Wealth Effects LLC Sells 21,401 Shares of Pitney Bowes Inc. $PBI

Key Points

• Wealth Effects LLC reduced its stake in Pitney Bowes Inc. by 23.8%, selling 21,401 shares, leaving them with 68,500 shares valued at $747,000.
• Pitney Bowes recently approved a $400 million stock repurchase program, allowing them to repurchase up to 18.9% of its shares, reflecting management's belief in the stock's undervalued status.
• The company declared an increased quarterly dividend of $0.08 per share, up from $0.07, representing an annualized yield of 2.7%.

Wealth Effects LLC trimmed its holdings in Pitney Bowes Inc. (NYSE:PBI - Free Report) by 23.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,500 shares of the technology company's stock after selling 21,401 shares during the quarter. Wealth Effects LLC's holdings in Pitney Bowes were worth $747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the business. Trail Ridge Investment Advisors LLC bought a new stake in shares of Pitney Bowes in the 1st quarter worth approximately $267,000. Bank of America Corp DE boosted its holdings in Pitney Bowes by 43.0% in the fourth quarter. Bank of America Corp DE now owns 932,635 shares of the technology company's stock worth $6,752,000 after acquiring an additional 280,402 shares in the last quarter. American Assets Inc. grew its stake in shares of Pitney Bowes by 80.6% in the fourth quarter. American Assets Inc. now owns 130,000 shares of the technology company's stock worth $941,000 after acquiring an additional 58,000 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Pitney Bowes by 1,030.5% during the first quarter. GAMMA Investing LLC now owns 30,716 shares of the technology company's stock valued at $278,000 after acquiring an additional 27,999 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of Pitney Bowes by 8.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 60,409 shares of the technology company's stock worth $547,000 after purchasing an additional 4,866 shares during the last quarter. Institutional investors own 67.88% of the company's stock.

Pitney Bowes Stock Up 1.5%

Shares of Pitney Bowes stock opened at $11.97 on Wednesday. Pitney Bowes Inc. has a twelve month low of $6.66 and a twelve month high of $13.11. The company's 50 day moving average is $11.75 and its 200 day moving average is $10.34. The company has a market cap of $2.06 billion, a price-to-earnings ratio of -19.94, a price-to-earnings-growth ratio of 0.60 and a beta of 1.29.

Pitney Bowes (NYSE:PBI - Get Free Report) last announced its 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 during the quarter, compared to analyst estimates of $475.92 million. Pitney Bowes had a negative net margin of 5.60% and a negative return on equity of 38.01%. The company's quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. Pitney Bowes has set its FY 2025 guidance at 1.200-1.400 EPS. Sell-side analysts expect that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.

Pitney Bowes declared that its board has approved a stock repurchase program on Wednesday, July 30th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 18.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Pitney Bowes Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 11th were paid a dividend of $0.08 per share. The ex-dividend date was Monday, August 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from Pitney Bowes's previous quarterly dividend of $0.07. Pitney Bowes's dividend payout ratio is presently -53.33%.

Insider Activity at Pitney Bowes

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

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold".

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.

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