Pitney Bowes Inc. (NYSE:PBI) Shares Sold by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS lowered its position in Pitney Bowes Inc. (NYSE:PBI) by 19.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,800 shares of the technology company’s stock after selling 7,400 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Pitney Bowes were worth $270,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PBI. Vanguard Group Inc. raised its stake in shares of Pitney Bowes by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company’s stock valued at $153,217,000 after acquiring an additional 1,299,716 shares during the period. Millennium Management LLC increased its holdings 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 valued at $9,189,000 after purchasing an additional 644,002 shares during the last quarter. Bank of America Corp DE increased its holdings 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 valued at $6,752,000 after purchasing an additional 280,402 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Pitney Bowes by 33.6% in the fourth quarter. Canada Pension Plan Investment Board now owns 880,300 shares of the technology company’s stock valued at $6,373,000 after purchasing an additional 221,300 shares during the period. Finally, First Trust Advisors LP acquired a new position in Pitney Bowes during the fourth quarter worth $6,245,000. 67.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Pitney Bowes

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Sidoti upgraded Pitney Bowes to a “hold” rating in a research report on Monday, May 5th. Wall Street Zen lowered Pitney Bowes from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 15th.

Pitney Bowes Stock Performance

Shares of PBI opened at $11.35 on Friday. The company’s 50-day simple moving average is $10.96 and its 200-day simple moving average is $9.67. Pitney Bowes Inc. has a 1 year low of $5.58 and a 1 year high of $13.11. The stock has a market capitalization of $2.08 billion, a PE ratio of -18.92, a P/E/G ratio of 0.61 and a beta of 1.60.

Pitney Bowes (NYSE:PBI) last announced its earnings results on Wednesday, July 30th. The technology company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. Pitney Bowes had a negative net margin of 5.60% and a negative return on equity of 37.88%. The firm had revenue of $461.91 million for the quarter, compared to the consensus estimate of $475.92 million. During the same period in the prior year, the firm earned $0.03 EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, sell-side analysts predict that Pitney Bowes Inc. will post 1.21 earnings per share for the current year.

Pitney Bowes declared that its Board of Directors has approved a share buyback program on Wednesday, July 30th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 18.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Pitney Bowes Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 11th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.8%. This is a boost from Pitney Bowes’s previous quarterly dividend of $0.07. The ex-dividend date is Monday, August 11th. Pitney Bowes’s dividend payout ratio (DPR) is -30.77%.

About Pitney Bowes

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.