Wedge Capital Management L L P NC Sells 28,828 Shares of Pitney Bowes Inc. (NYSE:PBI)

Wedge Capital Management L L P NC lessened its position in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 15.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,396 shares of the technology company's stock after selling 28,828 shares during the period. Wedge Capital Management L L P NC owned about 0.09% of Pitney Bowes worth $1,479,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PBI. GAMMA Investing LLC grew 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 worth $278,000 after buying an additional 27,999 shares in the last quarter. Penbrook Management LLC acquired a new position in Pitney Bowes during the 1st quarter worth approximately $264,000. American Assets Investment Management LLC bought a new position in shares of Pitney Bowes during the 4th quarter worth approximately $941,000. Mackenzie Financial Corp grew its stake in shares of Pitney Bowes by 495.7% during the 4th quarter. Mackenzie Financial Corp now owns 67,558 shares of the technology company's stock worth $489,000 after acquiring an additional 56,217 shares in the last quarter. Finally, PharVision Advisers LLC acquired a new stake in shares of Pitney Bowes in the fourth quarter valued at approximately $107,000. Institutional investors and hedge funds own 67.88% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on PBI. Wall Street Zen cut shares of Pitney Bowes from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 15th. Sidoti raised shares of Pitney Bowes to a "hold" rating in a research report on Monday, May 5th.

Pitney Bowes Stock Performance

NYSE PBI traded up $0.03 during trading hours on Thursday, hitting $10.48. 1,408,868 shares of the company traded hands, compared to its average volume of 2,143,685. The business's 50-day moving average is $9.19 and its 200-day moving average is $8.81. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -9.36, a P/E/G ratio of 0.59 and a beta of 1.61. Pitney Bowes Inc. has a twelve month low of $4.62 and a twelve month high of $11.01.

Pitney Bowes (NYSE:PBI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. Pitney Bowes had a negative return on equity of 20.95% and a negative net margin of 7.71%. The company had revenue of $493.42 million for the quarter, compared to analysts' expectations of $498.99 million. During the same quarter in the prior year, the business posted ($0.01) EPS. The business's revenue was down 5.3% compared to the same quarter last year. Analysts predict that Pitney Bowes Inc. will post 1.21 EPS for the current year.

Pitney Bowes Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Monday, May 19th were paid a dividend of $0.07 per share. This is an increase from Pitney Bowes's previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Monday, May 19th. Pitney Bowes's payout ratio is currently -30.77%.

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.