Pitney Bowes Inc. $PBI Shares Newly Purchased by Point Nemo Capital LLC

Point Nemo Capital LLC purchased a new position in Pitney Bowes Inc. (NYSE:PBI) during the third quarter, HoldingsChannel reports. The firm purchased 83,856 shares of the technology company’s stock, valued at approximately $1,369,000.

Several other institutional investors also recently bought and sold shares of PBI. BlackRock Inc. bought a new stake in Pitney Bowes during the 2nd quarter valued at about $220,473,000. Bank of New York Mellon Corp purchased a new position in Pitney Bowes in the second quarter worth about $28,683,000. Hsbc Holdings PLC purchased a new position in Pitney Bowes in the second quarter worth about $27,762,000. Assenagon Asset Management S.A. lifted its stake in shares of Pitney Bowes by 3,481.5% in the third quarter. Assenagon Asset Management S.A. now owns 1,309,845 shares of the technology company’s stock worth $21,377,000 after buying an additional 1,273,272 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new position in shares of Pitney Bowes in the first quarter worth approximately $12,950,000. 67.88% of the stock is owned by hedge funds and other institutional investors.

Pitney Bowes Trading Down 0.5%

Shares of PBI opened at $15.57 on Friday. The firm has a market cap of $2.11 billion, a PE ratio of 12.07, a P/E/G ratio of 0.63 and a beta of 1.74. The firm has a fifty day simple moving average of $16.83 and a two-hundred day simple moving average of $14.94. Pitney Bowes Inc. has a 1-year low of $8.95 and a 1-year high of $19.07.

Pitney Bowes (NYSE:PBI) last released its quarterly earnings results on Wednesday, October 28th. The technology company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $456.18 million for the quarter, compared to the consensus estimate of $458.24 million. Pitney Bowes had a negative return on equity of 30.45% and a net margin of 10.10%. The company’s revenue for the quarter was down .8% on a year-over-year basis. During the same period last year, the business posted $0.31 EPS. As a group, research analysts forecast that Pitney Bowes Inc. will post 1.67 EPS for the current fiscal year.

Pitney Bowes Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Investors of record on Monday, November 16th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.6%. This is a boost from Pitney Bowes’s previous quarterly dividend of $0.01. The ex-dividend date is Monday, November 16th. Pitney Bowes’s dividend payout ratio (DPR) is currently 31.01%.

Wall Street Analysts Forecast Growth

PBI has been the topic of a number of recent analyst reports. Citigroup reiterated a “market outperform” rating on shares of Pitney Bowes in a report on Friday, July 31st. The Goldman Sachs Group restated a “neutral” rating and issued a $17.30 price objective on shares of Pitney Bowes in a report on Thursday, July 30th. Wall Street Zen downgraded shares of Pitney Bowes from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 1st. Zacks Research downgraded shares of Pitney Bowes from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Finally, Truist Financial lifted their price target on shares of Pitney Bowes from $15.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, July 31st. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $18.45.

Insider Buying and Selling at Pitney Bowes

In other Pitney Bowes news, CEO Kurt Wolf sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $17.31, for a total value of $2,596,500.00. Following the transaction, the chief executive officer directly owned 109,254 shares of the company’s stock, valued at approximately $1,891,186.74. This trade represents a 57.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Todd Everett sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $16.89, for a total value of $168,900.00. Following the completion of the transaction, the executive vice president directly owned 86,048 shares in the company, valued at $1,453,350.72. The trade was a 10.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 583,092 shares of company stock valued at $9,764,001. 6.50% of the stock is owned by company insiders.

About Pitney Bowes

Pitney Bowes Inc (NYSE:PBI) is a global technology and services company that helps businesses manage mailing, shipping and related communications. Its offerings include postage meters, mailing systems, shipping software, parcel management tools, address and data services, and equipment financing and support.

The company serves small businesses, large enterprises and government organizations through solutions designed to streamline the preparation, processing and delivery of physical mail and packages.