Prudential PLC Sells 263,974 Shares of Pitney Bowes Inc. (PBI)
Prudential PLC lessened its stake in shares of Pitney Bowes Inc. (NYSE:PBI) by 49.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 274,475 shares of the technology company’s stock after selling 263,974 shares during the quarter. Prudential PLC owned approximately 0.15% of Pitney Bowes worth $1,622,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in PBI. Essex Savings Bank acquired a new stake in shares of Pitney Bowes in the 4th quarter worth $47,000. Boston Partners acquired a new stake in shares of Pitney Bowes in the 4th quarter worth $61,000. Oregon Public Employees Retirement Fund boosted its position in shares of Pitney Bowes by 509.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 444,710 shares of the technology company’s stock worth $75,000 after purchasing an additional 371,705 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Pitney Bowes by 32.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,077 shares of the technology company’s stock worth $77,000 after purchasing an additional 3,170 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Pitney Bowes in the 4th quarter worth $91,000. 69.60% of the stock is currently owned by institutional investors and hedge funds.
PBI has been the subject of a number of recent analyst reports. Maxim Group set a $12.00 price objective on Pitney Bowes and gave the stock a “buy” rating in a research report on Thursday, December 13th. Northcoast Research cut Pitney Bowes from a “buy” rating to a “neutral” rating in a research report on Wednesday, February 6th. Finally, Zacks Investment Research reissued a “sell” rating on shares of Pitney Bowes in a research report on Monday, December 31st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $11.00.
Pitney Bowes (NYSE:PBI) last issued its earnings results on Tuesday, February 5th. The technology company reported $0.38 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.38. The company had revenue of $947.10 million during the quarter, compared to analyst estimates of $932.48 million. Pitney Bowes had a return on equity of 100.78% and a net margin of 6.17%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. Analysts forecast that Pitney Bowes Inc. will post 1.13 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 15th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, February 14th. This represents a $0.20 dividend on an annualized basis and a yield of 2.92%. Pitney Bowes’s dividend payout ratio (DPR) is 17.24%.
Pitney Bowes declared that its Board of Directors has initiated a share buyback program on Tuesday, February 5th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 7.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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Pitney Bowes Company Profile
Pitney Bowes Inc offers customer information management, location intelligence, and customer engagement products and solutions in the United States and internationally. The company operates in three segments: Commerce Services; Small & Medium Business Solutions; and Software Solutions. The Commerce Services segment provides cross-border e-commerce solutions, domestic retail and e-commerce shipping solutions, fulfillment, and delivery and return services; and mail sortation services that allow clients to qualify large volumes of first class mail, marketing mail, and bound and packet mail for postal work sharing discounts.
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