Pitney Bowes Inc. (NYSE:PBI) Position Lessened by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its stake in Pitney Bowes Inc. (NYSE:PBI) by 3.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,519,611 shares of the technology company’s stock after selling 56,557 shares during the period. Bank of New York Mellon Corp owned 0.83% of Pitney Bowes worth $13,752,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Pitney Bowes by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company’s stock worth $153,217,000 after purchasing an additional 1,299,716 shares in the last quarter. Millennium Management LLC increased its stake in Pitney Bowes by 103.0% in the 4th quarter. Millennium Management LLC now owns 1,269,207 shares of the technology company’s stock worth $9,189,000 after purchasing an additional 644,002 shares in the last quarter. Bank of America Corp DE increased its stake in Pitney Bowes by 43.0% in the 4th quarter. Bank of America Corp DE now owns 932,635 shares of the technology company’s stock worth $6,752,000 after purchasing an additional 280,402 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Pitney Bowes by 33.6% in the 4th quarter. Canada Pension Plan Investment Board now owns 880,300 shares of the technology company’s stock worth $6,373,000 after purchasing an additional 221,300 shares in the last quarter. Finally, First Trust Advisors LP purchased a new position in Pitney Bowes in the 4th quarter worth about $6,245,000. Institutional investors own 67.88% of the company’s stock.

Pitney Bowes Price Performance

Shares of Pitney Bowes stock opened at $12.01 on Friday. Pitney Bowes Inc. has a 1 year low of $5.58 and a 1 year high of $12.55. The business has a 50-day moving average of $10.51 and a two-hundred day moving average of $9.42. The company has a market capitalization of $2.20 billion, a P/E ratio of -13.20, a price-to-earnings-growth ratio of 0.64 and a beta of 1.60.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.28 by $0.05. Pitney Bowes had a negative return on equity of 31.61% and a negative net margin of 7.18%. The firm had revenue of $493.42 million during the quarter, compared to analysts’ expectations of $498.99 million. During the same period in the prior year, the firm posted ($0.01) earnings per share. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, equities analysts anticipate that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.

Pitney Bowes Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Monday, May 19th were paid a dividend of $0.07 per share. The ex-dividend date was Monday, May 19th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.33%. This is a positive change from Pitney Bowes’s previous quarterly dividend of $0.06. Pitney Bowes’s dividend payout ratio (DPR) is -30.77%.

Insider Buying and Selling at Pitney Bowes

In other Pitney Bowes news, EVP Deborah Pfeiffer sold 35,000 shares of the firm’s stock in a transaction on Monday, July 14th. The stock was sold at an average price of $12.14, for a total transaction of $424,900.00. Following the transaction, the executive vice president owned 115,405 shares in the company, valued at $1,401,016.70. This trade represents a 23.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 9.00% of the company’s stock.

Wall Street Analyst Weigh In

PBI has been the subject of several research reports. Wall Street Zen lowered Pitney Bowes from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 15th. Sidoti upgraded Pitney Bowes to a “hold” rating in a report on Monday, May 5th.

Pitney Bowes Company Profile

Pitney Bowes Inc, a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States and internationally. It operates through Global Ecommerce, Presort Services, and SendTech Solutions segments.