Pitney Bowes Inc. (NYSE:PBI) Shares Sold by Northern Trust Corp

Northern Trust Corp reduced its position in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,515,377 shares of the technology company's stock after selling 87,654 shares during the period. Northern Trust Corp owned 1.38% of Pitney Bowes worth $18,211,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Pitney Bowes by 6.5% during 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 last quarter. Hestia Capital Management LLC purchased a new position in Pitney Bowes in the fourth quarter worth approximately $114,326,000. Assenagon Asset Management S.A. lifted its stake in Pitney Bowes by 47.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company's stock worth $13,139,000 after acquiring an additional 586,249 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Pitney Bowes by 182.4% in the third quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company's stock worth $6,897,000 after acquiring an additional 624,878 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Pitney Bowes by 33.6% during the fourth quarter. Canada Pension Plan Investment Board now owns 880,300 shares of the technology company's stock worth $6,373,000 after purchasing an additional 221,300 shares in the last quarter. 67.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Pitney Bowes

In related news, Director Kurt James Wolf sold 481,199 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.77, for a total value of $5,182,513.23. Following the sale, the director now directly owns 584,636 shares in the company, valued at $6,296,529.72. The trade was a 45.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Arthur Fairweather sold 130,000 shares of the business's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $10.83, for a total transaction of $1,407,900.00. Following the completion of the sale, the executive vice president now owns 176,145 shares in the company, valued at $1,907,650.35. This represents a 42.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 613,244 shares of company stock valued at $6,607,591 in the last ninety days. 9.00% of the stock is currently owned by company insiders.

Pitney Bowes Stock Performance

PBI traded down $0.09 during trading on Friday, hitting $9.46. The stock had a trading volume of 1,426,189 shares, compared to its average volume of 2,084,371. The firm has a market capitalization of $1.73 billion, a P/E ratio of -8.44, a PEG ratio of 0.59 and a beta of 1.47. The company's 50-day moving average price is $8.81 and its 200 day moving average price is $8.48. 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, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $493.42 million for the quarter, compared to analysts' expectations of $498.99 million. Pitney Bowes had a negative net margin of 7.71% and a negative return on equity of 20.95%. Pitney Bowes's revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.01) EPS. As a group, equities analysts expect that Pitney Bowes Inc. will post 1.21 earnings per share for the current fiscal year.

Pitney Bowes Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Monday, May 19th will be paid a dividend of $0.07 per share. The ex-dividend date is Monday, May 19th. This is a boost from Pitney Bowes's previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.96%. Pitney Bowes's dividend payout ratio is -30.77%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PBI. Sidoti raised shares of Pitney Bowes to a "hold" rating in a report on Monday, May 5th. StockNews.com cut shares of Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research note on Thursday.

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.