Picton Mahoney Asset Management Has $406,000 Stock Holdings in Pitney Bowes Inc. (NYSE:PBI)

Key Points

• Picton Mahoney Asset Management significantly increased its stake in Pitney Bowes Inc. by purchasing 44,628 shares, raising its holdings by approximately 26,407.1% during the first quarter, now valued at $406,000.
• The company has declared a quarterly dividend increase from $0.07 to $0.08, representing a 2.81% yield, scheduled for payment on September 8th.
• Pitney Bowes announced a stock buyback plan, authorizing the repurchase of up to $400 million in shares, reflecting confidence from the board in the stock's under-valuation.

Picton Mahoney Asset Management grew its stake in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 26,407.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,797 shares of the technology company's stock after buying an additional 44,628 shares during the quarter. Picton Mahoney Asset Management's holdings in Pitney Bowes were worth $406,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. PFG Investments LLC lifted its position in Pitney Bowes by 14.6% in the 1st quarter. PFG Investments LLC now owns 12,884 shares of the technology company's stock worth $117,000 after buying an additional 1,644 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Pitney Bowes by 2.7% in the fourth quarter. Federated Hermes Inc. now owns 102,197 shares of the technology company's stock worth $740,000 after acquiring an additional 2,711 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Pitney Bowes by 8.6% in the fourth quarter. Bank of Montreal Can now owns 37,259 shares of the technology company's stock worth $270,000 after acquiring an additional 2,962 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Pitney Bowes by 4.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,275 shares of the technology company's stock worth $668,000 after acquiring an additional 3,904 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in Pitney Bowes during the fourth quarter valued at $31,000. 67.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Pitney Bowes

In related news, EVP Deborah Pfeiffer sold 35,000 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was 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 approximately $1,401,016.70. The trade was a 23.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 9.00% of the company's stock.

Pitney Bowes Stock Down 0.8%

PBI stock traded down $0.09 during trading hours on Friday, hitting $11.27. The company's stock had a trading volume of 3,924,456 shares, compared to its average volume of 3,243,312. The company has a market capitalization of $2.06 billion, a PE ratio of -18.78, a price-to-earnings-growth ratio of 0.58 and a beta of 1.54. Pitney Bowes Inc. has a 12 month low of $5.58 and a 12 month high of $13.11. The stock has a 50 day moving average price of $11.01 and a two-hundred day moving average price of $9.75.

Pitney Bowes (NYSE:PBI - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.27 earnings per share for the quarter, meeting analysts' consensus estimates of $0.27. The business had revenue of $461.91 million for the quarter, compared to the consensus estimate 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 for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS. Sell-side analysts expect that Pitney Bowes Inc. will post 1.21 earnings per share for the current year.

Pitney Bowes announced that its Board of Directors has authorized a share buyback program on Wednesday, July 30th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 18.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, August 11th. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.07. Pitney Bowes's dividend payout ratio (DPR) is -46.67%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Wall Street Zen downgraded Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 15th. Sidoti raised Pitney Bowes to a "hold" rating in a research note on Monday, May 5th.

Pitney Bowes Company 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.