Hartford Investment Management Co. lessened its holdings in shares of Pitney Bowes Inc. (NYSE:PBI) by 63.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,018 shares of the technology company’s stock after selling 17,435 shares during the quarter. Hartford Investment Management Co.’s holdings in Pitney Bowes were worth $69,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of PBI. BlackRock Inc. lifted its holdings in shares of Pitney Bowes by 0.8% in the fourth quarter. BlackRock Inc. now owns 25,222,983 shares of the technology company’s stock worth $149,069,000 after buying an additional 210,308 shares in the last quarter. Vanguard Group Inc lifted its holdings in shares of Pitney Bowes by 1.0% in the third quarter. Vanguard Group Inc now owns 17,450,313 shares of the technology company’s stock worth $123,548,000 after buying an additional 165,880 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Pitney Bowes by 1.0% in the third quarter. Vanguard Group Inc. now owns 17,450,313 shares of the technology company’s stock worth $123,548,000 after buying an additional 165,880 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Pitney Bowes by 11.8% in the fourth quarter. Bank of New York Mellon Corp now owns 7,116,066 shares of the technology company’s stock worth $42,056,000 after buying an additional 749,752 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Pitney Bowes by 1.2% in the fourth quarter. Northern Trust Corp now owns 2,917,887 shares of the technology company’s stock worth $17,245,000 after buying an additional 35,536 shares in the last quarter. Hedge funds and other institutional investors own 74.14% of the company’s stock.
PBI traded down $0.32 on Wednesday, reaching $4.31. The company had a trading volume of 6,043,900 shares, compared to its average volume of 3,751,481. The company has a market capitalization of $836.76 million, a P/E ratio of 3.72 and a beta of 1.46. The company has a debt-to-equity ratio of 35.45, a current ratio of 1.25 and a quick ratio of 1.22. Pitney Bowes Inc. has a 52-week low of $4.14 and a 52-week high of $9.71.
Pitney Bowes (NYSE:PBI) last announced its earnings results on Wednesday, May 1st. The technology company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.09). The company had revenue of $868.40 million during the quarter, compared to analysts’ expectations of $866.04 million. Pitney Bowes had a net margin of 4.77% and a return on equity of 99.26%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.28 earnings per share. On average, equities analysts anticipate that Pitney Bowes Inc. will post 0.93 earnings per share for the current year.
Pitney Bowes declared that its board has approved a stock repurchase program on Tuesday, February 5th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 7.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 24th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 4.64%. The ex-dividend date is Thursday, May 23rd. Pitney Bowes’s dividend payout ratio (DPR) is presently 17.24%.
In other Pitney Bowes news, Director Robert M. Dutkowsky purchased 10,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were purchased at an average cost of $5.22 per share, with a total value of $52,200.00. Following the completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $52,200. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Stanley J. Sutula III purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were acquired at an average cost of $5.34 per share, for a total transaction of $26,700.00. Following the completion of the purchase, 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 acquired 18,600 shares of company stock worth $99,492 over the last three months. Insiders own 3.20% of the company’s stock.
A number of brokerages recently weighed in on PBI. Zacks Investment Research raised shares of Pitney Bowes from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. ValuEngine raised shares of Pitney Bowes from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Maxim Group reaffirmed a “buy” rating and issued a $11.00 target price on shares of Pitney Bowes in a research note on Wednesday, April 24th. Finally, Northcoast Research downgraded shares of Pitney Bowes from a “buy” rating to a “neutral” rating in a research note on Wednesday, February 6th.
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Pitney Bowes Company Profile
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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