HB Wealth Management LLC bought a new position in Pitney Bowes Inc. (NYSE:PBI - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 30,814 shares of the technology company's stock, valued at approximately $279,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Cetera Investment Advisers grew its stake in Pitney Bowes by 45.7% in the 1st quarter. Cetera Investment Advisers now owns 65,508 shares of the technology company's stock worth $593,000 after acquiring an additional 20,536 shares in the last quarter. Wedbush Securities Inc. grew its stake in Pitney Bowes by 17.2% in the 1st quarter. Wedbush Securities Inc. now owns 139,725 shares of the technology company's stock worth $1,265,000 after acquiring an additional 20,477 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Pitney Bowes in the 1st quarter worth about $98,000. Jackson Creek Investment Advisors LLC bought a new position in Pitney Bowes in the 1st quarter worth about $1,342,000. Finally, Trail Ridge Investment Advisors LLC bought a new position in Pitney Bowes in the 1st quarter worth about $267,000. Hedge funds and other institutional investors own 67.88% of the company's stock.
Analysts Set New Price Targets
Several brokerages have recently weighed in on PBI. Sidoti raised shares of 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.
Check Out Our Latest Report on Pitney Bowes
Pitney Bowes Stock Performance
PBI traded up $0.29 on Monday, hitting $11.54. The company had a trading volume of 2,770,589 shares, compared to its average volume of 2,501,796. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -19.23, a P/E/G ratio of 0.58 and a beta of 1.54. The stock has a fifty day moving average price of $11.01 and a 200-day moving average price of $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 posted its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.27 EPS for the quarter, hitting the consensus estimate 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 net margin of 5.60% and a negative return on equity of 38.01%. Pitney Bowes's revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.03 EPS. Analysts forecast that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.
Pitney Bowes Increases Dividend
The company also recently announced 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 represents a $0.32 annualized dividend and a yield of 2.8%. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.07. The ex-dividend date is Monday, August 11th. Pitney Bowes's payout ratio is -46.67%.
Pitney Bowes announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 30th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 18.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other Pitney Bowes news, EVP Deborah Pfeiffer sold 35,000 shares of the firm's stock in a transaction that occurred 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 directly owned 115,405 shares in the company, valued at $1,401,016.70. This trade represents a 23.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.00% of the stock is currently owned by company insiders.
About Pitney Bowes
(
Free Report)
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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