Point Nemo Capital LLC Makes New $1.37 Million Investment in Pitney Bowes Inc. $PBI

Key Points

• Point Nemo Capital initiated a Pitney Bowes position in the third quarter, buying 83,856 shares worth about $1.37 million, or roughly 0.06% of the company.
• Pitney Bowes beat quarterly EPS expectations with earnings of $0.42 per share, but revenue fell 0.8% year over year and came in slightly below forecasts.
• The company raised its quarterly dividend from $0.01 to $0.10 per share. Analysts’ consensus rating was “Hold,” with an average price target of $18.45.

Point Nemo Capital LLC purchased a new stake in Pitney Bowes Inc. (NYSE:PBI - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 83,856 shares of the technology company's stock, valued at approximately $1,369,000. Point Nemo Capital LLC owned approximately 0.06% of Pitney Bowes as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Hsbc Holdings PLC raised its stake in Pitney Bowes by 824.5% in the second quarter. Hsbc Holdings PLC now owns 1,587,274 shares of the technology company's stock worth $27,762,000 after buying an additional 1,415,590 shares in the last quarter. Man Group plc purchased a new stake in Pitney Bowes in the second quarter worth about $6,659,000. The Manufacturers Life Insurance Company purchased a new stake in Pitney Bowes in the second quarter worth about $1,293,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Pitney Bowes by 20.3% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 468,595 shares of the technology company's stock valued at $8,210,000 after acquiring an additional 79,226 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Pitney Bowes during the 2nd quarter valued at approximately $28,683,000. Institutional investors own 67.88% of the company's stock.

Pitney Bowes Price Performance

NYSE:PBI opened at $15.57 on Friday. The firm's 50-day moving average price is $16.83 and its 200-day moving average price is $14.94. The company has a market capitalization of $2.11 billion, a PE ratio of 12.07, a P/E/G ratio of 0.63 and a beta of 1.74. Pitney Bowes Inc. has a 1-year low of $8.95 and a 1-year high of $19.07.

• Pitney Bowes NYSE: PBI is Surging, Is it Too Risky?

Pitney Bowes (NYSE:PBI - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.06. Pitney Bowes had a net margin of 10.10% and a negative return on equity of 30.45%. The company had revenue of $456.18 million during the quarter, compared to analysts' expectations of $458.24 million. During the same period last year, the company posted $0.31 EPS. Pitney Bowes's revenue was down .8% on a year-over-year basis. Equities analysts anticipate that Pitney Bowes Inc. will post 1.67 EPS for the current fiscal year.

Pitney Bowes Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Monday, November 16th will be paid a dividend of $0.10 per share. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.01. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, November 16th. Pitney Bowes's payout ratio is 31.01%.

Insider Buying and Selling at Pitney Bowes

In other news, EVP Todd A. Everett sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $16.89, for a total value of $168,900.00. Following the sale, the executive vice president directly owned 86,048 shares of the company's stock, valued at $1,453,350.72. The trade was a 10.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kurt Wolf sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $17.31, for a total value of $2,596,500.00. Following the completion of the sale, the chief executive officer owned 109,254 shares in the company, valued at $1,891,186.74. The trade was a 57.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 583,092 shares of company stock valued at $9,764,001. Corporate insiders own 6.50% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PBI. Truist Financial upped their target price on Pitney Bowes from $15.00 to $18.00 and gave the stock a "hold" rating in a report on Friday, July 31st. Wall Street Zen cut Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research note on Sunday, November 1st. Citigroup restated a "market outperform" rating on shares of Pitney Bowes in a research note on Friday, July 31st. Zacks Research lowered Pitney Bowes from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 2nd. Finally, Weiss Ratings cut Pitney Bowes from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, October 27th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $18.45.

Pitney Bowes Profile

Pitney Bowes Inc NYSE: PBI is a global technology and services company that helps businesses manage mailing, shipping and related communications. Its offerings include postage meters, mailing systems, shipping software, parcel management tools, address and data services, and equipment financing and support.

The company serves small businesses, large enterprises and government organizations through solutions designed to streamline the preparation, processing and delivery of physical mail and packages.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.