III Capital Management acquired a new stake in shares of Pitney Bowes Inc. (NYSE:PBI – Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 280,000 shares of the technology company’s stock, valued at approximately $2,960,000. Pitney Bowes comprises about 0.4% of III Capital Management’s portfolio, making the stock its 25th largest position. III Capital Management owned 0.17% of Pitney Bowes as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in shares of 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 acquiring an additional 1,015 shares during the last quarter. Hantz Financial Services Inc. increased its holdings in shares of 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 acquiring an additional 2,459 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Pitney Bowes by 404.6% during the 4th quarter. UMB Bank n.a. now owns 4,022 shares of the technology company’s stock valued at $43,000 after acquiring an additional 3,225 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Pitney Bowes during the 2nd quarter valued at about $51,000. Finally, Copeland Capital Management LLC acquired a new position in shares of Pitney Bowes during the 4th quarter valued at about $65,000. Institutional investors and hedge funds own 67.88% of the company’s stock.
Pitney Bowes Trading Down 0.7%
Shares of PBI stock opened at $17.40 on Thursday. The stock has a 50 day moving average of $15.18 and a two-hundred day moving average of $12.12. Pitney Bowes Inc. has a 12 month low of $8.95 and a 12 month high of $17.77. The company has a market capitalization of $2.36 billion, a P/E ratio of 16.89, a P/E/G ratio of 0.79 and a beta of 1.63.
Pitney Bowes Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Monday, May 18th were given a $0.01 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. Pitney Bowes’s dividend payout ratio (DPR) is currently 38.83%.
Insider Buying and Selling
In other Pitney Bowes news, EVP Deborah Pfeiffer sold 18,750 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.06, for a total value of $301,125.00. Following the completion of the sale, the executive vice president owned 97,828 shares in the company, valued at approximately $1,571,117.68. This trade represents a 16.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kurt James Wolf sold 322,829 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $17.40, for a total value of $5,617,224.60. Following the completion of the sale, the chief executive officer owned 264,922 shares of the company’s stock, valued at $4,609,642.80. This represents a 54.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 3,030,097 shares of company stock valued at $46,661,100 in the last quarter. Corporate insiders own 6.50% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on PBI shares. The Goldman Sachs Group set a $15.20 price objective on Pitney Bowes in a report on Friday, May 8th. Zacks Research upgraded Pitney Bowes from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Truist Financial increased their target price on Pitney Bowes from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Thursday, May 7th. Citigroup restated a “market outperform” rating on shares of Pitney Bowes in a research note on Tuesday. Finally, Weiss Ratings upgraded Pitney Bowes from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Pitney Bowes presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.43.
Read Our Latest Stock Analysis on PBI
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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