Levin Capital Strategies L.P. raised its holdings in shares of Pitney Bowes Inc. (NYSE:PBI) by 61.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 708,379 shares of the technology company’s stock after buying an additional 268,504 shares during the quarter. Levin Capital Strategies L.P.’s holdings in Pitney Bowes were worth $4,187,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also modified their holdings of PBI. Essex Savings Bank bought a new stake in shares of Pitney Bowes during the fourth quarter worth $47,000. Dupont Capital Management Corp bought a new stake in shares of Pitney Bowes during the fourth quarter worth $116,000. SG Americas Securities LLC grew its holdings in shares of Pitney Bowes by 55.3% during the fourth quarter. SG Americas Securities LLC now owns 250,634 shares of the technology company’s stock worth $1,481,000 after purchasing an additional 89,244 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Pitney Bowes by 68.6% during the fourth quarter. Rhumbline Advisers now owns 560,374 shares of the technology company’s stock worth $3,312,000 after purchasing an additional 228,058 shares during the last quarter. Finally, Sigma Planning Corp grew its holdings in shares of Pitney Bowes by 56.5% during the fourth quarter. Sigma Planning Corp now owns 64,944 shares of the technology company’s stock worth $384,000 after purchasing an additional 23,441 shares during the last quarter. Institutional investors own 71.40% of the company’s stock.
Shares of PBI stock opened at $7.07 on Monday. The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt-to-equity ratio of 12.82. The firm has a market cap of $1.33 billion, a PE ratio of 6.09 and a beta of 1.46. Pitney Bowes Inc. has a 52 week low of $5.51 and a 52 week high of $13.09.
Pitney Bowes declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 5th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 7.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Stockholders of record on Friday, February 15th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Thursday, February 14th. Pitney Bowes’s dividend payout ratio (DPR) is presently 64.66%.
Several brokerages have recently commented on PBI. Zacks Investment Research cut Pitney Bowes from a “hold” rating to a “sell” rating in a report on Thursday. Northcoast Research cut Pitney Bowes from a “buy” rating to a “neutral” rating in a report on Wednesday, February 6th. Finally, Maxim Group set a $12.00 target price on Pitney Bowes and gave the stock a “buy” rating in a report on Thursday, December 13th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $11.00.
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About Pitney Bowes
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: Small & Medium Business Solutions; Enterprise Business Solutions; and Digital Commerce Solutions.
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