VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 198,720 Pitney Bowes Inc. $PBI

Key Points

• Virginia Retirement Systems et al bought a new stake in Pitney Bowes, acquiring 198,720 shares worth about $2.1 million in the fourth quarter.
• Pitney Bowes reported quarterly EPS of $0.47, matching estimates, while revenue came in at $477.4 million, slightly above expectations but down 3.2% from a year earlier.
• The company cut its dividend to $0.01 per quarter, and analysts currently have a Moderate Buy consensus with an average price target of $15.18.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 198,720 shares of the technology company's stock, valued at approximately $2,100,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.12% of Pitney Bowes at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PBI. EverSource Wealth Advisors LLC raised its position in shares of Pitney Bowes by 41.3% during the second quarter. EverSource Wealth Advisors LLC now owns 3,472 shares of the technology company's stock worth $38,000 after purchasing an additional 1,015 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Pitney Bowes during the second quarter worth about $51,000. Copeland Capital Management LLC acquired a new stake in shares of Pitney Bowes during the fourth quarter worth about $65,000. United Services Automobile Association acquired a new stake in shares of Pitney Bowes during the first quarter worth about $96,000. Finally, PFG Investments LLC acquired a new stake in shares of Pitney Bowes during the third quarter worth about $127,000. Institutional investors and hedge funds own 67.88% of the company's stock.

Pitney Bowes Stock Performance

Shares of Pitney Bowes stock opened at $15.73 on Friday. The business's 50 day simple moving average is $12.52 and its 200 day simple moving average is $11.04. Pitney Bowes Inc. has a 52-week low of $8.95 and a 52-week high of $16.52. The firm has a market cap of $2.13 billion, a PE ratio of 15.27, a P/E/G ratio of 0.71 and a beta of 1.64.

Pitney Bowes (NYSE:PBI - Get Free Report) last announced its earnings results on Tuesday, May 5th. The technology company reported $0.47 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.47. Pitney Bowes had a negative return on equity of 33.41% and a net margin of 8.92%.The business had revenue of $477.41 million for the quarter, compared to analyst estimates of $471.83 million. During the same quarter last year, the firm earned $0.33 EPS. Pitney Bowes's revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities research analysts predict that Pitney Bowes Inc. will post 1.62 EPS for the current year.

Pitney Bowes Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Shareholders of record on Monday, May 18th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, May 18th. Pitney Bowes's dividend payout ratio (DPR) is currently 38.83%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Citizens Jmp raised their price target on Pitney Bowes from $13.00 to $14.00 and gave the stock a "market outperform" rating in a research report on Friday, April 17th. The Goldman Sachs Group set a $15.20 price target on Pitney Bowes in a research report on Friday, May 8th. Citigroup reaffirmed an "outperform" rating on shares of Pitney Bowes in a research report on Friday, April 17th. Weiss Ratings raised Pitney Bowes from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 8th. Finally, Truist Financial lifted their target price on Pitney Bowes from $11.00 to $15.00 and gave the company a "hold" rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $15.18.

Insider Buying and Selling

In other Pitney Bowes news, CEO Kurt James Wolf sold 966,561 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $14.58, for a total value of $14,092,459.38. Following the completion of the transaction, the chief executive officer directly owned 452,628 shares in the company, valued at $6,599,316.24. This trade represents a 68.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brent D. Rosenthal purchased 4,000 shares of the firm's stock in a transaction on Friday, March 13th. The stock was bought at an average price of $10.22 per share, with a total value of $40,880.00. Following the completion of the purchase, the director owned 9,000 shares of the company's stock, valued at approximately $91,980. This represents a 80.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders sold 2,456,054 shares of company stock valued at $34,864,180. Corporate insiders own 6.50% of the company's stock.

Pitney Bowes Company 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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