JPMorgan Chase & Co. raised its stake in Pitney Bowes Inc. (NYSE:PBI) by 41.3% during the first quarter, Holdings Channel reports. The institutional investor owned 797,261 shares of the technology company’s stock after acquiring an additional 232,995 shares during the period. JPMorgan Chase & Co.’s holdings in Pitney Bowes were worth $5,477,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PBI. Norges Bank bought a new stake in shares of Pitney Bowes in the 4th quarter valued at about $13,178,000. Capital Management Corp VA bought a new stake in shares of Pitney Bowes in the 1st quarter valued at about $6,431,000. Bank of New York Mellon Corp grew its position in shares of Pitney Bowes by 11.8% in the 4th quarter. Bank of New York Mellon Corp now owns 7,116,066 shares of the technology company’s stock valued at $42,056,000 after buying an additional 749,752 shares during the last quarter. Prudential Financial Inc. grew its position in shares of Pitney Bowes by 50.1% in the 4th quarter. Prudential Financial Inc. now owns 2,150,789 shares of the technology company’s stock valued at $12,711,000 after buying an additional 717,736 shares during the last quarter. Finally, Restructuring Capital Associates LP grew its position in shares of Pitney Bowes by 146.7% in the 4th quarter. Restructuring Capital Associates LP now owns 1,200,496 shares of the technology company’s stock valued at $7,095,000 after buying an additional 713,918 shares during the last quarter. Hedge funds and other institutional investors own 74.07% of the company’s stock.
In other Pitney Bowes news, Director Robert M. Dutkowsky bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were bought at an average price of $5.22 per share, for a total transaction of $52,200.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at $52,200. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stanley J. Sutula III bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were acquired at an average price of $5.34 per share, for a total transaction of $26,700.00. Following the transaction, the vice president now owns 15,000 shares in the company, valued at $80,100. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 18,600 shares of company stock worth $99,492. 3.20% of the stock is owned by corporate insiders.
Shares of Pitney Bowes stock opened at $4.32 on Friday. Pitney Bowes Inc. has a one year low of $3.41 and a one year high of $9.71. The company has a debt-to-equity ratio of 35.45, a quick ratio of 1.22 and a current ratio of 1.25. The stock has a market cap of $800.61 million, a P/E ratio of 4.30 and a beta of 1.84.
Pitney Bowes (NYSE:PBI) last announced its earnings results 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 the consensus estimate of $866.04 million. During the same quarter in the previous year, the company earned $0.28 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities research analysts expect that Pitney Bowes Inc. will post 0.93 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 24th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $0.20 annualized dividend and a dividend yield of 4.63%. Pitney Bowes’s payout ratio is 17.24%.
PBI has been the topic of a number of analyst reports. Maxim Group set a $9.00 price target on Pitney Bowes and gave the company a “buy” rating in a research report on Friday, May 31st. Zacks Investment Research upgraded Pitney Bowes from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Finally, ValuEngine upgraded Pitney Bowes from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st.
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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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