Prudential Financial Inc. boosted its position in shares of Pitney Bowes Inc. (NYSE:PBI - Free Report) by 49.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 747,634 shares of the technology company's stock after buying an additional 248,513 shares during the quarter. Prudential Financial Inc. owned approximately 0.41% of Pitney Bowes worth $5,413,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of Pitney Bowes in the third quarter worth about $197,000. The Manufacturers Life Insurance Company lifted its holdings in Pitney Bowes by 33.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 84,893 shares of the technology company's stock worth $605,000 after buying an additional 21,367 shares during the period. FMR LLC grew its position in shares of Pitney Bowes by 3,308.0% in the 3rd quarter. FMR LLC now owns 320,152 shares of the technology company's stock worth $2,283,000 after buying an additional 310,758 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Pitney Bowes by 31.3% during the third quarter. BNP Paribas Financial Markets now owns 209,169 shares of the technology company's stock valued at $1,491,000 after buying an additional 49,854 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Pitney Bowes by 10.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,663 shares of the technology company's stock valued at $347,000 after acquiring an additional 4,728 shares in the last quarter. Institutional investors own 67.88% of the company's stock.
Insiders Place Their Bets
In related news, EVP James Arthur Fairweather sold 130,000 shares of the company's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $10.83, for a total transaction of $1,407,900.00. Following the completion of the sale, the executive vice president now directly owns 176,145 shares in the company, valued at $1,907,650.35. This represents a 42.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kurt James Wolf sold 1,250,000 shares of Pitney Bowes stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $9.66, for a total transaction of $12,075,000.00. Following the completion of the transaction, the director now directly owns 622,250 shares in the company, valued at $6,010,935. This represents a 66.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,974,484 shares of company stock valued at $19,815,631 in the last three months. Corporate insiders own 14.30% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, StockNews.com downgraded Pitney Bowes from a "strong-buy" rating to a "buy" rating in a report on Monday.
Get Our Latest Stock Analysis on PBI
Pitney Bowes Stock Performance
Shares of PBI traded down $0.24 during mid-day trading on Friday, hitting $8.06. 2,238,889 shares of the company traded hands, compared to its average volume of 2,023,251. Pitney Bowes Inc. has a 1 year low of $3.90 and a 1 year high of $11.01. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -7.19, a P/E/G ratio of 0.59 and a beta of 2.02. The stock has a 50-day moving average price of $9.56 and a two-hundred day moving average price of $8.13.
Pitney Bowes (NYSE:PBI - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative return on equity of 20.95% and a negative net margin of 7.71%. On average, analysts forecast that Pitney Bowes Inc. will post 1.21 EPS for the current year.
Pitney Bowes Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, February 21st were issued a $0.06 dividend. The ex-dividend date was Friday, February 21st. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.98%. Pitney Bowes's dividend payout ratio (DPR) is -21.43%.
About Pitney Bowes
(
Free Report)
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.
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