Permit Capital LLC Boosts Position in Pitney Bowes Inc. $PBI

Key Points

• Permit Capital LLC increased its Pitney Bowes stake by 14% in the fourth quarter, buying 400,000 more shares and bringing its total holdings to 3.25 million shares. Pitney Bowes now makes up 10.7% of the fund’s portfolio.
• Several analysts remain constructive on the stock, with recent rating upgrades and higher price targets from firms including Bank of America and Truist Financial. MarketBeat shows a consensus rating of Moderate Buy with an average price target of $16.43.
• Pitney Bowes reported quarterly EPS of $0.47, matching estimates, while revenue came in at $477.4 million. The company also trimmed its dividend to an annualized $0.04 per share, and insiders sold shares during the latest quarter.

Permit Capital LLC raised its stake in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 14.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,250,000 shares of the technology company's stock after acquiring an additional 400,000 shares during the quarter. Pitney Bowes makes up 10.7% of Permit Capital LLC's portfolio, making the stock its 2nd biggest position. Permit Capital LLC owned 2.02% of Pitney Bowes worth $34,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in Pitney Bowes by 41.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,472 shares of the technology company's stock valued at $38,000 after acquiring an additional 1,015 shares during the last quarter. Advisory Services Network LLC boosted its stake in Pitney Bowes by 2.4% during the 3rd quarter. Advisory Services Network LLC now owns 52,975 shares of the technology company's stock valued at $604,000 after acquiring an additional 1,234 shares during the last quarter. Baird Financial Group Inc. boosted its stake in Pitney Bowes by 12.5% during the 2nd quarter. Baird Financial Group Inc. now owns 13,164 shares of the technology company's stock valued at $144,000 after acquiring an additional 1,459 shares during the last quarter. Stratos Wealth Partners LTD. boosted its stake in Pitney Bowes by 17.6% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 11,993 shares of the technology company's stock valued at $137,000 after acquiring an additional 1,799 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Pitney Bowes by 13.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,012 shares of the technology company's stock valued at $198,000 after acquiring an additional 2,116 shares during the last quarter. 67.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Truist Financial increased their price objective on shares of Pitney Bowes from $11.00 to $15.00 and gave the company a "hold" rating in a research note on Thursday, May 7th. Bank of America upgraded shares of Pitney Bowes from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $9.50 to $16.50 in a research note on Monday, May 11th. Weiss Ratings upgraded shares of Pitney Bowes from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 8th. The Goldman Sachs Group set a $15.20 price target on shares of Pitney Bowes in a research report on Friday, May 8th. Finally, Citigroup restated an "outperform" rating on shares of Pitney Bowes in a research report on Friday. 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 MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $16.43.

Pitney Bowes Stock Down 0.1%

PBI stock opened at $16.85 on Monday. Pitney Bowes Inc. has a fifty-two week low of $8.95 and a fifty-two week high of $17.13. The firm's 50-day simple moving average is $14.20 and its 200 day simple moving average is $11.70. The stock has a market cap of $2.28 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 0.76 and a beta of 1.63.

Pitney Bowes (NYSE:PBI - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.47 earnings per share for the quarter, hitting analysts' consensus estimates of $0.47. Pitney Bowes had a net margin of 8.92% and a negative return on equity of 33.41%. The business had revenue of $477.41 million for the quarter, compared to analysts' expectations of $471.83 million. During the same quarter last year, the company earned $0.33 EPS. The company's revenue for the quarter was down 3.2% compared to the same quarter last year. Equities 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. Investors of record on Monday, May 18th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Monday, May 18th. Pitney Bowes's dividend payout ratio (DPR) is 38.83%.

Insider Buying and Selling

In related news, CEO Kurt James Wolf sold 40,476 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $15.62, for a total value of $632,235.12. Following the sale, the chief executive officer owned 360,210 shares of the company's stock, valued at $5,626,480.20. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deborah Pfeiffer sold 18,750 shares of the 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 completion of the sale, the executive vice president directly owned 97,828 shares in the company, valued at approximately $1,571,117.68. This trade represents a 16.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,365,280 shares of company stock valued at $34,252,541 in the last quarter. Company insiders own 6.50% of the company's stock.

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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