Pitney Bowes Inc. $PBI Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its holdings in Pitney Bowes Inc. (NYSE:PBI) by 25.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,097,468 shares of the technology company’s stock after acquiring an additional 223,163 shares during the period. JPMorgan Chase & Co. owned approximately 0.64% of Pitney Bowes worth $11,973,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Hennessy Advisors Inc. purchased a new stake in shares of Pitney Bowes in the second quarter valued at about $12,660,000. Vanguard Group Inc. raised its stake in Pitney Bowes by 0.7% during the first quarter. Vanguard Group Inc. now owns 21,313,865 shares of the technology company’s stock worth $192,890,000 after purchasing an additional 151,353 shares during the period. Nuveen LLC purchased a new position in Pitney Bowes during the first quarter worth about $5,322,000. Informed Momentum Co LLC acquired a new position in Pitney Bowes in the 1st quarter valued at about $3,316,000. Finally, Permit Capital LLC grew its stake in shares of Pitney Bowes by 18.8% in the 2nd quarter. Permit Capital LLC now owns 2,850,000 shares of the technology company’s stock valued at $31,094,000 after buying an additional 450,000 shares during the period. 67.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PBI has been the subject of a number of recent analyst reports. The Goldman Sachs Group began coverage on shares of Pitney Bowes in a report on Monday, November 3rd. They set a “neutral” rating and a $11.00 price target for the company. JMP Securities set a $13.00 price objective on Pitney Bowes in a research report on Wednesday. Weiss Ratings restated a “hold (c)” rating on shares of Pitney Bowes in a research report on Monday, December 1st. Citizens Jmp started coverage on Pitney Bowes in a research note on Wednesday, December 3rd. They issued a “market outperform” rating and a $13.00 price target on the stock. Finally, Wall Street Zen cut Pitney Bowes from a “strong-buy” rating to a “buy” rating in a report on Friday, August 22nd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.33.

Pitney Bowes Stock Down 0.6%

NYSE:PBI opened at $9.77 on Monday. The stock’s fifty day moving average is $10.39 and its two-hundred day moving average is $10.96. Pitney Bowes Inc. has a 52 week low of $6.88 and a 52 week high of $13.11. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 21.71, a price-to-earnings-growth ratio of 0.50 and a beta of 1.32.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings data on Wednesday, October 29th. The technology company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). Pitney Bowes had a net margin of 4.14% and a negative return on equity of 38.38%. The firm had revenue of $459.68 million during the quarter, compared to analyst estimates of $467.45 million. During the same period in the previous year, the firm posted $0.21 earnings per share. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. Pitney Bowes has set its FY 2025 guidance at 1.300-1.300 EPS. On average, sell-side analysts expect 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 will be paid on Monday, December 8th. Shareholders of record on Monday, November 10th will be given a $0.09 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $0.36 annualized dividend and a yield of 3.7%. This is an increase from Pitney Bowes’s previous quarterly dividend of $0.08. Pitney Bowes’s dividend payout ratio is presently 80.00%.

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.