Victory Capital Management Inc. Sells 83,608 Shares of Pitney Bowes Inc. (NYSE:PBI)

Victory Capital Management Inc. lessened its stake in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 17.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 390,499 shares of the technology company's stock after selling 83,608 shares during the period. Victory Capital Management Inc. owned approximately 0.21% of Pitney Bowes worth $3,534,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PBI. Vanguard Group Inc. raised its stake in shares of Pitney Bowes by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company's stock valued at $153,217,000 after acquiring an additional 1,299,716 shares during the period. First Trust Advisors LP bought a new position in Pitney Bowes during the 4th quarter valued at about $6,245,000. Millennium Management LLC raised its position in Pitney Bowes by 103.0% in the 4th quarter. Millennium Management LLC now owns 1,269,207 shares of the technology company's stock worth $9,189,000 after purchasing an additional 644,002 shares during the period. PEAK6 LLC purchased a new stake in Pitney Bowes in the 4th quarter worth about $3,547,000. Finally, Norges Bank bought a new stake in Pitney Bowes in the fourth quarter worth about $2,396,000. 67.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PBI has been the topic of a number of analyst reports. Sidoti raised Pitney Bowes to a "hold" rating in a research note on Monday, May 5th. Wall Street Zen downgraded Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 15th.

Pitney Bowes Trading Up 1.4%

NYSE PBI opened at $12.29 on Monday. The stock has a market cap of $2.25 billion, a PE ratio of -13.50, a PEG ratio of 0.65 and a beta of 1.60. Pitney Bowes Inc. has a 12 month low of $5.58 and a 12 month high of $13.11. The company's 50-day moving average price is $10.81 and its 200-day moving average price is $9.61.

Pitney Bowes (NYSE:PBI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $493.42 million during the quarter, compared to analysts' expectations of $498.99 million. Pitney Bowes had a negative net margin of 7.18% and a negative return on equity of 31.61%. The firm's quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.01) EPS. As a group, sell-side analysts forecast that Pitney Bowes Inc. will post 1.21 earnings per share for the current year.

Pitney Bowes Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Monday, May 19th were paid a $0.07 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.28 annualized dividend and a yield of 2.28%. This is a boost from Pitney Bowes's previous quarterly dividend of $0.06. Pitney Bowes's dividend payout ratio is -30.77%.

Insider Transactions at Pitney Bowes

In other Pitney Bowes news, EVP Deborah Pfeiffer sold 35,000 shares of Pitney Bowes 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 sale, the executive vice president directly owned 115,405 shares of the company's stock, valued at $1,401,016.70. The trade was a 23.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.00% of the stock is currently owned by company insiders.

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.

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