Nuveen LLC Takes $5.32 Million Position in Pitney Bowes Inc. $PBI

Key Points

• Nuveen LLC has invested approximately $5.32 million in Pitney Bowes Inc., acquiring 588,073 shares and increasing its stake to around 0.32% of the company.
• Pitney Bowes recently increased its quarterly dividend to $0.08, resulting in an annualized yield of 2.6%, up from the previous dividend of $0.07.
• The company also announced a $400 million stock buyback plan, indicating management's confidence in the stock's value, as it allows repurchasing up to 18.9% of its outstanding shares.

Nuveen LLC purchased a new position in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 588,073 shares of the technology company's stock, valued at approximately $5,322,000. Nuveen LLC owned approximately 0.32% of Pitney Bowes as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PBI. First Trust Advisors LP acquired a new position in Pitney Bowes during the 4th quarter worth approximately $6,245,000. Invesco Ltd. lifted its position in Pitney Bowes by 38.9% during the 1st quarter. Invesco Ltd. now owns 2,918,742 shares of the technology company's stock worth $26,415,000 after acquiring an additional 817,953 shares in the last quarter. Deutsche Bank AG lifted its position in Pitney Bowes by 493.1% during the 1st quarter. Deutsche Bank AG now owns 850,538 shares of the technology company's stock worth $7,697,000 after acquiring an additional 707,133 shares in the last quarter. Millennium Management LLC lifted its position in Pitney Bowes by 103.0% during the 4th quarter. Millennium Management LLC now owns 1,269,207 shares of the technology company's stock worth $9,189,000 after acquiring an additional 644,002 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in Pitney Bowes by 407.1% during the 1st quarter. Federated Hermes Inc. now owns 518,220 shares of the technology company's stock worth $4,690,000 after acquiring an additional 416,023 shares in the last quarter. 67.88% of the stock is owned by institutional investors and hedge funds.

Pitney Bowes Stock Performance

Shares of NYSE PBI traded up $0.10 during trading on Friday, reaching $12.14. The stock had a trading volume of 2,044,690 shares, compared to its average volume of 3,903,675. Pitney Bowes Inc. has a one year low of $6.22 and a one year high of $13.11. The stock has a market cap of $2.09 billion, a PE ratio of -20.23, a P/E/G ratio of 0.62 and a beta of 1.54. The firm's 50 day moving average price is $11.51 and its two-hundred day moving average price is $10.18.

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

Pitney Bowes declared that its Board of Directors has approved a share buyback program on Wednesday, July 30th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 18.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Pitney Bowes Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 11th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Monday, August 11th. This is an increase from Pitney Bowes's previous quarterly dividend of $0.07. Pitney Bowes's dividend payout ratio (DPR) is currently -53.33%.

Insider Buying and Selling

In related news, EVP Deborah Pfeiffer sold 35,000 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $12.14, for a total transaction of $424,900.00. Following the completion of the transaction, the executive vice president directly owned 115,405 shares in the company, valued at $1,401,016.70. This represents a 23.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on PBI. Wall Street Zen lowered Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Sidoti upgraded Pitney Bowes to a "hold" rating in a report on Monday, May 5th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Pitney Bowes presently has an average rating of "Hold".

About Pitney Bowes

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.