenagon Asset Management initiated a new stake in Pitney Bowes during the first quarter, buying 1.48 million shares worth about $16.4 million and owning roughly 1.03% of the company.
• Analysts are broadly constructive on the stock, with a consensus rating of Moderate Buy and an average price target of $16.43. Several firms recently raised targets, including Citizens JMP to $19 and Truist to $15.
• Pitney Bowes reported quarterly EPS of $0.47, matching expectations, while revenue of $477.4 million topped estimates. The company also pays a very small dividend of $0.01 per share quarterly, and insiders have been heavy sellers in recent months.

Assenagon Asset Management S.A. purchased a new position in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,484,436 shares of the technology company's stock, valued at approximately $16,403,000. Assenagon Asset Management S.A. owned 1.03% of Pitney Bowes as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in shares of Pitney Bowes by 41.3% in the second quarter. EverSource Wealth Advisors LLC now owns 3,472 shares of the technology company's stock worth $38,000 after purchasing an additional 1,015 shares in the last quarter. Hantz Financial Services Inc. grew its stake in Pitney Bowes by 190.9% in the 4th quarter. Hantz Financial Services Inc. now owns 3,747 shares of the technology company's stock valued at $40,000 after buying an additional 2,459 shares in the last quarter. UMB Bank n.a. raised its holdings in Pitney Bowes by 404.6% during the 4th quarter. UMB Bank n.a. now owns 4,022 shares of the technology company's stock valued at $43,000 after acquiring an additional 3,225 shares during the period. Canada Pension Plan Investment Board bought a new stake in Pitney Bowes during the 2nd quarter valued at $51,000. Finally, Copeland Capital Management LLC purchased a new stake in shares of Pitney Bowes during the fourth quarter worth $65,000. Hedge funds and other institutional investors own 67.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PBI shares. Truist Financial lifted their price target on Pitney Bowes from $11.00 to $15.00 and gave the company a "hold" rating in a research report on Thursday, May 7th. Citigroup reissued a "market outperform" rating on shares of Pitney Bowes in a report on Tuesday, June 16th. The Goldman Sachs Group set a $15.20 target price on Pitney Bowes in a research note on Friday, May 8th. Wall Street Zen raised Pitney Bowes from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 25th. Finally, Citizens Jmp upped their price target on Pitney Bowes from $17.00 to $19.00 and gave the company a "market outperform" rating in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Pitney Bowes has an average rating of "Moderate Buy" and a consensus price target of $16.43.

Pitney Bowes Stock Performance

NYSE PBI opened at $17.54 on Friday. Pitney Bowes Inc. has a 52-week low of $8.95 and a 52-week high of $18.12. The company has a fifty day moving average of $16.01 and a 200-day moving average of $12.47. The company has a market capitalization of $2.38 billion, a P/E ratio of 17.03, a P/E/G ratio of 0.81 and a beta of 1.63.

Pitney Bowes (NYSE:PBI - Get Free Report) last released its earnings results on Tuesday, May 5th. The technology company reported $0.47 EPS for the quarter, meeting analysts' consensus estimates of $0.47. Pitney Bowes had a negative return on equity of 33.41% and a net margin of 8.92%.The business had revenue of $477.41 million for the quarter, compared to analysts' expectations of $471.83 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The firm's revenue was down 3.2% on a year-over-year basis. As a group, analysts forecast that Pitney Bowes Inc. will post 1.62 EPS for the current fiscal year.

Pitney Bowes Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Monday, May 18th were given a dividend of $0.01 per share. The ex-dividend date was Monday, May 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. Pitney Bowes's dividend payout ratio is 38.83%.

Insider Transactions at Pitney Bowes

In related news, EVP Deborah Pfeiffer sold 18,750 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.06, for a total transaction of $301,125.00. Following the transaction, the executive vice president directly owned 97,828 shares of the company's stock, valued at approximately $1,571,117.68. This trade represents a 16.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Kurt James Wolf sold 966,561 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $14.58, for a total value of $14,092,459.38. Following the completion of the sale, the chief executive officer owned 452,628 shares of the company's stock, valued at $6,599,316.24. The trade was a 68.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 3,030,097 shares of company stock worth $46,661,100. 6.50% of the stock is currently owned by insiders.

About Pitney Bowes

Pitney Bowes Inc NYSE: PBI is an American technology company that specializes in shipping, mailing, and e-commerce solutions. Founded in 1920 by Walter Bowes and Arthur Pitney, the company pioneered postage meter technology and has since evolved to offer a broad portfolio of hardware, software, and services designed to streamline physical and digital communications. Headquartered in Stamford, Connecticut, Pitney Bowes leverages a century of expertise to serve enterprises, small businesses, and government agencies around the globe.

The company's core offerings span mailing and shipping equipment, including postage meters, folder inserters, and address verification systems, alongside integrated software platforms for customer information management, data analytics, and location intelligence.

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