Retirement Systems of Alabama lifted its position in shares of Pitney Bowes Inc. (NYSE:PBI) by 0.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 245,046 shares of the technology company’s stock after acquiring an additional 1,779 shares during the quarter. Retirement Systems of Alabama owned approximately 0.13% of Pitney Bowes worth $1,683,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Essex Savings Bank purchased a new position in shares of Pitney Bowes during the 4th quarter valued at about $47,000. Boston Partners purchased a new position in shares of Pitney Bowes during the 4th quarter valued at about $61,000. Coldstream Capital Management Inc. purchased a new position in shares of Pitney Bowes during the 4th quarter valued at about $72,000. Oregon Public Employees Retirement Fund raised its holdings in shares of Pitney Bowes by 509.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 444,710 shares of the technology company’s stock valued at $75,000 after buying an additional 371,705 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Pitney Bowes by 32.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,077 shares of the technology company’s stock valued at $77,000 after buying an additional 3,170 shares in the last quarter. Institutional investors own 74.39% of the company’s stock.
In related news, Director Robert M. Dutkowsky bought 10,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were acquired at an average cost of $5.22 per share, with a total value of $52,200.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $52,200. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Stanley J. Sutula III bought 5,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was bought at an average cost of $5.34 per share, for a total transaction of $26,700.00. Following the completion of the acquisition, the vice president now directly owns 15,000 shares of the company’s stock, valued at approximately $80,100. The disclosure for this purchase can be found here. Insiders have purchased 18,600 shares of company stock worth $99,492 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.
Pitney Bowes stock traded down $0.12 during trading hours on Wednesday, reaching $4.74. The company had a trading volume of 2,544,865 shares, compared to its average volume of 3,765,236. The company has a debt-to-equity ratio of 35.45, a current ratio of 1.25 and a quick ratio of 1.22. The stock has a market capitalization of $865.68 million, a P/E ratio of 4.09 and a beta of 1.46. Pitney Bowes Inc. has a 12-month low of $4.67 and a 12-month high of $9.71.
Pitney Bowes (NYSE:PBI) last issued its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.09). Pitney Bowes had a return on equity of 99.26% and a net margin of 4.77%. The business had revenue of $868.40 million during the quarter, compared to the consensus estimate of $866.04 million. During the same quarter in the prior year, the business posted $0.28 earnings per share. Pitney Bowes’s quarterly revenue was down 3.1% compared to the same quarter last year. Sell-side analysts expect that Pitney Bowes Inc. will post 0.93 earnings per share for the current fiscal year.
Pitney Bowes declared that its board has authorized a stock buyback program on Tuesday, February 5th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to buy up to 7.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 24th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $0.20 annualized dividend and a dividend yield of 4.22%. Pitney Bowes’s dividend payout ratio is presently 17.24%.
A number of equities analysts recently weighed in on the company. ValuEngine raised Pitney Bowes from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Maxim Group reissued a “buy” rating and set a $11.00 price objective on shares of Pitney Bowes in a report on Wednesday, April 24th. Zacks Investment Research raised Pitney Bowes from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Finally, Northcoast Research cut Pitney Bowes from a “buy” rating to a “neutral” rating in a research note on Wednesday, February 6th.
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About Pitney Bowes
Pitney Bowes Inc offers customer information management, location intelligence, and customer engagement products and solutions in the United States and internationally. The company operates in three segments: Commerce Services; Small & Medium Business Solutions; and Software Solutions. The Commerce Services segment provides cross-border e-commerce solutions, domestic retail and e-commerce shipping solutions, fulfillment, and delivery and return services; and mail sortation services that allow clients to qualify large volumes of first class mail, marketing mail, and bound and packet mail for postal work sharing discounts.
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