Verition Fund Management LLC grew its stake in Pitney Bowes Inc. (NYSE:PBI - Free Report) by 126.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,531 shares of the technology company's stock after acquiring an additional 75,724 shares during the period. Verition Fund Management LLC owned 0.07% of Pitney Bowes worth $966,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Pitney Bowes by 2.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,422 shares of the technology company's stock valued at $2,641,000 after acquiring an additional 8,973 shares in the last quarter. PEAK6 Investments LLC purchased a new position in Pitney Bowes during the 3rd quarter valued at about $3,470,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Pitney Bowes by 10.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,663 shares of the technology company's stock valued at $347,000 after purchasing an additional 4,728 shares in the last quarter. Corsair Capital Management L.P. raised its holdings in shares of Pitney Bowes by 26.3% in the 3rd quarter. Corsair Capital Management L.P. now owns 100,328 shares of the technology company's stock valued at $715,000 after purchasing an additional 20,885 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted 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 purchasing an additional 49,854 shares in the last quarter. 67.88% of the stock is owned by hedge funds and other institutional investors.
Pitney Bowes Stock Performance
PBI stock traded up $0.06 during trading on Monday, reaching $7.88. 1,046,402 shares of the company traded hands, compared to its average volume of 1,745,032. The business has a 50 day simple moving average of $7.43 and a 200 day simple moving average of $6.68. Pitney Bowes Inc. has a 12 month low of $3.68 and a 12 month high of $8.80. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -3.61, a price-to-earnings-growth ratio of 1.37 and a beta of 1.97.
Pitney Bowes (NYSE:PBI - Get Free Report) last released its quarterly earnings results on Friday, November 8th. The technology company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.08. The business had revenue of $499.46 million for the quarter, compared to analysts' expectations of $467.80 million. Pitney Bowes had a negative net margin of 13.02% and a negative return on equity of 12.85%. As a group, research analysts forecast that Pitney Bowes Inc. will post 0.38 EPS for the current year.
Pitney Bowes Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date was Monday, November 18th. Pitney Bowes's payout ratio is presently -9.17%.
Insider Activity
In related news, EVP Lauren Freemen-Bosworth sold 42,308 shares of the firm's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $8.12, for a total value of $343,540.96. Following the completion of the transaction, the executive vice president now owns 18,664 shares in the company, valued at $151,551.68. This trade represents a 69.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul J. Evans purchased 29,000 shares of the company's stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $7.80 per share, for a total transaction of $226,200.00. Following the purchase, the director now owns 29,000 shares in the company, valued at approximately $226,200. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 14.30% of the company's stock.
Analysts Set New Price Targets
Separately, StockNews.com downgraded shares of Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, August 21st.
View Our Latest Stock Report on Pitney Bowes
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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