Pitney Bowes Inc. $PBI Shares Sold by Petrus Trust Company LTA

Key Points

• Petrus Trust Company LTA significantly reduced its stake in Pitney Bowes by 90.6%, now holding only 10,284 shares after selling 99,637 shares in the first quarter.
• Several institutional investors, including AQR Capital Management, made substantial increases or new purchases in Pitney Bowes, with AQR boosting its position by over 2,000%.
• Pitney Bowes announced a dividend increase to $0.08 per share, indicating a commitment to returning value to shareholders, along with a new stock repurchase plan worth $400 million.

Petrus Trust Company LTA trimmed its stake in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 90.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,284 shares of the technology company's stock after selling 99,637 shares during the period. Petrus Trust Company LTA's holdings in Pitney Bowes were worth $93,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PBI. Trail Ridge Investment Advisors LLC purchased a new position in shares of Pitney Bowes during the 1st quarter worth approximately $267,000. Bank of America Corp DE increased its stake in shares of Pitney Bowes by 43.0% during the 4th quarter. Bank of America Corp DE now owns 932,635 shares of the technology company's stock worth $6,752,000 after purchasing an additional 280,402 shares in the last quarter. American Assets Inc. increased its stake in shares of Pitney Bowes by 80.6% during the 4th quarter. American Assets Inc. now owns 130,000 shares of the technology company's stock worth $941,000 after purchasing an additional 58,000 shares in the last quarter. Man Group plc increased its stake in shares of Pitney Bowes by 76.1% during the 4th quarter. Man Group plc now owns 101,142 shares of the technology company's stock worth $732,000 after purchasing an additional 43,694 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Pitney Bowes by 1,030.5% during the 1st quarter. GAMMA Investing LLC now owns 30,716 shares of the technology company's stock worth $278,000 after purchasing an additional 27,999 shares in the last quarter. 67.88% of the stock is currently owned by institutional investors and hedge funds.

Pitney Bowes Stock Down 0.3%

Shares of NYSE PBI traded down $0.04 during trading on Monday, hitting $11.38. 381,629 shares of the company traded hands, compared to its average volume of 2,686,284. Pitney Bowes Inc. has a 1 year low of $6.61 and a 1 year high of $13.11. The company has a 50-day moving average price of $11.70 and a 200-day moving average price of $10.27. The firm has a market capitalization of $1.96 billion, a P/E ratio of -18.91, a P/E/G ratio of 0.59 and a beta of 1.29.

Pitney Bowes (NYSE:PBI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. Pitney Bowes had a negative net margin of 5.60% and a negative return on equity of 38.01%. The company had revenue of $461.91 million during the quarter, compared to analysts' expectations of $475.92 million. During the same period in the previous year, the company earned $0.03 EPS. The business's quarterly revenue was down 5.7% compared to the same quarter last year. Pitney Bowes has set its FY 2025 guidance at 1.200-1.400 EPS. Research analysts predict that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.

Pitney Bowes announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 30th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the technology company to repurchase up to 18.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Pitney Bowes Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 11th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.32 annualized dividend and a dividend yield of 2.8%. This is a boost from Pitney Bowes's previous quarterly dividend of $0.07. Pitney Bowes's dividend payout ratio is presently -53.33%.

Insider Buying and Selling at Pitney Bowes

In related news, EVP Deborah Pfeiffer sold 35,000 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $12.14, for a total transaction of $424,900.00. Following the completion of the sale, the executive vice president directly owned 115,405 shares of the company's stock, valued at approximately $1,401,016.70. This represents a 23.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brent D. Rosenthal purchased 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were acquired at an average cost of $11.97 per share, with a total value of $35,910.00. Following the completion of the transaction, the director owned 3,000 shares in the company, valued at $35,910. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 9.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold".

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.