Corsair Capital Management L.P. Has $481,000 Stock Position in Pitney Bowes Inc. $PBI

Corsair Capital Management L.P. reduced its holdings in shares of Pitney Bowes Inc. (NYSE:PBI) by 63.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,495 shares of the technology company’s stock after selling 77,000 shares during the quarter. Corsair Capital Management L.P.’s holdings in Pitney Bowes were worth $481,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in Pitney Bowes by 133.1% during the 1st quarter. Royal Bank of Canada now owns 52,958 shares of the technology company’s stock worth $478,000 after buying an additional 30,238 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Pitney Bowes by 5.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,424 shares of the technology company’s stock valued at $882,000 after acquiring an additional 5,149 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Pitney Bowes in the first quarter valued at about $96,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Pitney Bowes by 18.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 470,488 shares of the technology company’s stock valued at $4,258,000 after acquiring an additional 72,437 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in Pitney Bowes by 15.5% during the first quarter. Intech Investment Management LLC now owns 195,309 shares of the technology company’s stock worth $1,768,000 after acquiring an additional 26,260 shares in the last quarter. Institutional investors own 67.88% of the company’s stock.

Insider Activity at Pitney Bowes

In related news, CEO Kurt James Wolf sold 966,561 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $14.58, for a total transaction of $14,092,459.38. Following the transaction, the chief executive officer directly owned 452,628 shares of the company’s stock, valued at approximately $6,599,316.24. The trade was a 68.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 3,349,130 shares of company stock worth $53,285,535. Insiders own 6.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PBI. The Goldman Sachs Group set a $15.20 price target on Pitney Bowes in a research report on Friday, May 8th. Wall Street Zen raised Pitney Bowes from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 25th. Bank of America upgraded Pitney Bowes from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $9.50 to $16.50 in a research note on Monday, May 11th. Weiss Ratings raised Pitney Bowes from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Finally, Zacks Research cut shares of Pitney Bowes from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $16.43.

Pitney Bowes Stock Performance

Shares of PBI stock opened at $17.86 on Monday. Pitney Bowes Inc. has a 52-week low of $8.95 and a 52-week high of $18.77. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 0.80 and a beta of 1.62. The firm’s 50-day moving average is $17.09 and its 200-day moving average is $13.53.

Pitney Bowes (NYSE:PBI) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.47 EPS for the quarter, hitting analysts’ consensus estimates of $0.47. The business had revenue of $477.41 million during the quarter, compared to analysts’ expectations of $471.83 million. Pitney Bowes had a negative return on equity of 33.41% and a net margin of 8.92%.Pitney Bowes’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the company posted $0.33 earnings per share. Sell-side analysts predict that Pitney Bowes Inc. will post 1.62 EPS for the current fiscal year.

Pitney Bowes Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Monday, May 18th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Monday, May 18th. Pitney Bowes’s payout ratio is currently 38.83%.

About Pitney Bowes

Pitney Bowes Inc (NYSE: PBI) is an American technology company that specializes in shipping, mailing, and e-commerce solutions. Founded in 1920 by Walter Bowes and Arthur Pitney, the company pioneered postage meter technology and has since evolved to offer a broad portfolio of hardware, software, and services designed to streamline physical and digital communications. Headquartered in Stamford, Connecticut, Pitney Bowes leverages a century of expertise to serve enterprises, small businesses, and government agencies around the globe.

The company’s core offerings span mailing and shipping equipment, including postage meters, folder inserters, and address verification systems, alongside integrated software platforms for customer information management, data analytics, and location intelligence.