Assenagon Asset Management S.A. Makes New $16.40 Million Investment in Pitney Bowes Inc. $PBI

Assenagon Asset Management S.A. purchased a new stake in shares of Pitney Bowes Inc. (NYSE:PBI) in the 1st quarter, HoldingsChannel reports. The firm purchased 1,484,436 shares of the technology company’s stock, valued at approximately $16,403,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PBI. EverSource Wealth Advisors LLC increased its holdings in shares of Pitney Bowes by 41.3% in the second quarter. EverSource Wealth Advisors LLC now owns 3,472 shares of the technology company’s stock worth $38,000 after buying an additional 1,015 shares during the period. Hantz Financial Services Inc. boosted its holdings 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 acquiring an additional 2,459 shares during the period. UMB Bank n.a. boosted its holdings in 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 period. Canada Pension Plan Investment Board bought a new position in Pitney Bowes during the 2nd quarter worth approximately $51,000. Finally, Copeland Capital Management LLC bought a new position in Pitney Bowes during the 4th quarter worth approximately $65,000. 67.88% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Kurt James Wolf sold 966,561 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $14.58, for a total value of $14,092,459.38. Following the completion of the sale, the chief executive officer directly owned 452,628 shares of the company’s stock, valued at approximately $6,599,316.24. This trade represents a 68.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Deborah Pfeiffer sold 18,750 shares of Pitney Bowes stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.06, for a total transaction of $301,125.00. Following the sale, the executive vice president directly owned 97,828 shares in the company, valued at $1,571,117.68. The trade was a 16.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 3,030,097 shares of company stock worth $46,661,100. Insiders own 6.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. The Goldman Sachs Group set a $15.20 price target on Pitney Bowes in a research note on Friday, May 8th. Citigroup restated a “market outperform” rating on shares of Pitney Bowes in a report on Tuesday, June 16th. Wall Street Zen raised shares of Pitney Bowes from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 25th. Citizens Jmp upped their price target on shares of Pitney Bowes from $17.00 to $19.00 and gave the company a “market outperform” rating in a report on Friday, June 5th. Finally, Weiss Ratings upgraded shares of Pitney Bowes from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. One equities 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.43.

Pitney Bowes Stock Performance

NYSE PBI opened at $17.54 on Friday. The stock has a market cap of $2.38 billion, a P/E ratio of 17.03, a price-to-earnings-growth ratio of 0.81 and a beta of 1.63. Pitney Bowes Inc. has a fifty-two week low of $8.95 and a fifty-two week high of $18.12. The stock has a 50 day simple moving average of $16.01 and a two-hundred day simple moving average of $12.47.

Pitney Bowes (NYSE:PBI) last posted its earnings results on Tuesday, May 5th. The technology company reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The firm had revenue of $477.41 million for the quarter, compared to analysts’ expectations of $471.83 million. Pitney Bowes had a negative return on equity of 33.41% and a net margin of 8.92%.The business’s revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.33 earnings per share. Sell-side analysts predict that Pitney Bowes Inc. will post 1.62 earnings per share for the current year.

Pitney Bowes Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Monday, May 18th were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Monday, May 18th. Pitney Bowes’s payout ratio is presently 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.