Pitney Bowes Inc. (NYSE:PBI) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. raised its stake in Pitney Bowes Inc. (NYSE:PBI) by 407.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 518,220 shares of the technology company’s stock after acquiring an additional 416,023 shares during the period. Federated Hermes Inc. owned 0.28% of Pitney Bowes worth $4,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Picton Mahoney Asset Management raised its holdings in shares of Pitney Bowes by 26,407.1% in the first quarter. Picton Mahoney Asset Management now owns 44,797 shares of the technology company’s stock valued at $406,000 after buying an additional 44,628 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Pitney Bowes by 19.5% in the first quarter. Mackenzie Financial Corp now owns 80,753 shares of the technology company’s stock valued at $731,000 after buying an additional 13,195 shares during the last quarter. Bryce Point Capital LLC purchased a new stake in shares of Pitney Bowes in the first quarter valued at about $893,000. LPL Financial LLC raised its holdings in shares of Pitney Bowes by 50.4% in the first quarter. LPL Financial LLC now owns 351,233 shares of the technology company’s stock valued at $3,179,000 after buying an additional 117,636 shares during the last quarter. Finally, HB Wealth Management LLC purchased a new stake in shares of Pitney Bowes in the first quarter valued at about $279,000. Institutional investors and hedge funds own 67.88% of the company’s stock.

Insiders Place Their Bets

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 shares were sold at an average price of $12.14, for a total transaction of $424,900.00. Following the transaction, the executive vice president directly owned 115,405 shares in the company, valued at approximately $1,401,016.70. This represents a 23.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 9.00% of the company’s stock.

Analysts Set New Price Targets

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

Pitney Bowes Stock Down 0.8%

NYSE PBI opened at $11.27 on Monday. The stock has a market capitalization of $1.94 billion, a P/E ratio of -18.78, a P/E/G ratio of 0.58 and a beta of 1.54. Pitney Bowes Inc. has a 52-week low of $5.58 and a 52-week high of $13.11. The firm has a 50-day moving average price of $11.01 and a 200 day moving average price of $9.75.

Pitney Bowes (NYSE:PBI) last posted its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.27. The firm had revenue of $461.91 million during the quarter, compared to analysts’ expectations of $475.92 million. Pitney Bowes had a negative net margin of 5.60% and a negative return on equity of 38.01%. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 earnings per share. On average, equities research analysts expect that Pitney Bowes Inc. will post 1.21 earnings per share for the current fiscal year.

Pitney Bowes announced that its Board of Directors has initiated a share buyback program on Wednesday, July 30th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 18.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Pitney Bowes Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 11th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, August 11th. This is an increase from Pitney Bowes’s previous quarterly dividend of $0.07. This represents a $0.32 annualized dividend and a yield of 2.8%. Pitney Bowes’s dividend payout ratio (DPR) is currently -46.67%.

Pitney Bowes 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.