Permit Capital LLC raised its stake in shares of Pitney Bowes Inc. (NYSE:PBI – Free Report) by 14.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 3,250,000 shares of the technology company’s stock after buying an additional 400,000 shares during the period. Pitney Bowes comprises approximately 10.7% of Permit Capital LLC’s holdings, making the stock its 2nd largest position. Permit Capital LLC’s holdings in Pitney Bowes were worth $34,352,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Pitney Bowes by 41.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,472 shares of the technology company’s stock valued at $38,000 after buying an additional 1,015 shares during the period. Hantz Financial Services Inc. increased its stake in Pitney Bowes by 190.9% during the 4th quarter. Hantz Financial Services Inc. now owns 3,747 shares of the technology company’s stock valued at $40,000 after buying an additional 2,459 shares during the period. Canada Pension Plan Investment Board acquired a new position in Pitney Bowes during the 2nd quarter valued at about $51,000. Copeland Capital Management LLC acquired a new position in Pitney Bowes during the 4th quarter valued at about $65,000. Finally, United Services Automobile Association acquired a new position in Pitney Bowes during the 1st quarter valued at about $96,000. Institutional investors and hedge funds own 67.88% of the company’s stock.
Insiders Place Their Bets
In other news, Director Brent D. Rosenthal bought 4,000 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was bought at an average cost of $10.22 per share, for a total transaction of $40,880.00. Following the completion of the acquisition, the director directly owned 9,000 shares in the company, valued at $91,980. This represents a 80.00% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Kurt James Wolf sold 966,561 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 2,365,280 shares of company stock worth $34,252,541 over the last ninety days. 6.50% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Check Out Our Latest Stock Analysis on PBI
Pitney Bowes Price Performance
Shares of PBI opened at $16.85 on Monday. The firm’s 50 day moving average is $14.20 and its 200-day moving average is $11.70. The stock has a market capitalization of $2.28 billion, a P/E ratio of 16.36, a P/E/G ratio of 0.76 and a beta of 1.63. Pitney Bowes Inc. has a 12-month low of $8.95 and a 12-month high of $17.13.
Pitney Bowes (NYSE:PBI – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.47 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.47. The company had revenue of $477.41 million for the quarter, compared to analysts’ expectations of $471.83 million. Pitney Bowes had a net margin of 8.92% and a negative return on equity of 33.41%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS. As a group, equities research analysts forecast that Pitney Bowes Inc. will post 1.62 EPS for the current fiscal year.
Pitney Bowes Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Monday, May 18th were paid a $0.01 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. Pitney Bowes’s payout ratio is currently 38.83%.
Pitney Bowes Profile
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.
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