Pitney Bowes Inc. $PBI Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd reduced its holdings in Pitney Bowes Inc. (NYSE:PBI) by 71.4% during the first quarter, HoldingsChannel reports. The institutional investor owned 49,157 shares of the technology company’s stock after selling 123,013 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Pitney Bowes were worth $543,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. LSV Asset Management grew its position in shares of Pitney Bowes by 246.7% during the 4th quarter. LSV Asset Management now owns 4,197,189 shares of the technology company’s stock valued at $44,364,000 after buying an additional 2,986,689 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Pitney Bowes in the first quarter worth about $16,403,000. Millennium Management LLC lifted its holdings in Pitney Bowes by 60.2% in the fourth quarter. Millennium Management LLC now owns 2,630,801 shares of the technology company’s stock worth $27,808,000 after acquiring an additional 988,653 shares during the last quarter. Invesco Ltd. boosted its stake in Pitney Bowes by 29.5% in the third quarter. Invesco Ltd. now owns 2,622,003 shares of the technology company’s stock valued at $29,917,000 after acquiring an additional 597,938 shares during the period. Finally, Capital Management Corp VA boosted its stake in Pitney Bowes by 25.3% in the fourth quarter. Capital Management Corp VA now owns 2,930,328 shares of the technology company’s stock valued at $30,974,000 after acquiring an additional 592,568 shares during the period. 67.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PBI has been the topic of a number of research reports. Bank of America upgraded Pitney Bowes from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $9.50 to $16.50 in a research report on Monday, May 11th. Wall Street Zen upgraded Pitney Bowes from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 25th. Truist Financial upped their price objective on Pitney Bowes from $11.00 to $15.00 and gave the stock a “hold” rating in a research note on Thursday, May 7th. Citigroup reaffirmed a “market outperform” rating on shares of Pitney Bowes in a research report on Tuesday, June 16th. Finally, Zacks Research upgraded Pitney Bowes from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Pitney Bowes currently has an average rating of “Moderate Buy” and an average price target of $16.43.

Pitney Bowes Price Performance

Shares of Pitney Bowes stock opened at $18.11 on Tuesday. The business’s fifty day moving average price is $16.62 and its two-hundred day moving average price is $13.04. The company has a market capitalization of $2.45 billion, a P/E ratio of 17.59, a PEG ratio of 0.82 and a beta of 1.62. Pitney Bowes Inc. has a 1-year low of $8.95 and a 1-year high of $18.61.

Pitney Bowes (NYSE:PBI) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.47 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.47. Pitney Bowes had a negative return on equity of 33.41% and a net margin of 8.92%.The company had revenue of $477.41 million during the quarter, compared to analyst estimates of $471.83 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. On average, research analysts expect that Pitney Bowes Inc. will post 1.62 earnings per share for the current fiscal year.

Pitney Bowes Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Monday, May 18th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.04 annualized dividend and a yield of 0.2%. Pitney Bowes’s dividend payout ratio (DPR) is presently 38.83%.

Insider Activity at Pitney Bowes

In related news, CEO Kurt James Wolf sold 966,561 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $14.58, for a total transaction of $14,092,459.38. Following the sale, the chief executive officer owned 452,628 shares of the company’s stock, valued at $6,599,316.24. The trade was a 68.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 3,351,337 shares of company stock worth $53,313,134 in the last quarter. 6.50% of the stock is owned by company insiders.

Pitney Bowes Company Profile

Pitney Bowes Inc (NYSE: PBI) is an American technology company that specializes in shipping, mailing, and e-commerce solutions. Founded in 1920 by Walter Bowes and Arthur Pitney, the company pioneered postage meter technology and has since evolved to offer a broad portfolio of hardware, software, and services designed to streamline physical and digital communications. Headquartered in Stamford, Connecticut, Pitney Bowes leverages a century of expertise to serve enterprises, small businesses, and government agencies around the globe.

The company’s core offerings span mailing and shipping equipment, including postage meters, folder inserters, and address verification systems, alongside integrated software platforms for customer information management, data analytics, and location intelligence.