Northern Trust Corp Has $16.80 Million Stock Holdings in Pitney Bowes Inc. $PBI

Key Points

• Northern Trust Corp has reduced its stake in Pitney Bowes Inc. by 26.2% to approximately $16.8 million, owning about 1.01% of the company after selling nearly 660,000 shares.
• Pitney Bowes announced a quarterly dividend increase from $0.07 to $0.08, alongside a new stock buyback plan allowing for the repurchase of up to $400 million in shares, indicating potential undervaluation of its stock.
• Analysts have recently downgraded Pitney Bowes from a "strong-buy" to a "buy" rating, with an average rating now categorized as "Hold" amidst mixed signals in earnings performance and fiscal guidance.

Northern Trust Corp decreased its stake in Pitney Bowes Inc. (NYSE:PBI - Free Report) by 26.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,855,788 shares of the technology company's stock after selling 659,589 shares during the quarter. Northern Trust Corp owned approximately 1.01% of Pitney Bowes worth $16,795,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PBI. KBC Group NV acquired a new position in shares of Pitney Bowes in the first quarter worth $65,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Pitney Bowes in the first quarter valued at about $98,000. PharVision Advisers LLC acquired a new position in Pitney Bowes in the 4th quarter worth about $107,000. PFG Investments LLC raised its stake in shares of Pitney Bowes by 14.6% during the 1st quarter. PFG Investments LLC now owns 12,884 shares of the technology company's stock worth $117,000 after purchasing an additional 1,644 shares in the last quarter. Finally, Thompson Davis & CO. Inc. purchased a new stake in shares of Pitney Bowes during the 1st quarter worth about $122,000. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Pitney Bowes from a "strong-buy" rating to a "buy" rating in a report on Friday, August 22nd. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold".

Insider Activity

In related news, EVP Deborah Pfeiffer sold 35,000 shares of the firm'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 transaction, the executive vice president directly owned 115,405 shares in the company, valued at approximately $1,401,016.70. This trade represents a 23.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 9.00% of the company's stock.

Pitney Bowes Price Performance

Shares of NYSE:PBI opened at $12.02 on Wednesday. The stock has a market capitalization of $2.07 billion, a P/E ratio of -20.03, a P/E/G ratio of 0.62 and a beta of 1.29. The business has a 50-day moving average of $11.57 and a two-hundred day moving average of $10.21. Pitney Bowes Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $13.11.

Pitney Bowes (NYSE:PBI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.27 EPS for the quarter, meeting analysts' consensus estimates of $0.27. Pitney Bowes had a negative return on equity of 38.01% and a negative net margin of 5.60%.The business had revenue of $461.91 million for the quarter, compared to analyst estimates of $475.92 million. During the same quarter in the prior year, the firm posted $0.03 EPS. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. Pitney Bowes has set its FY 2025 guidance at 1.200-1.400 EPS. As a group, research analysts expect that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.

Pitney Bowes Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 11th will be paid a $0.08 dividend. The ex-dividend date is Monday, August 11th. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.7%. Pitney Bowes's dividend payout ratio is presently -53.33%.

Pitney Bowes announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 30th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the technology company to purchase up to 18.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

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.

Want to see what other hedge funds are holding PBI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pitney Bowes Inc. (NYSE:PBI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.