Corsair Capital Management L.P. Sells 77,000 Shares of Pitney Bowes Inc. $PBI

Key Points

• Corsair Capital Management cut its Pitney Bowes stake by 63.9% in the first quarter, selling 77,000 shares and retaining 43,495 shares valued at approximately $481,000.
• Pitney Bowes reported quarterly EPS of $0.47, matching analyst expectations, while revenue of $477.4 million exceeded estimates but declined 3.2% year over year. The company’s annualized dividend is now $0.04 per share, yielding approximately 0.2%.
• Analysts maintain a consensus “Hold” rating with an average price target of $16.43, below the stock’s reported $17.86 price; meanwhile, insiders sold 3.35 million shares worth approximately $53.3 million over the past three months.

Corsair Capital Management L.P. cut its stake in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 63.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,495 shares of the technology company's stock after selling 77,000 shares during the period. Corsair Capital Management L.P.'s holdings in Pitney Bowes were worth $481,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Caxton Associates LLP boosted its holdings in Pitney Bowes by 58.7% during the first quarter. Caxton Associates LLP now owns 281,222 shares of the technology company's stock worth $3,108,000 after buying an additional 104,004 shares during the last quarter. Mizuho Markets Americas LLC boosted its stake in Pitney Bowes by 1.4% during the 1st quarter. Mizuho Markets Americas LLC now owns 692,308 shares of the technology company's stock worth $7,650,000 after acquiring an additional 9,500 shares during the last quarter. State of Wyoming grew its holdings in Pitney Bowes by 48.5% during the first quarter. State of Wyoming now owns 58,514 shares of the technology company's stock valued at $647,000 after purchasing an additional 19,123 shares during the period. First Trust Advisors LP grew its holdings in Pitney Bowes by 12.5% during the first quarter. First Trust Advisors LP now owns 408,325 shares of the technology company's stock valued at $4,512,000 after purchasing an additional 45,275 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Pitney Bowes by 9.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,331,315 shares of the technology company's stock valued at $25,760,000 after purchasing an additional 193,145 shares in the last quarter. Institutional investors own 67.88% of the company's stock.

Pitney Bowes Stock Performance

Shares of PBI opened at $17.86 on Monday. The firm has a market cap of $2.42 billion, a P/E ratio of 17.34, a PEG ratio of 0.80 and a beta of 1.62. Pitney Bowes Inc. has a twelve month low of $8.95 and a twelve month high of $18.77. The firm's 50 day moving average price is $17.09 and its two-hundred day moving average price is $13.53.

• Pitney Bowes NYSE: PBI is Surging, Is it Too Risky?

Pitney Bowes (NYSE:PBI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.47 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.47. Pitney Bowes had a net margin of 8.92% and a negative return on equity of 33.41%. The company had revenue of $477.41 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. On average, sell-side analysts anticipate that Pitney Bowes Inc. will post 1.62 earnings per share for the current fiscal year.

Pitney Bowes Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Monday, May 18th were paid a $0.01 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. Pitney Bowes's dividend payout ratio is presently 38.83%.

Wall Street Analyst Weigh In

PBI has been the topic of several analyst reports. Truist Financial increased their target price on shares of Pitney Bowes from $11.00 to $15.00 and gave the stock a "hold" rating in a report on Thursday, May 7th. Citizens Jmp boosted their price target on shares of Pitney Bowes from $17.00 to $19.00 and gave the company a "market outperform" rating in a report on Friday, June 5th. Bank of America upgraded shares of Pitney Bowes from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $9.50 to $16.50 in a research report on Monday, May 11th. Wall Street Zen raised Pitney Bowes from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 25th. Finally, Weiss Ratings upgraded Pitney Bowes from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 8th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $16.43.

Insiders Place Their Bets

In other Pitney Bowes news, CEO Kurt James Wolf sold 966,561 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $14.58, for a total transaction of $14,092,459.38. Following the completion of the transaction, the chief executive officer owned 452,628 shares in the company, valued at approximately $6,599,316.24. This represents a 68.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 3,349,130 shares of company stock valued at $53,285,535. 6.50% of the stock is currently owned by corporate insiders.

Pitney Bowes Profile

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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