Janney Montgomery Scott LLC reduced its position in Pitney Bowes Inc. (NYSE:PBI) by 4.7% during the second quarter, Holdings Channel reports. The fund owned 82,491 shares of the technology company’s stock after selling 4,102 shares during the period. Janney Montgomery Scott LLC’s holdings in Pitney Bowes were worth $1,246,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Bank of Nova Scotia purchased a new position in shares of Pitney Bowes during the first quarter worth about $216,000. Sheaff Brock Investment Advisors LLC boosted its position in shares of Pitney Bowes by 4.7% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 11,109 shares of the technology company’s stock worth $146,000 after buying an additional 500 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of Pitney Bowes during the first quarter worth about $149,000. Fox Run Management L.L.C. purchased a new position in shares of Pitney Bowes during the first quarter worth about $159,000. Finally, Kentucky Retirement Systems purchased a new position in shares of Pitney Bowes during the fourth quarter worth about $205,000. 77.12% of the stock is owned by institutional investors and hedge funds.
Pitney Bowes Inc. (PBI) opened at 12.65 on Friday. The firm has a market cap of $2.36 billion, a PE ratio of 24.85 and a beta of 1.17. The firm has a 50-day moving average price of $14.84 and a 200-day moving average price of $14.29. Pitney Bowes Inc. has a one year low of $12.31 and a one year high of $19.10.
Pitney Bowes (NYSE:PBI) last issued its quarterly earnings results on Tuesday, August 1st. The technology company reported $0.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.03. Pitney Bowes had a return on equity of 15,666.66% and a net margin of 3.02%. The firm had revenue of $821.40 million for the quarter, compared to the consensus estimate of $822.90 million. During the same period last year, the firm earned $0.39 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts expect that Pitney Bowes Inc. will post $1.68 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be issued a $0.1875 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $0.75 annualized dividend and a dividend yield of 5.93%. Pitney Bowes’s dividend payout ratio is currently 144.23%.
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A number of brokerages have issued reports on PBI. Cross Research cut Pitney Bowes from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. BidaskClub cut Pitney Bowes from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Zacks Investment Research cut Pitney Bowes from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Sidoti raised Pitney Bowes from a “neutral” rating to a “buy” rating and set a $17.00 target price for the company in a report on Wednesday, August 2nd. Finally, Loop Capital began coverage on Pitney Bowes in a report on Friday, July 28th. They issued a “hold” rating and a $16.00 target price for the company. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $17.50.
In related news, Director Linda S. Sanford acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were purchased at an average price of $15.09 per share, for a total transaction of $75,450.00. Following the completion of the acquisition, the director now owns 18,690 shares in the company, valued at $282,032.10. The purchase was disclosed in a filing with the SEC, which is available at this link. 2.01% of the stock is currently owned by insiders.
Pitney Bowes Company Profile
Pitney Bowes Inc is a global technology company. The Company offers customer information management, location intelligence and customer engagement products and solutions to help its clients market to their customers, and shipping, mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe.
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