1,160,400 Shares in Pitney Bowes Inc. $PBI Bought by Hennessy Advisors Inc.

Hennessy Advisors Inc. purchased a new position in shares of Pitney Bowes Inc. (NYSE:PBI) in the second quarter, HoldingsChannel reports. The institutional investor purchased 1,160,400 shares of the technology company’s stock, valued at approximately $12,660,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in Pitney Bowes during the 1st quarter worth $36,000. KBC Group NV acquired a new position in Pitney Bowes in the 1st quarter worth $65,000. United Services Automobile Association acquired a new position in Pitney Bowes in the 1st quarter worth $96,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Pitney Bowes in the 1st quarter worth $98,000. Finally, Truist Financial Corp acquired a new position in Pitney Bowes in the 2nd quarter worth $123,000. 67.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PBI has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Pitney Bowes in a report on Saturday, September 27th. Wall Street Zen lowered shares of Pitney Bowes from a “strong-buy” rating to a “buy” rating in a report on Friday, August 22nd. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce”.

Insider Activity

In related news, EVP Deborah Pfeiffer sold 35,000 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $12.14, for a total transaction of $424,900.00. Following the sale, the executive vice president owned 115,405 shares in the company, valued at $1,401,016.70. This represents a 23.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brent D. Rosenthal acquired 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were acquired at an average price of $11.97 per share, for a total transaction of $35,910.00. Following the purchase, the director owned 3,000 shares of the company’s stock, valued at $35,910. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.00% of the stock is owned by corporate insiders.

Pitney Bowes Stock Performance

Shares of Pitney Bowes stock opened at $11.11 on Friday. The firm has a market cap of $1.91 billion, a PE ratio of -18.51, a price-to-earnings-growth ratio of 0.58 and a beta of 1.27. The firm’s 50-day simple moving average is $11.62 and its 200-day simple moving average is $10.45. Pitney Bowes Inc. has a 1 year low of $6.66 and a 1 year high of $13.11.

Pitney Bowes (NYSE:PBI) last issued its earnings results on Wednesday, July 30th. The technology company reported $0.27 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.27. The business had revenue of $461.91 million for the quarter, compared to analyst estimates of $475.92 million. Pitney Bowes had a negative net margin of 5.60% and a negative return on equity of 38.01%. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.03 EPS. Pitney Bowes has set its FY 2025 guidance at 1.200-1.400 EPS. On average, equities analysts predict that Pitney Bowes Inc. will post 1.21 earnings per share for the current year.

Pitney Bowes Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 11th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.9%. This is a positive change from Pitney Bowes’s previous quarterly dividend of $0.07. The ex-dividend date was Monday, August 11th. Pitney Bowes’s dividend payout ratio (DPR) is currently -53.33%.

Pitney Bowes announced that its board has authorized a stock repurchase program on Wednesday, July 30th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 18.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Pitney Bowes 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.