Wealth Effects LLC Sells 72,643 Shares of Pitney Bowes Inc. (NYSE:PBI)

Wealth Effects LLC cut its position in Pitney Bowes Inc. (NYSE:PBI - Free Report) by 44.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,901 shares of the technology company's stock after selling 72,643 shares during the quarter. Wealth Effects LLC's holdings in Pitney Bowes were worth $814,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Pitney Bowes by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company's stock worth $153,217,000 after purchasing an additional 1,299,716 shares during the last quarter. First Trust Advisors LP acquired a new stake in Pitney Bowes in the 4th quarter worth $6,245,000. Millennium Management LLC grew 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 last quarter. PEAK6 LLC acquired a new stake in Pitney Bowes in the 4th quarter worth $3,547,000. Finally, Victory Capital Management Inc. grew its position in Pitney Bowes by 1,356.4% in the 4th quarter. Victory Capital Management Inc. now owns 474,107 shares of the technology company's stock worth $3,433,000 after purchasing an additional 441,553 shares during the last quarter. 67.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen lowered shares of Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 15th. Sidoti raised shares of Pitney Bowes to a "hold" rating in a report on Monday, May 5th.

Pitney Bowes Stock Performance

Shares of NYSE:PBI traded down $0.03 during midday trading on Friday, reaching $10.92. 5,131,674 shares of the company's stock were exchanged, compared to its average volume of 2,160,140. The company's 50 day simple moving average is $9.71 and its two-hundred day simple moving average is $9.01. The firm has a market capitalization of $2.00 billion, a PE ratio of -11.99, a price-to-earnings-growth ratio of 0.58 and a beta of 1.61. Pitney Bowes Inc. has a 12 month low of $5.22 and a 12 month high of $11.24.

Pitney Bowes (NYSE:PBI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. The company had revenue of $493.42 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.01) EPS. On average, research analysts anticipate that Pitney Bowes Inc. will post 1.21 earnings per share for the current year.

Pitney Bowes Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Monday, May 19th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.57%. This is an increase from Pitney Bowes's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Monday, May 19th. Pitney Bowes's dividend payout ratio (DPR) is presently -30.77%.

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.