Mackenzie Financial Corp Acquires 13,195 Shares of Pitney Bowes Inc. (NYSE:PBI)

Mackenzie Financial Corp grew its holdings in shares of Pitney Bowes Inc. (NYSE:PBI) by 19.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 80,753 shares of the technology company’s stock after buying an additional 13,195 shares during the quarter. Mackenzie Financial Corp’s holdings in Pitney Bowes were worth $731,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Trail Ridge Investment Advisors LLC bought a new position in shares of Pitney Bowes during the first quarter valued at approximately $267,000. Bank of America Corp DE grew its stake in shares of Pitney Bowes by 43.0% during the fourth quarter. Bank of America Corp DE now owns 932,635 shares of the technology company’s stock valued at $6,752,000 after buying an additional 280,402 shares during the last quarter. American Assets Inc. grew its stake in shares of Pitney Bowes by 80.6% during the fourth quarter. American Assets Inc. now owns 130,000 shares of the technology company’s stock valued at $941,000 after buying an additional 58,000 shares during the last quarter. Man Group plc grew its stake in shares of Pitney Bowes by 76.1% during the fourth quarter. Man Group plc now owns 101,142 shares of the technology company’s stock valued at $732,000 after buying an additional 43,694 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Pitney Bowes by 1,030.5% during the first quarter. GAMMA Investing LLC now owns 30,716 shares of the technology company’s stock valued at $278,000 after buying an additional 27,999 shares during the last quarter. Institutional investors own 67.88% of the company’s stock.

Insider Activity at Pitney Bowes

In other news, EVP Deborah Pfeiffer sold 35,000 shares of the 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 completion of the sale, the executive vice president owned 115,405 shares in the company, valued at approximately $1,401,016.70. This represents a 23.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 9.00% of the company’s stock.

Pitney Bowes Stock Up 2.1%

Pitney Bowes stock opened at $11.42 on Thursday. The business has a fifty day moving average of $11.08 and a two-hundred day moving average of $9.82. The firm has a market cap of $1.96 billion, a P/E ratio of -19.03, a P/E/G ratio of 0.58 and a beta of 1.54. Pitney Bowes Inc. has a twelve month low of $5.58 and a twelve month high of $13.11.

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

Pitney Bowes announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 30th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the technology company to buy up to 18.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Pitney Bowes Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Sidoti raised Pitney Bowes to a “hold” rating in a research note on Monday, May 5th. Wall Street Zen cut Pitney Bowes from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 15th.

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.