Huntington National Bank decreased its position in Pitney Bowes Inc. (NYSE:PBI) by 30.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,788 shares of the technology company’s stock after selling 2,112 shares during the quarter. Huntington National Bank’s holdings in Pitney Bowes were worth $33,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. raised its holdings in 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 purchasing an additional 210,308 shares in the last quarter. Vanguard Group Inc grew its stake 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 acquiring an additional 165,880 shares during the last quarter. Vanguard Group Inc. grew its stake 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 acquiring an additional 165,880 shares during the last quarter. Bank of New York Mellon Corp grew its stake 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 acquiring an additional 749,752 shares during the last quarter. Finally, Northern Trust Corp grew its stake 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 acquiring an additional 35,536 shares during the last quarter. Institutional investors and hedge funds own 72.54% of the company’s stock.
A number of equities research analysts have recently commented on the company. Zacks Investment Research raised Pitney Bowes from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. ValuEngine raised Pitney Bowes from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Maxim Group reissued 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 cut Pitney Bowes from a “buy” rating to a “neutral” rating in a research report on Wednesday, February 6th.
Pitney Bowes (NYSE:PBI) last released its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.09). Pitney Bowes had a net margin of 4.77% and a return on equity of 99.26%. The business had revenue of $868.40 million for the quarter, compared to analysts’ expectations of $866.04 million. During the same period last year, the business earned $0.28 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, sell-side analysts expect that Pitney Bowes Inc. will post 0.93 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 24th will be given a $0.05 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $0.20 annualized dividend and a yield of 3.82%. Pitney Bowes’s payout ratio is 17.24%.
Pitney Bowes declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 5th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 7.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other 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 transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $52,200. The transaction was disclosed in a document filed with the SEC, which is available at 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 purchased at an average cost of $5.34 per share, for a total transaction of $26,700.00. Following the completion of the transaction, 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 acquired 18,600 shares of company stock worth $99,492 over the last three months. Insiders own 3.20% of the company’s stock.
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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