Envestnet Asset Management Inc. Reduces Stock Position in Pitney Bowes Inc. $PBI

Envestnet Asset Management Inc. lessened its stake in Pitney Bowes Inc. (NYSE:PBI) by 26.2% in the second quarter, HoldingsChannel reports. The firm owned 158,016 shares of the technology company’s stock after selling 56,016 shares during the period. Envestnet Asset Management Inc.’s holdings in Pitney Bowes were worth $1,724,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Pitney Bowes by 0.7% in the first quarter. Vanguard Group Inc. now owns 21,313,865 shares of the technology company’s stock worth $192,890,000 after acquiring an additional 151,353 shares during the period. Invesco Ltd. boosted its position in Pitney Bowes by 38.9% in the first quarter. Invesco Ltd. now owns 2,918,742 shares of the technology company’s stock worth $26,415,000 after purchasing an additional 817,953 shares during the last quarter. Capital Management Corp VA boosted its position in Pitney Bowes by 9.0% in the second quarter. Capital Management Corp VA now owns 2,161,580 shares of the technology company’s stock worth $23,583,000 after purchasing an additional 178,502 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Pitney Bowes during the 1st quarter valued at about $11,032,000. Finally, Hennessy Advisors Inc. purchased a new stake in shares of Pitney Bowes during the 2nd quarter valued at about $12,660,000. 67.88% of the stock is owned by institutional investors.

Insider Activity at Pitney Bowes

In related news, Director Brent D. Rosenthal bought 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was purchased at an average price of $11.97 per share, for a total transaction of $35,910.00. Following the completion of the transaction, the director owned 3,000 shares in the company, valued at $35,910. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 9.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PBI shares. Weiss Ratings reissued a “hold (c)” rating on shares of Pitney Bowes in a report on Thursday, November 13th. Wall Street Zen downgraded shares of Pitney Bowes from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 22nd. Finally, The Goldman Sachs Group initiated coverage on shares of Pitney Bowes in a research note on Monday, November 3rd. They set a “neutral” rating and a $11.00 price target on the stock. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $11.00.

Pitney Bowes Stock Performance

Shares of PBI stock opened at $9.18 on Wednesday. The stock has a fifty day simple moving average of $10.86 and a two-hundred day simple moving average of $10.92. The firm has a market capitalization of $1.48 billion, a PE ratio of 20.39, a PEG ratio of 0.57 and a beta of 1.27. Pitney Bowes Inc. has a 52-week low of $6.88 and a 52-week high of $13.11.

Pitney Bowes (NYSE:PBI) last released 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). The business had revenue of $459.68 million during the quarter, compared to the consensus estimate of $467.45 million. Pitney Bowes had a negative return on equity of 40.31% and a net margin of 4.14%.The business’s revenue was down 8.0% on a year-over-year basis. During the same period last year, the company earned $0.21 EPS. Pitney Bowes has set its FY 2025 guidance at 1.300-1.300 EPS. On average, sell-side analysts forecast that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.

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

Pitney Bowes Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Monday, November 10th will be given a dividend of $0.09 per share. The ex-dividend date is Monday, November 10th. This is an increase from Pitney Bowes’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 3.9%. Pitney Bowes’s dividend payout ratio (DPR) is 80.00%.

Pitney Bowes Company 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.